Employee data breaches have become a major concern in today’s corporations. An astounding 60 percent of companies believe their employees are not knowledgeable about potential security risks.
Learn more about the leading cause of data breaches by checking out this infographic by Experian.
Data breaches are here to stay. To learn more about the harm they cause, read this post.
In April 2015, Baltimore, MD erupted in chaos as protesters stormed the streets following the death of 25-year-old Freddie Gray. Rioters showed no scruples about damaging physical property, and a Small Business Administration survey later estimated the damages at $9 million.
But while many businesses weren’t equipped to handle the disruption, one local service provider was prepared. Rather than shutting its doors while waiting for the rioting to subside, the business simply relocated its operations to a building it owned outside of the hot zone. The building was already equipped with tables and chairs, and the business worked with a third-party business continuity and disaster recovery (BC/DR) vendor to have office equipment shipped in within 24 hours.
What would you do if your business experienced an interruption due to a civil unrest, a terrorist event, workplace violence or other kind of event that might make your own organization or city a crime scene? Follow the lead of the Baltimore service provider and take these precautions:
- Have physical space ready. It could be a building you own, a previously contracted third-party building or a mobile workspace.
- Make sure you have access to backup equipment, whether it’s your own inventory stored off-site or equipment that you’ve precontracted from a BC/DR provider.
- Make a plan of action and test it. Creating a plan of action and testing it helps your employees know what to do in the heat of the moment and helps you fine-tune the plan.
Unfortunately, you won’t receive prior notice when a crime occurs on your doorstep. But with some advance planning, you can relocate your operations and protect your business.
To learn more about integrating workspace recovery and IT disaster recovery to maintain business continuity, read this post.
“What’s the ROI on that?” is one of the most popular questions management asks when evaluating business programs and projects. When it comes to business continuity programs, the answer is often “Well, there’s not really any ROI unless you experience a disaster. It’s like insurance.”
Because of this perceived lack of immediate value, budgets often get diverted away from business continuity to other projects that produce more tangible results. In fact, 49 percent of businesses don’t even have a comprehensive business continuity and disaster recovery (BC/DR) plan, leaving their entire company at risk because of the lack of an obvious ROI.
But what you may not realize is that business continuity programs do produce ROI — and you don’t even have to experience a disaster to reap the benefits.
Identifying new opportunities begins with the business impact analysis (BIA), when you assess and prioritize critical business processes, employee roles and technology. As you take a closer look at the inner workings of your business, you’re likely to discover new opportunities for cost savings or even revenue generation. If you work with a consultant who can provide an objective BC/DR assessment, we can almost guarantee you’ll find areas for improvement within your company.
Here are just a few ways you could realize ROI from your business continuity program.
Phase out Outdated Processes
Do you have manual processes that can be automated? In an IDC Technology Spotlight, 33 percent of respondents said their workflows involve manually extracting content from paper documents. By automating outdated processes like these, you can have employees spend that time focusing on other activities that advance the business.
Shorten Approval and Revenue Cycles
Are there too many unnecessary people involved in approval processes, thus slowing down project and revenue cycles? During the BIA process, you’re forced to identify critical processes, as well as the people and resources that perform those processes. What many businesses realize during the BIA is that certain processes have unnecessary touchpoints. Simplifying these processes will make business continuity more efficient and cost-effective. On a day-to-day basis, you also have the potential to identify ways to shorten your approval times and revenue cycles.
Decrease Vendor Investments
How many vendors do you work with? In an , 42 percent of respondents said they rely extensively on third-party providers. Of those who use third parties, 90 percent said they used technology vendors. In some cases, you can consolidate the products and services you receive and cut down on the number of vendors you work with. By bundling products, you can reduce the money spent and increase the value provided from those services. You would also decrease organizational risk, as the more vendors you work with, the more you open yourself up to security issues such as third-party data breaches.
As you can see, having a BC/DR plan in place isn’t just about being prepared for a disaster. An effective plan can help you make your processes more efficient, improve data security and save you money.
For more insight into the ROI of business continuity, check out the resources for the Business Continuity Institute’s Business Continuity Awareness Week 2016.