Technology the root cause of concern for UK businesses
Cyber security and technological issues are the leading causes of anxiety and worry among UK-based firms, a new study has shown.
The Business Continuity Institute, in association with BSI, found that 82% of firms worry about their cyber security while three quarters fear unplanned IT outages.
A similar proportion of businesses also fear data breaches that could potentially access highly sensitive information.
Given that cyber crime costs every global company around $7.6 million to put right, these fears relating to technology are understandable.
The issue is more pronounced for smaller firms too, as they are less likely to have the necessary additional finances to recover should something go wrong.
Concerns over supply chain disruption were seen as 2015’s fastest rising threat, climbing 11 places to fifth in this year’s report.
Some 49% of those polled said increasing complexity was also an issue, as it left the companies vulnerable when issues did occur.
Utility disruptions, adverse weather and security issues were also causes of concern for business leaders.
For global firms, their operations can be impacted by events in many different parts of the world, which makes risk planning and mitigation important.
A failure to implement such approaches could leave a firm, its staff and customers in a very vulnerable position.
The key for businesses is to understand threats and to act quickly before finances are negatively impacted.
Should issues persist, considering business recovery methods could offer a potential solution – financial and insolvency specialists can provide an exhaustive list of such approaches.
A study of business operations should also highlight if best practices are being observed, especially if certain aspects or sectors of a company are underperforming.
Business continuity approaches are increasingly important for firms to ensure they can maintain smooth operations, especially in a world full of technology where risks are more pronounced.
As threats to businesses become more complex, so the need for better management increases too, unless firms want to risk unnecessary financial strain should they be targeted.
By Phil Smith