The most serious risk to your organization isn’t malware, supply chain disruption, pandemic or any other event. Ironically, your biggest risk is your inability to adequately recover from multiple simultaneous disruptions.
In the past few years, business and society have adapted to various ‘new normals’, and one of those is disruptions layered one on another and another.
Take a step back and remember the array of events worldwide – the Covid pandemic, cyber attacks, unprecedented natural disasters and severe weather, mass casualty events, supply chain disruptions, high inflation, labor shortages and actions, war, political upheaval and more.
Can business continuity plans sufficiently equip organizations large and small to respond to multiple simultaneous, often long-duration disruptions, and if so, how?
The first step is to look for lessons learned from how your organization responded to the disruptions you experienced since 2019. Your evaluation will suggest how to update your business continuity plan to address the new normal.
As you update your plan, be sure your recovery plan incorporates the following strategies:
Beyond your plan, execute risk mitigations to make your organization more resilient for the new normal:
The past few years have proven that organizations can recover after multiple disruptions, but it requires new approaches and additional preparation.
Increasingly, you only can buy cyber insurance when you prove that you have implemented comprehensive strategies to reduce your risk and mitigate the cost of cyber-attacks. In fact, it is more valuable to implement those cyber security strategies than to have the insurance policy.
Your organization has a choice regarding supplier resilience. You may assume that suppliers have sufficient plans and recovery procedures that will reduce the risk and impacts of disruptions to their operations. Or, you may choose to actively verify supplier resilience.