Business continuity is the capability of a business or organization to maintain its essential functions despite emergencies. Having efficient risk mitigation strategies will be beneficial to achieve business continuity. It helps ensure that your property, assets, and people are protected in case of unforeseen circumstances.
There are many incidents that can disrupt business operations. Learning about them helps you prepare for unplanned disruptions. Here are some threats to business continuity you should know:
- Data Breach
This is one of the most common business continuity threats. A data breach happens through malware, denial of service, or phishing attacks. Through a data breach, not only will attackers have access to your organization’s system, but they will also gain confidential data, putting your business at risk.Another way for a data breach to happen is through a physical breach. It involves the physical theft of documents or equipment containing sensitive files and information on the business.
Natural Disasters
Major catastrophes like floods, hurricanes, and earthquakes are unpredictable, and they can have serious consequences for your business. So, disaster preparedness is crucial. Natural disasters cause interruptions in supply chains and damage to equipment and facilities, and they may prevent employees from reporting to work.When they happen, expect disruption in operations and services and a major loss of income. Plus, additional expenses might be necessary due to damaged assets.
Single Point of Failure (SPOF)
This is a situation wherein a single error or malfunction can cause an entire system to shut down. It is the most common in the technological aspect of a business, such as a single server or network device. When an issue arises in these components, it will easily put your business at risk. So, it would be best to ensure that there are secondary servers or multiple databases and that they are always secured.SPOF can also be applied to personnel. An example is having only one person out of fifty with specific expertise crucial to operations. If this person becomes unavailable or leaves the company, they will create a business continuity risk.
Seek Help From a Financial Expert
Learning about potential threats to your business helps you prepare for them. If you need further assistance, it would be best to call a professional. Lamkin Wealth Management in Louisville, KY, has a team of experts formed by Mark Lamkin, who can help you with business continuity planning. Contact us today to learn more about business continuity strategies and more.