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Top Myths Associated With Business Continuity

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Just like in any other industry, the business continuity world is rife with myths and misconceptions that couldn’t be further from the truth. Let’s take a look at some of the most common myths associated with business continuity and how business continuity solutions actually work.

Myth 1: Surviving one crisis means you’re well prepared to survive another

Many businesses that have successfully made it out of the first year of the pandemic have now grown a little overconfident when it comes to their resiliency. This is because they have now started believing that if they could survive the pandemic, they can survive anything. However, this couldn’t be further from the truth.

Crisis can strike at any moment in any form. While you may be well-prepared to survive another crisis of a similar sort, a different crisis could bring your organisation to its knees. True protection only comes once you have a separate business continuity solution for any kind of crisis; including a cyberattack, power outage, a reputational crisis or a major breakdown due to natural causes. Additionally, any existing plan you have must be regularly reviewed and updated to ensure it still meets your organisation’s needs.

Myth 2: You can think of a solution when disaster strikes

Perhaps the most dangerous myth of all, this one is also the most common reason people choose not to invest time, money and energy into business continuity planning. While many organisations may have the skills to handle a crisis well, time is a major factor in whether their plan succeeds. For example, when disaster strikes, you want to ensure the business continues without a hitch. Without a solid BC plan in place, your executives and staff will first spend time figuring out HOW to make the business continue, then move to get the resources necessary to make it continue, and finally business will continue as usual. The time it will take to figure out a solution almost always means a loss of revenue, perhaps greater than a company would have invested in coming up with a solid business continuity solution.

Myth 3: Only large corporations need to worry about cyberattacks

This couldn’t be farther from the truth! In fact, 43% of all data breaches involve small and medium-sized businesses. Over 60% of all small businesses that are victims of cyberattacks go out of business within six months. Despite this, only 14% of small businesses readily claim that they are well-prepared against any cyber risks and attacks.

Because of the low numbers of small businesses that have adequate protection against cyberattacks and no business continuity plan in place, they make such an attractive target for phishers and scammers. Similar to cyberattacks, small businesses are less likely to recover from any kind of crisis, and one of the main reasons for this is a lack of business continuity planning.

Myth 4: You don’t need to document the plan

You absolutely do! While you may have trained the existing staff to do the right thing when crisis strikes, what’s to say the staff won’t leave tomorrow and some new ones won’t come in? Having your exact plan documented in an actionable, detailed way helps each staff member know what they need to do in the event of a crisis, even ones who have not explicitly been trained in it.

Many organisations also make the mistake of believing that if the documentation is good for auditors and regulators, it is good for their business continuity plan. An auditor will only look at the summary of your plan to ensure that you have one in place and want to receive reports that it is being updated as time goes by. He or she will not go into the detail of the who-does-whats or how exactly it will take place.

Myth 5: Cloud storage and backups are enough to mitigate data loss

Sure, having backups of all the information on your employees’ computers is great, but what do you do when some piece of hardware short circuits? What do you do if there’s a connection or critical systems breakdown? What will you do in case of a security breach? Yes, you may be able to recover the lost data through your backups, but how will you recover the revenue and productivity losses due to downtime?

Hybrid-based cloud solutions offer you more protection against cyberattacks, make it quicker to deploy your disaster recovery plan and set up solutions that prevent further attacks to an already compromised system.

Whether you’re a small business or a large corporation or any size in between, every company can benefit from developing solid, reliable business continuity solutions. If you’re worried that hiring a specialised business continuity solutions team would cost too much, compare any costs you may have to pay to the loss you will incur from having to shut down your business after a crisis, and you’ll always find that the investment will be worth it!