Is your company a disaster waiting to happen in this new normal?

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We do not expect something to go wrong – until it actually does.

Then when something goes wrong, we might panic if we cannot decide what to do or how to respond, and do not have a plan just waiting for us in the drawer.

When Covid-19 hit, the world stood still for a brief moment. Most businesses found that they were not prepared for this kind of crisis, with many struggling to move forward.

With the pandemic apparently receding, and life returning almost to normal, many businesses are on the road to recovery. But have we learned our lesson? When the next interruption, virus variant, or crisis comes, will your business be ready?

You may ask, but how can I expect the unexpected? How can I prepare for something which I do not know is coming?

Thankfully, there is a way to prepare your organisation for this. With Business Continuity Management, also known as Business Continuity Planning, you can prepare your business to minimise disruption to your operations and minimise losses.

The new normal is riskier than ever

As business owners or managers, we should recognise the added risks in the world today. The new normal has brought with it remote work, increasing dependence on mobile devices, and a greater reliance on cloud infrastructure. While these have transformed and redefined the modern workplace, they also bring with them new kinds of risks.

For instance, remote work has led to an increase in businesses employing third-party providers and remote workers. A report by CyberArk states that 96% of organisations grant these third-parties access to critical systems. This creates more access points for hackers, increasing the organisation’s vulnerability. With company systems also being accessed from personal devices through public WiFi and unprotected home networks, the security risk is even greater.

The widespread use of mobile devices has also made them a target of many cybercriminals. According to Check Point Software’s Mobile Security Report, 46% of companies experienced a security incident relating to an employee downloading a malicious mobile application.

Meanwhile, cloud vulnerabilities have risen by 150% in the last five years, and phishing remains to be one of the most popular cyber attacks. According to Verizon’s Data Breach Investigation Report, 85% of data breaches are a result of human interaction.

Thus, the risk of your business experiencing a cyber attack is indeed greater these days. How equipped are you to do business in the new normal? If you receive a ransomware attack, would it cripple your operations? If your employee accidentally provides his password to a phishing website, would it be a big blow to your organisation?

Disruptions are expensive

According to a 2022 report by Sophos, it takes an average of USD 1.4M to remediate a ransomware attack, and an average of one month for

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