In today’s digital age, cyber security is far more than just safeguarding customer data, especially if your business processes payments or handles personally identifiable information. Many businesses erroneously believe that because they don’t take orders or process payments, they are immune to cyber threats. This misconception can lead to devastating consequences.
The Real Cost of Ignoring Cyber Security
Let’s address the elephant in the room: business continuity and resilience. Neglecting cyber security can have catastrophic results. Imagine if a server crashes, or crucial business plans stored on a single computer are destroyed by an unexpected sprinkler activation in the office. Your business operations could come to a complete halt.
Key Questions to Consider:
- How fast can your business recover and resume operations?
- Are you confident in your business’s operational resilience plan?
- Does your business even have one?
The Stark Reality of Business Disruptions
Statistics reveal a sobering reality:
- Only 10% of businesses are truly resilient and thriving.
- 91% of businesses have experienced at least one disruption over the past two years.
These disruptions highlight the critical need for robust cyber security and resilience strategies. Operational resilience is not just about managing technological risks; it is about safeguarding the entire business.
The Evolution of Operational Resilience
The term “resilience” has evolved from what was once known as managing operational risks. This change underscores a shift in regulatory philosophy, emphasising the importance of a holistic approach to business security. Unfortunately, many boards still view information security as a technology risk rather than a comprehensive business risk.
The Cost of Non-Compliance
One crucial aspect that many organisations overlook is the cost of non-compliance, which is 2.7 times higher than the cost of compliance. Additionally, demonstrating operational resilience can lead to lower insurance premiums, an often-unrealised benefit.
Beyond Basic Compliance
What used to be considered good practice—having a disaster recovery plan, ISO accreditation, and yearly audits—is now the bare minimum. Merely being compliance-driven does not guarantee resilience. Businesses must go beyond basic compliance to ensure they are prepared for any disruption.
For C-level executives and high-turnover organisations, the message is clear: cyber security and business resilience are not optional. This applies not only to regulated businesses but also to non-regulated ones. Ensuring comprehensive cyber security measures and robust resilience plans is essential for the long-term success and stability of any business. By investing in these areas, you can protect your business from unforeseen disruptions and position it for continued growth and success.
Don’t know where to start? We can help you take the first step.
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