IT Outages, Cyber Attacks Top List of Business Continuity Fears
Three-quarters of business continuity managers fear the possibility of an unplanned IT and telecoms outage, and 73 percent worry about the possibility of a cyber attack or data breach, according to the annual Business Continuity Institute (BCI) Horizon Scan.
Supply chain disruption, on the other hand, moved down the list to 16th place, after being included in the top 10 concerns last year. According to BCI, “This is despite increasing supply chain complexity featuring within the top five emerging trends, in addition to the recent BCI Supply Chain Resilience Survey, which revealed that 75 percent of respondents experienced at least one supply chain disruption during the previous year.”
According to Supply Management, the report also found that only 18 percent of firms are increasing their level of investment in business continuity programs, and 11 percent are actively reducing theirs.
BCI says that “The report further revealed that 22 percent of organizations conducted no trend analysis as part of their business continuity process so are potentially failing to assess these threats altogether.”
Also among BCI’s top 10 concerns were adverse weather impacts, interruption to utility supply, a fire, a security incident, a health and safety incident, and an act of terrorism.