Riskology

If recent major events have shown us anything, it is how vulnerable organisations can be without the right planning in place to support their responsiveness, their resilience and the decisions they make during a time of crisis.

Whether it is a natural disaster like the recent bushfires, or the unknown like we face today with the COVID-19 pandemic, there are things businesses can do to ensure they are best positioned to continue operations into the future.

The Australian government recently activated its emergency response plan to the impending coronavirus pandemic. Called the "The COVID-19 plan", it provides a strategy to make sure the country is as prepared as possible should there be a large-scale outbreak. While this plan is designed to protect Australia and its people, organisations should also have plans in place for how to manage their business and employees in the midst of emergencies or crises. 

Disasters, like bushfires and pandemics as we've seen most recently, can wreak havoc on people and businesses. There are threats locally and globally we often can’t predict, and when something unexpected happens, it highlights the necessity of planning for the worst-case scenario. This is why it's crucial for businesses to have a disaster recovery plan (DRP).

Trends show that risks faced by Australian businesses are rapidly changing and there are new ones to worry about every year. Therefore, the best course of action would be to annually keep aware of and prepare for the biggest risks faced by Australian businesses. To give you some perspective, cyber incidents, which was ranked as the 15th biggest risk for businesses just seven years ago, is now the number one business risk! 

Most organisations today have a digital presence and use software to facilitate business operations. While this offers numerous benefits like the ability to work and access data remotely, handle transactions more efficiently and even cater better to customers' preferences, it also makes organisations more vulnerable to cyber crime. Regardless of the size of your company, cyber crime is a real threat. In addition to financial loss, cyber attacks can have severe repercussions for brands' reputations and productivity.