Most Businesses Won’t Survive a Disaster. Could Yours?

With the crazy weather we’re seeing, natural disasters on the rise and cyber terrorism echoing for years, it’s not a case of ‘if’ a disaster will strike your business, but ‘when’. Surprisingly, it’s not the scope and scale of the event that influences how deeply your business is impacted, it’s your business continuity plan.

Put simply, this is the all-important set of precautions and pre-planned responses to an event, laid out in bullet-proof detail and implemented with one driving focus: keeping your business running with little or no downtime. Think about what would happen if your business was hit by a natural disaster tomorrow. Would it survive? How much downtime would it take to push you into dangerous territory?

According to an IBM study of all the companies that had a major loss of data, 43% never reopen, 51% close within two years and just 6% will survive long-term. For a fraction of those survivors, business even continued as usual thanks to their ‘failsafe’ business continuity plan. It’s more than disaster recovery, it’s full preparedness that bypasses the need for 2+ weeks of downtime, financial ruin, wasted salaries and reputation loss – but it does require a higher level of planning…in advance.

Recommendations to Put You in the Surviving 6%

Prioritize: You’ll need to plan exactly what you’ll recover first and know who’s in charge of making it happen. It goes beyond jotting down a checklist of things to do, it’s taking an analytical, process-based approach to recovery for each unique business perspective. But it’s also realistic: there’s no point dedicating precious time to reviving the email system if your customer data is leaking onto the internet, even if email did rank as your top communication priority!

Backup: Of course, the most critical part of your business continuity is having full backups in three places. Why three? One copy locally which you use each day, a backup on another (disconnected) device in the same location, and one in the cloud. That local backup is your life-saver for system crashes, cyber-attacks and the like; the cloud backup comes into play when your business has taken a major physical hit, perhaps from fire or flood. Some businesses can run entirely location-independent when using cloud systems like Office365, which can be enough to put them in that 6% of disaster survivors.

Test: Make sure all employees know what the plan is if something goes wrong, and their specific roles in these scenarios. You can test, prepare and rehearse your continuity plan under simulated disaster conditions, which will uncover new obstacles, priorities and additional threats.

As your IT environment becomes more complex, carrying more responsibility and risk, so does the importance of a robust business continuity plan. The best BC plans look beyond disaster recovery, taking into account scalability of your system and scope of your individual business, to create strong battle lines that will keep your business operational, both now and for the long term.

Contact Jon to create a custom business continuity plan for your business.

Equifax Security Breach: What you need to know.

URGENT ALERT: 143 million Customers Exposed in Financial Data Breach

Credit reporting company Equifax has just revealed that its databases were hacked in a large-scale breach affecting millions across the US, UK & Canada. While no hacking event is ever good news, some are easier to ignore than others – this isn’t one of them. The sensitive nature of the exposed data now requires immediate action for all those even possibly affected.

The short version: Equifax is one of the three main organizations in the US that manages & calculates credit scores. To do that effectively, they have access to almost every piece of financial data for adults in the country, plus pretty much anyone who’s lived/worked in the US. We’re talking social security, tax file numbers, drivers’ license, credit card numbers…the big stuff. On July 29, Equifax disclosed the breach, stating that hackers had repeatedly gotten in through a vulnerability in the web application from mid-May to July of this year.

If you’re an Equifax customer: As scary as all that sounds, what’s done is done. Equifax, cyber-security experts & law enforcement officials are on the case, working to minimize the long-term damage.

The best action now is to protect yourself against fallout:

1. Go to: http://www.equifaxsecurity2017.com to see if your data may have been affected. There was some news that this site was delivering random results, but Equifax announced it has been corrected. At this stage, it’s safest to assume everyone with a credit history has been impacted, so unless that link gives a definite ‘no you’re safe’ response, continue with the following recommendations.
2. Claim the Equifax free year of credit monitoring & identity theft insurance (if you’re a US resident). If you’re not eligible, consider sourcing your own. As the hacked data will continue to circulate for some time, also consider extending your credit monitoring for a few more years.
3. Keep a close eye on your finances and accounts. Check for notifications of new credit applications, monitor your statements and bills, and immediately report any suspicious activity or sudden change in billing.
4. Change all your passwords to be strong, unique and long. Any of the stolen data may give hackers a free pass into the rest of your bank accounts, email and personal information.
5. Add two-factor authentication where possible. This is when an account demands a second layer of authentication before allowing access or changes – getting the password correct isn’t enough, the hacker would also need to get the special code sent by SMS.
6. Consider freezing your credit report. This makes it harder for identity thieves to open accounts under your name, as access is completely restricted until you choose to un-freeze.

Need help with your passwords? We'll get you set up with all the latest cyber security solutions. All under one roof: bovaconsulting.com