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9 March 2014 | Gurjit Degun
IT-related threats are continuing to provide the greatest concern to businesses, which are this year less worried about supply chain disruptions.
The annual Business Continuity Institute (BCI) Horizon Scan revealed that three quarters of business continuity managers fear the possibility of an unplanned IT and telecoms outage. It added that 73 per cent worry about the possibility of a cyber attack or data breach.
Adverse weather impacts, interruption to utility supply, a fire, a security incident, a health and safety incident and an act of terrorism were also among the top 10 concerns.
However, supply chain disruption moved down the list to 16th place, after being included in the top 10 concerns last year. “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 per cent of respondents experienced at least one supply chain disruption during the previous year,” the BCI said.
The report also found that only 18 per cent of firms are increasing their level of investment in business continuity programmes while 11 per cent are actively reducing theirs.
The BCI said: “The report further revealed that 22 per cent of organisations conducted no trend analysis as part of their business continuity process so are potentially failing to assess these threats altogether.”
The report is compiled in association with BSI (British Standards Institute). Its chief executive Howard Kerr added: “Developing the resilience of networks, services and business critical information must be an integral part of an organisation’s wider business resilience strategy. By putting in place a framework based on risk standards, you will be able to identify, prioritise and manage the range of threats to your business more effectively and keep your stakeholders reassured.”