A new report published by the Business Continuity Institute (BCI), in association with BSI, has revealed that IT-related threats are continuing to provide the greatest concern for organizations, ranking above other threats such as natural disasters, security incidents and industrial disputes.
The annual BCI Horizon Scan shows that three quarters (77%) of business leaders fear the possibility of an unplanned IT and telecoms outage and 73% worry about the possibility of a cyber-attack or data breach.
The report also identifies long-term trends, with 73% seeing the use of the internet for malicious attacks as a major threat that needs to be closely monitored, with 63% feeling the same way about the influence of social media.
This year’s top ten threats to business continuity are:
1.Unplanned IT and telecom outages
5.Interruption to utility supply
8.Health & Safety incident
9.Act of terrorism
10.New laws or regulations
Interestingly Telecom fraud hasn’t been specifically mentioned in the list above even though it is responsible for about £4bn pounds in the UK alone.
Howard Kerr, Chief Executive at BSI, commented: “At a time when changing climatic, social, political and economic situations are forcing organisations to be nimble in adapting to novel threats, it is essential to learn from others experience and best practice. 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.”