Technology risks increase the need for business continuity

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I recently changed my cell phone number. I contacted my bank and they said I needed to come into the branch to do the change. These days it’s hard to find a branch because many of them have been closed down.

Anyway, I found a branch of the bank that is not as popular as other suburban branches. At one branch for another transaction I had to wait for 32 people in the queue. The reason why I had to get the cell number changed is because of the SMSs I receive every time a transaction is made on my account.

These days you can’t take any chances. I once spotted a R10,000 transaction on my credit card made by an international online seller. Fortunately, I contacted the bank’s Fraud Department immediately and the matter was resolved in two days.

If you look at the key risks for business continuity in 2021, you will find that technology comes up high on any list. According to Beazley, technology risks include cyber, disruption, online intellectual property risk, and the tech risk of failing to keep pace with technological developments.

Beazley says over a third (37%) of business leaders in the UK and US perceive the perils within our technology category of risks to be their most pressing area of concern.

Security Scorecard provides advice for integrating cybersecurity into business continuity planning. This includes: Determine business impact analysis (BIA), conduct a cybersecurity risk assessment, consider supply chain and third-party risk management, mitigate downtime with an incident response and crisis communication plan and maintain complete visibility and continuously monitor.

Analysis, planning and implementing measures are critical for mitigating cybersecurity risk. If individuals are becoming increasingly concerned about their cyber risks, it’s even more important for companies and businesses to give it their fullest attention.


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