The process of developing prevention and recovery mechanisms to deal with possible threats to a company is referred to as business continuity. Following a disruptive incident, with proper execution of both business continuity planning and disaster recovery, an organization can continue to supply products or services at pre-defined reasonable standards. In addition to catastrophe management, the goal is to allow continuous operation prior to and during disaster recovery.
Due to the ongoing pandemic, the world saw a global decrease in economic sectors during the first half of 2021. However, supply chain issues increased pricing, and the fear of another pandemic have all contributed to higher inflation. Experts believe that 2022 will bring dozens of new disturbances, to safeguard your company here are the top 5 disruptions to plan against that could jeopardise your business continuity.
What you'll find in this article
The ongoing Covid 19 pandemic
According to experts, the pandemic will last longer than anticipated. Despite increased awareness, the threat persists due to low vaccination rates around the world. There is no hint that the situation will improve in 2022, with the appearance of new virus strains, the most recent of which is the Omicron variation. Organizations are advised to carefully plan for the upcoming challenges as actions taken to reduce Covid-19’s effects have resulted in difficulties elsewhere. The social concerns that are left behind differ in each country, depending on legal provisions and the tenacity of local groups.
Risk of Cyber-threats and Data Theft
Cyber criminal activity may increase in 2022, focusing on organizations that use outdated cyber security tools that are inadequate in safeguarding their assets. Although cyber-attacks are not a new concept, the methods by which they are carried out are always developing, and security flaws are identified as old ones are addressed. Investing in an excellent cyber security firm is essential to prevent the loss of data and mitigate the risk of cyber attacks.
Supply chain disruptions
Supply chain logistics have been affected by various reasons, remember the Suez canal blockage in 2021 which saw a loss of 6bn in global trade? The supply chain may be disrupted by a shortage of raw materials. The majority of manufacturers use shipping companies to transport their raw materials. Deglobalization will have an even greater impact on the supply chain, with economies choosing to address the demands of their home industries before selling overseas.
Natural disaster management & Resilience
For business continuity planners, climate change and an increase in extreme weather events pose major concerns. From 2019 through 2021, several long-standing temperature and weather event records were broken all around the world. Since climate change is progressing in a destructive and unpredictable fashion, organizations should reflect their business continuity strategies revolving around this unprecedented calamity.
Labor Shortage
To avoid the covid 19 health concerns, the skilled and elderly labor force has opted to retire. The limited talent pool is highly competitive, especially for individuals with key talents. As a result of the labor shortage, higher salaries will be demanded. This will raise labor costs because workers will require better working conditions to ensure their own safety. Given the disruption of technical college training programs, the number of trained graduates in the industry is shrinking.
Conclusion
The impacts of the above business continuity threats are real—and can happen to companies like yours. The COVID-19’s persistence and unpredictability, the emergence of extreme weather events, supply chain concerns, skilled and experienced labor shortage, and the fear of cyber attacks on the companies’ data privacy, all of them are conspicuous in 2022. By being aware of these threats, you can plan ahead and minimize the chances that the event will significantly disrupt your organization. A sound business continuity strategy coupled with a strong disaster recovery plan will not only assist your firm in overcoming any crisis but will also convey to stakeholders that your company is capable of handling any unforeseen obstacle.
Can we help you?
Organizations with a robust business continuity management program have weathered the storm and protected their businesses during the recent volatility. Are you sure you’ve prepared enough? Don’t wait until it’s too late for your organization. Let us help you. Click here to learn more about our Business Continuity Management Training that will enable you to learn how to set up a system that allows your organization to remain resilient and operational in unexpected circumstances.
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