Small businesses face a lot of risks, from natural disasters to cyber-attacks. That’s why it’s so important to have a plan in place for business continuity and disaster recovery (BCDR).
- 60% of small businesses fail within 6 months of falling victim to a cyber-attack. (Source: Forbes)
- The average cost of a data breach for a small business is $35,000. (Source: SME Finance)
- 75% of companies have suffered supply chain disruption.
- Only 49% of businesses globally have a business continuity plan.
- 50% of UK business leaders claimed that their backups were kept on a separate system within the same office, indicating an alarming lack of disaster recovery planning. (Source: IT Pro)
- 2 of 3 midsize businesses suffered Ransomware attack in past 18 months.
BCDR is the process of ensuring that your business can continue to operate even in the event of an unexpected event.
This includes having a plan for how to recover your data, systems, and operations.
Here are 10 tips for preparing your small business for BCDR:
- Create a BCDR plan. This should include a detailed outline of how you would respond to a variety of events, such as a natural disaster, a cyber-attack, or a power outage. Your plan should also include contact information for key people and resources.
- Maintain adequate insurance coverage. This will protect your business from financial losses in the event of an unexpected event. Make sure your insurance policies include coverage for things like property damage, business interruption, and cyber-attacks.
- Diversify your revenue streams. This will help reduce your risk if one source of income is disrupted. For example, if you own a restaurant, you could also offer catering services or delivery.
- Build strong relationships with suppliers. This will help ensure that you have a reliable supply chain in the event of a disruption.
- Keep cash reserves. This will give you a financial cushion to help you weather unexpected expenses.
- Build strong outsourcing relationships. This will provide you with backup support in the event of an emergency. For example, you could outsource your IT needs to a third-party provider.
- Check your financials regularly. This will help you identify any potential problems early on and take steps to mitigate them.
- Invest in technology. Technology can help you automate processes, improve efficiency, and protect your data from cyber-attacks.
- Train employees for emergencies. This will ensure that everyone knows what to do in the event of an unexpected event.
- Stay up to date on regulatory requirements. This will help you avoid fines and penalties.
Are you ready to take the next step in protecting your business? Contact Bondgate IT today to learn more about our BCDR services.
We can help you develop a BCDR plan, assess your risks, and implement the necessary measures to protect your business.
We also offer a variety of other business continuity and disaster preparedness services, so we can help you create a comprehensive plan to keep your business running smoothly, even in the event of an unexpected event.
Contact us today to learn more about how we can help you protect your business.