You only have to watch, listen, or read the news to see that unfortunately disasters can and do strike in many forms:

🦠 Ransomware attacks

Ransomware attacks are a growing threat to businesses of all sizes. Hackers use ransomware to encrypt a company’s data, making it inaccessible without an encryption key. They then demand payment, often in cryptocurrency, to release the data. Ransomware attacks can be crippling to businesses, resulting in downtime, data loss, and financial losses. The rise of Ransomware as a Service (RaaS) has made it easier for criminals to launch attacks, even without technical expertise. RaaS providers offer a subscription-based model, providing ransomware tools, support, and even negotiation services. The Colonial Pipeline attack is a prime example of the devastating impact of RaaS. The attack, carried out by the DarkSide hacking group using a RaaS solution, shut down pipeline operations, leading to fuel shortages and panic buying. To protect against ransomware attacks, businesses need to adopt a multi-layered security approach that includes malware protection, data backup and recovery, and business continuity planning.

🌪️ Natural disasters

Natural disasters are an unavoidable reality for businesses, and they can be incredibly costly when key systems are damaged. These events, like hurricanes, earthquakes, or floods, can disrupt operations and potentially lead to significant financial losses for businesses. To mitigate these risks, companies need to have a robust disaster recovery plan that outlines steps to recover critical data, IT systems, and networks during such emergencies. These plans ensure business continuity, allowing companies to achieve their objectives even amidst disruptions. Bondgate IT, as an example, provides businesses with a comprehensive Business Continuity and Disaster Recovery (BCDR) solution designed to keep operations running smoothly regardless of the challenge. Their solution includes frequent backups, local virtualisation, and a rapid recovery time objective, all aimed at minimising downtime and data loss.

🧑‍💼 Human error

Human error is a significant and often overlooked threat to business continuity, frequently arising from unintentional mistakes that are difficult to completely prevent. Examples of human error include deleting a backup, opening malware, or falling victim to phishing scams. 

 Statistics reveal that a staggering nine out of ten data breach incidents are caused by employee mistakes, highlighting the prevalence of this issue. Distraction and the appearance of emails coming from trusted sources, like senior executives or well-known brands, are major reasons employees click on phishing emails, leading to security breaches. To mitigate these risks, companies must prioritise employee training and awareness programs, focusing on best practices for data handling, security protocols, and recognising potential threats like phishing scams. Additionally, implementing technical controls, like multifactor authentication, strong password policies, and robust data backup and recovery solutions, can help minimise the impact of human error and protect against data loss.

💻System outages

System outages, encompassing hardware, software, and data centre failures, pose a significant threat to business continuity. These outages can occur due to various factors, such as equipment malfunctions, power disruptions, or software errors. When systems go down, businesses face disruptions to their operations, potentially leading to financial losses and reputational damage. For instance, if a company’s website or online store experiences an outage, it could result in lost sales and customer dissatisfaction. Similarly, an outage affecting internal systems, such as email or file sharing, can hinder productivity and communication.

Bondgate IT work with businesses in Consett to highlight the importance of having a robust disaster recovery plan to address system outages. This plan should include measures to quickly restore critical systems and data, minimizing downtime and its associated costs. Solutions like those offered by Bondgate IT, which include frequent backups, local virtualisation, and rapid recovery time objectives, help mitigate the risks posed by system outages. Their chain-free, image-based backup solution ensures data recoverability at any time, allowing businesses to resume operations swiftly in the event of an outage.

Did you know? A break in continuity can cost small businesses a minimum of £10,000 per hour. For larger companies, those costs can skyrocket to over £5 million!