What top THREATS are risks to your business?

Business continuity organizations like the World Economic Forum and the Business Continuity Institute assess the threat landscape every year. Which top risks for 2023 and 2024 apply to you?

RANSOMWARE

In a ransomware attack, you could lose access to all your Windows-based computers and data. You can also be affected if ransomware hits your bank or hospital. Some devices, like ultrasound machines, may not look like Windows computers but have them at their core, making them vulnerable.

SEVERE WEATHER

Higher highs and lower lows leading to extreme weather can mean staffing change and even failure of equipment. Time to assess how severe weather could impact your business or threaten the physical safety of your staff and customers.

BANK AND CREDIT SYSTEM FAILURES

Bank failures are now on everyone’s mind, and financial disruption now ranks high as a possible threat to business operations. This category includes temporary loss of access to systems from ATMs and point of sale systems to insurance approvals, payroll, and acquisition. Your annual budget should take inflation into account, but you will also want to have cash and credit reserves available.

SUPPLY CHAIN DISRUPTION

Anyone from your power company to your paper cup supplier could experience a disruption to their business, affecting you in turn.

CIVIL UNREST/SRRC

Strikes, riots, and civil commotion (SRCC), along with war, can affect everything you need to run your business. This is a rising threat in the U.S. and around the world.