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Spring Journal

Volume 31, Issue 1

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Wednesday, 20 December 2017 22:40

BT4-05 Editorial

Written by  BCI - US Chapter Board
What are the top 3 threats to organizations today?

According to the 2017 BCI Horizon Scan Report: 1. Cyber attack (e.g. malware, denial of service), 2. Data breach (i.e. loss or theft of confidential information), 3. Unplanned IT and telecommunications outages. These results are unchanged from 2016 results and remain the highest concerns for business continuity and resilience professionals. The actual disruption levels show the following top 4 impacts:

  • Unplanned IT and telecom outages
  • Adverse weather (e.g. windstorm/tornado, flooding, snow, drought)
  • Interruption to utility supply (i.e. water, gas, electricity, waste disposal)
  • Cyber attack

 

What areas of BC/DR do you think organizations should be investing in to secure their resiliency for the next 3-5 years? (Where should they put their money?)

The 2017 BCI Horizon Scan Report show that the top 3 emerging trends and uncertainties that organizations face are: 1) Use of internet for malicious attacks (e.g. cyber threat), 2) Influence of social media (e.g. reputation management, misinformation, crisis communications), and 3) Loss of key employee.

Organizations should continue to invest in cyber security and data breach protection as the frequency, complexity and impact of attacks continue to increase with time. Coupled with this is the advance of social media influence on organization reputational risk and misinformation that can take what was once a manageable threat and turn it into a corporate disaster in seconds. Social media also plays a key role in attracting and retaining talent for organizations. The landscape is changing before our eyes and organizations must embrace the communication tools to turn the threat into a competitive advantage.

The top 5 key insights from the 2017 BCI Horizon Scan Report are:

  • Organizations need to focus on the objective appraisal of threats and their particular impacts.
  • Cyber issues continue to figure significantly in practitioners’ concerns.
  • The effects of disruption from adverse weather is a growing concern of many organizations.
  • External events underscore the interconnected nature of risks and demonstrate the need for practitioners to include these in planning.
  • Investments in resilience should be sustained in order for organizations to build and maintain adaptive capacity.

 

Would you consider the influx of Millennials with the exiting of baby boomers to be a challenge to the technology changes in the resiliency industry? (i.e.: loss of knowledge Vs incoming training needs)

Yes, this is a unique challenge that organizations will need to acknowledge and take action to mitigate in the near term. The #3 emerging trend is the loss of key employees. This will be increasing as the baby boomers are exiting the work force at a potentially increasing pace. The millennials are entering the workforce with a completely different technology mindset and without a bridging strategy between the boomers and millennials, key knowledge and expertise to keep older organizations resilient will simply be gone. Younger organizations are better positioned to manage the challenge and are typically more current in their technology base, strategies and methodologies. Another facet to this talent challenge is that the millennial mindset is to keep moving from organization to organization as they grow their career. Knowledge management is a key success factor for long-term resilience; the art of capturing knowledge and managing it from beginning to end.

The link for the 2017 BCI Horizon Scan Report is https://www.thebci.org/knowledge/horizon-scan-report-2017.html

Spring World 2018 Session - Emergency Communications: BCI Annual Report and Practitioner Perspectives