Discussions about cyber security in recent years have increasingly become about cyber resilience, but the concept of being able to recover from disruptions needs to be applied throughout the company, especially as organizations become more dependent on IT, such as the retail segment.
Resilience, however, is not something that happens by itself in cyber security or in any other aspect of business operations. It must be planned and managed, and therefore Business Resilience Management (BRM) should be on the agenda of most organizations.
Simply put, BRM is the comprehensive and standardized management of all processes to identify and mitigate the risks that threaten an organization.
These risks include disruptions to the continuity of technology and communications infrastructure, cyber attacks, consumer demands, market changes, regulatory compliance requirements and even pandemics, as has happened with Covid-19.
The BRM, therefore, aims to ensure that companies have and maintain business resilienceThis is the ability to adapt quickly to risks and disruptions, while maintaining important business workflows and protecting employees, assets and brand reputation.
Resilience is the basis for continuity and mitigation against any form of economic disruption at a business level
However, resilience can require complex management tasks, depending on the size and nature of the business.
As a comprehensive approach to risk management, BRM goes beyond just business continuity management and disaster recovery. It aligns all protection disciplines to achieve the goal of resilience.
BRM not only includes business continuity, crisis management, crisis response and IT service continuity, but also includes testing resilience plans, simulating crises and their impacts, educating impacted teams and, fundamentally, gathering ideas for continuous improvement.
BRM is therefore a multifunctional and interdisciplinary approach involving risk, business and security professionals. Business resilience management includes:
- Reputation management.
- Ability to respond to growth opportunities.
- Communications during a crisis and post-interruption improvement strategies to avoid downtime.
- Reduction of physical and IT security vulnerabilities.
- Improved fraud control and guarantee of business operations in the face of unexpected interruptions in the future.
Business resilience is extremely important for any company because without it, few companies are likely to be able to recover from unexpected disruptions or adapt quickly enough to sudden changes in market demand or regulatory requirements.
Business resilience can make the difference between retail survival and failure
It should therefore be at the top of any business agenda. Only by achieving resilience can a company be guaranteed to survive disruptions.
But achieving business resilience requires careful business resilience planning to ensure that business models are flexible enough to adapt to market changes, and that the continuity of the technology and communications infrastructure is guaranteed.
This includes business continuity planning and managementas well as disaster recovery planning based on a comprehensive risk assessment in the form of a business impact analysis, which is a key element of a comprehensive approach to BRM.
Retail resilience planning can also include skills development and training because a lack of skilled workers poses a risk to resilience if a company doesn't have people with the right skills to produce or sell its product/service or adapt production when circumstances change.
Also plan how the business will function during a crisis. Draw up an IT emergency plan and set up an incident command structure to ensure that everyone knows their roles and responsibilities in various crisis scenarios. Education and training are essential, and regular testing of business continuity plans for crises should not be forgotten.
Any interruption has the potential to be costly and fatal to business
The coronavirus pandemic has highlighted the importance of business resilience and the value of managing it. Only through comprehensive and standardized management of all processes to identify and mitigate risks can companies ensure that they are in the best possible position to sustain operations during unexpected disruptions and beyond.
Although disruption due to pandemics is rare, other causes of disruption, such as cyber attacks, are increasingly common and are likely to grow as companies in the retail sector become increasingly digital. Business resilience is essential, especially as organizations become more dependent on cyber supply chains.
Retail resilience is directly linked to business survival in both the short and long term and should therefore be integrated into any company's long-term sustainability plans.
Conversys can help your company reduce the risks and impact of this global crisis. Contact our experts now to learn more about Aruba Networks' security, network management and connectivity solutions. We're here to help you meet this challenge.
About Conversys
Conversys IT Solutions is a provider of Information Technology and Communication services and solutions acting all over Brazil.
With a highly qualified technical and commercial team and a partner network that includes the main global technology manufacturers, Conversys IT Solutions is able to deliver customized solutions for IT Infrastructure and Telecom to its clients.
We invest in our employees and partners and strive for a long-lasting relationship with our clients, because we believe that this way we gain the skills and knowledge necessary to innovate and generate value to the businesses in which we operate.
