Business Continuity: Insuring Resilience

Business Continuity: Insuring Resilience

It is better to be prepared for an incident than to wait until it happens. As businesses become more reliant on data and technology, the risk of a market wide incident due to cyber-attacks or extensive disruption is growing by the day. Most of the organizations focus on emergency management or IT disaster recovery, but they tend to ignore the need to recover their business operations after such an attack. The Dutch Caribbean faces similar problems. As we move toward a more automated country we need to pay attention to all the possible risks, how to mitigate these risks and how to proceed with business operations after we experience one of these risks.

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Introduction:

It is better to be prepared for an incident than to wait until it happens. As businesses become more reliant on data and technology, the risk of a market wide incident due to cyber-attacks or extensive disruption is growing by the day. Most of the organizations focus on emergency management or IT disaster recovery, but they tend to ignore the need to recover their business operations after such an attack. The Dutch Caribbean faces similar problems. As we move toward a more automated country we need to pay attention to all the possible risks, how to mitigate these risks and how to proceed with business operations after we experience one of these risks.

Recent Attack:

Market Disruptions:

The example above illustrated how a cyber-attack can disrupt daily operations. However cyber-attacks are not the only threats than can disrupt daily operations. A business interruption can come from any direction, both internal and external. The list below mentions some threats that we can experience here in the Dutch Caribbean:

  • Cyber Attacks
  • Theft
  • Natural Disasters
  • Human Errors
  • Financial Attacks
  • Legal Obligations

 

Business Continuity Management:

The experience from Last Fridays shows us why business continuity is important. In short business continuity management (BCM) is the process of identify potential impacts that threaten an organization and provides a framework for building resilience and capability to respond to these threats.

Corporate risk management practices need to shift from the consideration if a disruption will happen to a matter of when a disruption will occur. With solid preparation organizations are in place to minimize the impact of disruptions and major disasters, resulting in stronger competitive advantage.

 

How can KPMG help?

KPMG as a leader in Governance, Risk & IT  advisory has a dedicated team with deep experiences to help your organization implement a business continuity plan. Our KPMG’s Governance, Risk & IT Advisory Services encompass the following major service lines which can be tailored to your requirements and address your specific need:

  • Business Continuity & Disaster Recovery Planning
  • Business Impact Analysis
  • Risk and Vulnerability Analysis
  • Employees Phishing Email Simulation
  • Auditing Business Continuity Plans
  • Program Governance and Operating
  • Maturity Assessment (BCM & Cyber)
  • Testing of Business Continuity Plans
  • Penetration Testing (Internal & External)
  • Employees (BCM & Cyber Security) Awareness Training

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