MissionMode Corporate Blog

Business Continuity, not data breaches, among top concerns for tech firms

Through research based on SEC filing, Joan Goodchild has discovered that data security and breach prevention rank fairly low as a risk factor for most big technical firms.  This research examined the risk factors listed in the FY 2009 10-K SEC filings of the largest 100 US public technology companies.

Among security risk, natural disasters, wars, conflicts and terrorist attacks were identified by 55% of respondents as a risk concern and #16 on the list and much higher than breaches of technology security, privacy and theft, which was cited by 44% of the companies, making it 23rd on the list.

This was a surprising result since it had been thought that data security and breach prevention were the focus of risk management; but rather business continuity seems to be driving the majority of worries about natural disasters and conflicts risks.

Aftab Jamil, leader of the Technology Practice at BDO Seidman, the consulting firm that released this research, expresses this concern, "Can they get back on their feet relatively quickly?  If you are in the path of a hurricane or an oil pill, can you keep your business going?"

For more details on this business risk and crisis management research, read the full business continuity article.

www.missionmode.com

Toyota Warned in Employee Letter to Company Four Years Ago

CNN's Deborah Feyerick reports on a group of Toyota assembly line workers who voiced concerns about the company in a video addresses some key communication failures.

Key timely information sharing and management, a problem for Toyota, is voiced in this video. The problems with sharing of key information critical to effective response, prioritization confusion, over-emphasized tactics vs strategy, key stake holders, operational units/leads left in the dark is at the heart of this problem.  The US was kept in the dark last September with recalls in UK and Toyota didn’t share the experience in Europe with NA counterparts either.

This is a formula for disaster as the world watches Toyota struggle with it image and reputation, much of which could have been avoided with a better communication strategy enabling a more sure path toward business continuity.

Go to CNN to view the video on Toyota employees' letter.

www.missionmode.com

Supply Chain Security Threats: 5 Game-Changing Forces | The Industry Standard

As any CSO knows, it's not enough to mind your own business. You have to look after your business partners as well, across all links that connect to your supply chain--whether that chain is physical or virtual. And that goes double in times of rapid change and high stress.

When a company experiences a crisis, they need to quick identify and assess the situation and bi-directional communication between the crisis managers and the event itself.  It is important to review your corporate crisis plans for gaps in the plans and operations before you are in the middle of a crisis that could impact your business continuity adversely.  It is important that the corporate crisis plans address more than the key supply chain nodes and specific scenarios but also emerging security vulnerabilities.

Read more...via www.thestandard.com

www.missionmode.com

Why a business continuity plan is necessary

A business continuity plan is developed in order for a business plan a reaction strategy to be used in the case of a disaster.  This reaction strategy is designed for crisis events including accidents, terrorism, hacking, earthquake, typhoon and other natural disasters.  Without a plan to manage crisis, the business risks that it cannot continue when faced with such disasters.

The article from Technology Toolkit explains that a business continuity plan isn't only valuable in preparation for "World War IV or for the eradication of the entire human race," but failures in the security or information systems, as well as temporary and short-lived power failure also require crisis planning and preparedness.  Even minor difficulties can create major difficulties for a business.  Read the full article...

www.missionmode.com

The value of crisis communication

Since the economic crisis began to impact the world economy, many businesses have enhanced and expanded their crisis communication strategies with the hope of alleviating the fears expressed by workers and to project corporate confidence to clients and shareholders.

In late 2008, consulting firm Watson Wyatt reported that survey results indicated 77% of employers had nor were planing to send out internal communication addressing the impact of the financial crisis. Sixty-nine percent of those businesses stated that reducing employee anxiety was one of their top two goals for crisis communication and 32% are attempting to capture employee trust.

The Institute for Public Relations states that crisis can come in the form of these three threats that are often related:

• Public safety risks
• Financial losses
• Damage to a reputation

This article makes further recommendations for emergency planning, targeting the following areas:

• Employees - explain how the crisis will affect their jobs
• Management - provide all the information managers need to protect the interest of the company, employees, clients and vendors
• Public - tell the public how the company is managing business affairs during the crisis and how it may affect the community
• Customers - to avoid damaging relationships, let customers know how products and services will be delivered during the crisis
• Government - in case it is necessary to interface with governmental agencies determine if assistance might be needed to continue business activities
• Other companies - it may be necessary to communicate with other businesses to inform them how the crisis may impact their business as well.

For more information, read the full article.

www.missionmode.com