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2 Simple Steps to Building a More Resilient Business

Updated: Apr 12, 2023



We have been acutely conscious of the fragility of our systems in the wake of the Data Breach catastrophe that occurred at Optus Australia, the Telecom Company that Exposed PII of 10 Million Consumers...


Many organizations want to rebuild their operations to be more resilient, but few know how.


As a result, very few companies are able to explicitly design for, measure, and manage resilience.


Let's deep dive..



WHAT IS BUSINESS RESILIENCE?


Business resilience is the ability of an organization to prepare for and adapt to disruptions or unexpected events, enabling it to continue operating effectively and efficiently. This resilience is crucial for organizations to ensure their survival in the face of various threats, including natural disasters, cyber-attacks, pandemics, and other crises.


In today's fast-changing and unpredictable business environment, from accelerated technological evolution to a greater interconnectedness of the global economy to broader issues such as rising inequality, species depletion, and climate change..

Resilience has become more especially crucial.

The COVID-19 crisis has highlighted the significant impact that system stress can have on society. This stress is caused by various factors, such as humans' interference with the environment, resulting in a higher risk of cross-species infections. Similarly, the dense urban population and international travel facilitated the virus's rapid spread, emphasizing the need for preparedness for future pandemics.


With these advancements, it also creates an ideal environment for the spread of a cyber-virus, emphasizing the importance of maintaining cybersecurity measures to prevent cyber-attacks.


Additionally, economic instability resulting from climate change and social tensions could exacerbate the situation further. It is essential to address these vulnerabilities to ensure that our society is prepared for any future crises.


 


WHY RESILIENCE IS IMPORTANT?


In today's increasingly digitalized world, Cyber-attacks are becoming more sophisticated and frequent, and..


a single successful attack can have severe consequences for an organization's operations, reputation, and financial stability.


Cybersecurity breaches can result in the theft of sensitive information, financial loss, and disruption to business operations, causing significant harm to an organization.



 


BENEFITS OF RESILENCE?


When confronted with unanticipated stress, a company that employs resilience principles has multiple advantages that play out sequentially:


1. Anticipation benefit

The ability to recognize potential threats quickly. Although this may not immediately affect performance, it can be observed when a company articulates its resilience plans. This can also provide advantages in the following stages.


2. Impact benefit

Allows companies to better resist or withstand the initial shock of an attack. This can be achieved through better preparation or a more-agile response to the attack.


3. Recovery speed benefit

Refers to the ability to bounce back from the attack quickly by identifying the necessary adjustments to return to the prior operating level and implementing them promptly and effectively.


4. Outcomes benefit

represents an increased fitness for the new post-attack environment, allowing companies to be better prepared for future threats. By employing resilience principles, companies can be better equipped to protect their critical assets and minimize the impact of cyber-attacks on their operations and reputation.

 


HOW TO BECOME BUSINESS RESILIENT? 2 SIMPLE STEPS:


As the business landscape rapidly changes, it's essential for companies to build greater systemic resilience to ensure their survival. In times of crisis, businesses should seek to create advantage by adjusting to new realities and looking for opportunities. It's also crucial to take a collaborative, systems view that prioritizes resilience measures beyond performance metrics.

1. Diversity in thinking and the ability to generate alternative solution

These are essential for creating a resilient business that can weather any storm. This means that change should be the default and organizations should be built on constant experimentation to avoid rigidity.


2. Investing in Cybersecurity

This can be a critical component of building resilience. By ensuring that your company is protected from cyber attacks and data breaches, you can avoid devastating losses and maintain business continuity. With the ever-evolving threat landscape, it's essential to have a proactive approach to cybersecurity, regularly assessing and adapting your security measures to keep your business safe.


In today's business world, it's not enough to achieve transient high performance; sustained performance by resilient companies is what sets them apart.


By prioritizing resilience and investing in cybersecurity, you can ensure that your company is well-equipped to thrive in the face of any challenge.



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Are you interested in knowing your options? Speak to us!


Email info@lyndengroup.com.au or give us a call at (03) 8548 1843.


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