Is Your Supply Chain Resilient?

Looking at the sky with red layered structure applying focus

The major upheavals of the last couple of decades, such as the global recession and the COVID-19 pandemic, have demonstrated that firms will suffer severe setbacks if their supply chains are not resilient. An entire supply chain becomes vulnerable if one component is exposed to risk, just like a house of cards will topple if one section is out of balance.

Supply chain resilience refers to an organization’s ability to use its resources to handle unanticipated supply network disruptions. In other words, it is the ability to respond to and recover from challenges without disrupting operations or deadlines.

Think Beyond Basic Backups to Tackle Ransomware

Although ransomware has long been a serious concern for business owners all over the world, the COVID-19 pandemic has created new opportunities for this threat to flourish, and the attack vector is likely to become even more dangerous in the coming years.

According to a report, 304 million ransomware attacks occurred globally in 2020, with ransomware affecting over 65% of global businesses.1 Experts suggest that this is only the tip of the iceberg. Unfortunately, even though SMBs continue to be disproportionately affected by these nefarious attacks, reporting and notifications rarely make the news.

How to Become a Resilient Organization

Colored pencils oriented in a circle points to center

The last year and a half have taught us that the world can experience a tremendous change in a short time. Whether it’s rapid technological advancements, cyberattacks, stalling economies or even a global pandemic, only resilient organizations can weather these storms.

That’s why the concept of organizational resilience is now more relevant than ever before. Organizational resilience is all about how well a company anticipates, plans for and responds to gradual change and unexpected disruptions in its business environment so that it can continue to operate and thrive.

Stepping Up Your Cybersecurity With Defense in Depth (DiD)

When the pandemic hit, businesses all over the globe had to shift to remote work almost overnight. Now, with the vaccine rollout in full swing, the hybrid work model is gaining popularity. This allows employees to work from home, the office or split their time between both. According to a report, close to 65% of large businesses have adopted a hybrid model, and most workers prefer it that way.1

However, a distributed workforce comes with its own set of challenges. One of the primary concerns of IT leaders across the globe is the unprecedented increase in cybercrime. Experts estimate that cybercrime has shot up by almost 300% since the start of the pandemic.2

The Role of Compliance in Cybersecurity

The overall technology landscape is evolving at a breakneck pace. While these changes are meant to improve the quality of life, the unfortunate flip side is an increase in cyberthreats. This is why global cybersecurity spending increased from nearly $40 billion in 2019 to $54 billion in 2021.1 Unfortunately, due to a lack of spending on personnel or technology, SMBs are most likely to be targeted by threat actors.

Many organizations fall victim to cybercrime because compliance and security are not a high priority for them. For your organization to run smoothly, both compliance and security are critical. While compliance ensures that your organization stays within the bounds of industry or government laws/regulations, security ensures that your organization’s integrity and vital data are safeguarded.

Common Scalability Mistakes SMBs Make

man facepalming with question mark and exclamation mark

Most small and medium-sized businesses (SMBs) are stretched for time and resources, due to which they may end up rushing through process implementations, technology upgrades and new hire training. Inevitably, this results in botched executions and a foundation that doesn’t support sustainable scalability.

Sustainable scaling allows you to scale up or down as needed and considers your people, processes and technologies. This is important for the future of your business because it prepares you to deal with unexpected changes. However, before embarking on the path to sustainable scalability, you should be aware of the most common mistakes to avoid.

Positioning Your Business to Scale

Fingers walking up wooden block stairs

Businesses operate in a hostile environment where the only constant is “change”. Customer demands changing rapidly, new technologies transforming the business landscape, and regulations continue to be passed regularly making the modern business environment a struggle to navigate alone. How do you keep up? How does your business adapt quickly to the virtual jungle before being eaten alive?

Executives need to make decisions to counter the incoming barrage of issues, but quick decisions can sometimes become your downfall if customer and employee growth are not considered as well. Changes in processes without proper vetting, rapidly hiring personnel while rushing onboard training, and attempting hurried upgrades in infrastructure, could result in flawed implementations or massive confusion.

Prioritize Compliance for Your Business

One of the many challenges you probably face as a business owner is dealing with the vague requirements present in HIPAA and PCI-DSS legislation. Due to the unclear regulatory messaging, “assuming” rather than “knowing” can land your organization in hot water with regulators.

The Health and Human Services (HSS) Office for Civil Rights receives over 1,000 complaints and notifications of HIPAA violations every year.1 When it comes to PCI-DSS, close to 70% of businesses are non-compliant.2 While you might assume it’s okay if your business does not comply with HIPAA or PCI-DSS since many other companies are non-compliant as well, we can assure you it’s not. Keep in mind that being non-compliant puts you and your business at risk of being audited and fined.

4 Data Backup Myths You Need to Know About

Humans generate 2.5 quintillion bytes of data every day.1 That is a substantial amount of information. However, failing to keep up with the ever-changing threat landscape might wipe your share of this data in the blink of an eye. In fact, ransomware has more than doubled in frequency since last year, accounting for 10% of verified breaches.

5 Ways to Combine Compliance & Cybersecurity Best Practices to Improve Outcomes

When you run a business, compliance and security are two essential factors. Both are equally important for the seamless operation of your business. While compliance helps your business stay within the limits of industry or government regulations, security protects the integrity of your business and sensitive data.

It is worth noting that although security is a prime component of compliance, compliance does not equal security. This is because compliance does not consider the growing threat landscape and associated risks. What it considers, however, is a set of pre-defined policies, procedures, controls, etc.