SAI Global has released its 2020 Business Continuity Benchmark Report offering valuable insight into the difference between what businesses want versus what is actually being committed to achieving it. The firm’s follow-up survey in March 2020 further shows this gap left many businesses vulnerable in the face of our current challenge.
According to SAI Global, recent events such as the COVID-19 pandemic and the Australian bushfires have shown us just how quickly our way of life can be overturned, substantially impacting businesses and global economies. During this unprecedented time, disruptions have impact small enterprises and global corporations alike, demonstrating how fragile global infrastructures and supply chains can be. The world has changed, and organizations need to change along with it.
The research demonstrates that operational resilience is front of mind for decision-makers, however, there remains a clear difference between being aware that something needs to be done and investing enough to ensure you’re prepared.
The end result we are seeing now is that business continuity professionals are challenged with a lack of resources and executive buy-in at a point where their role and organization are being put through its biggest test and operational resilience is more important than ever.
Other key findings include:
- A quarter say that business continuity is managed by a team of one;
- Only 14 percent have a team dedicated to business continuity;
- Over half don’t use software to execute their BCM program;
- A quarter don’t have a vendor risk source, and treat it separately;
- 43 percent believe cyber attacks will become more of a factor;
- Nearly 40 percent do not consider climate change part of their program;
- Nearly three quarters say their business continuity team will stay the same in 2020;
- Less than half said organizational spend was set to increase in 2020.
Download the report here.