As the war in Ukraine unfolds and sanctions against Russia are implemented, organizations around the world will be looking at the impact this will have on their operations.
War impacts every economy in the world because the world is more connected than ever. Every business is going to feel the impact in some way. Whether or not your business is related to Ukraine or the Russian Federation or not, all will suffer the consequences of the war.
The best moment to think about business continuity was five years ago, the next best moment is NOW!
Each company faces many new risks or the likelihood of certain risks is greater than ever. Physically, this war is confined to Ukraine, but the economic war is worldwide. What will happen over the next few months and years is uncertain. That is why businesses should be ready for anything. Business continuity is crucial to success.
There are many new risks, let us analyze a few:
Impact on the Economy
The global economy is impacted by world developments, especially when there are wars and sanctions, repercussions of which affect many companies, even if they are not directly connected with countries under sanctions.
- Is there any part of your business that is affected by sanctions or repercussions?
- Do you have business continuity plans in place to assist you in responding to the crisis?
Impact on Cash flow
As the global crisis continues, many companies are struggling with cash flow and are deciding to reduce their losses. This has become increasingly visible with inflation and rising fuel and food prices.
- Do you have plans in place if your cash flow is threatened?
- Are you saving money to help you survive for some time if problems occur?
Impact on the supply of raw resources.
If your company depends on raw resources that have been imported from Russia or Belarus under sanctions or from Ukraine. Issues related to obtaining raw resources can occur suddenly and without warning.
- Do you have a backup plan in case this happens?
- What raw materials or energy sources do you depend on for the purpose of doing your job?
- Do you have more than one supplier to avoid this scenario?
Impact on Cyber Security
Cybersecurity is in today’s world, one of the most important aspects of security of your business. Cyberattacks are more common, especially government-financed attacks.
- What would be the impact of a major cyberattack on your company?
- Do you have cybersecurity in place, tested and enhanced?
- Do you have disaster recovery plans to recover from an attack in a timely manner?
Preparation is 50% of the work
Business continuity is very important today after we experienced the pandemic and now the ongoing war in Ukraine.
Preparation is 50% of the work., and each company should do what it can to be prepared. Even now, it’s not late, do everything you can to prepare for unforeseen events. It’s a lot easier when you’re ready.
There are so many examples of companies that did not take business continuity into account and were shut down when a crisis broke out.