It is now more crucial than ever that small and medium sized businesses (SMEs) put in place a business continuity plan that takes into consideration how their business will continue if one or more of their suppliers are hit by a major incident, such as a cyber attack.
The warning from the Federation of Small Businesses (FSB) comes following the continuing impact of last month’s NotPetya cyber attack on TNT small business customers, which they say has been debilitating for some small firms who, four to five weeks after the attack, remain in the dark over when and if they can expect their goods to be delivered.
Mike Cherry, FSB National Chairman, says: “There are small businesses in a state of paralysis, a month on from the attack, because their business relies on transporting goods through TNT. For a small business, this kind of disruption can be crippling and threaten their survival.
“This is a stark reminder of the danger posed by cyber crime and how it can strike down smaller businesses indirectly, having a much wider impact on the economy. It serves as a major wake up call on the need to tackle and prevent the growing threat of cyber crime right across the business community”.
Dave Stallon, FSB’s commercial and operations director adds: “Business continuity planning is a fundamental part of running a successful and robust business. The frequency of major incidences whether natural or manmade disasters is increasing, and cyber-related incidences are a part of this picture.”
Recent events have shown that SMEs should be more aware of how major incidents hitting any part of the supply chain can affect their business, and how they may deal with those events.
IT security and business continuity planning is a collective responsibility and it is essential that SMEs take the necessary steps to protect themselves accordingly.
Our business experts at Beavis Morgan work with many entrepreneurial businesses across a range of sectors, helping them set up and run their own businesses and guiding them through each stage of the process, whilst navigating the challenges and advising them in making the right decisions both now and for the future.
If you would like to find out more about how we can assist you and your business, contact Steve Govey or your usual Beavis Morgan Partner.