Your reputation is, probably, the most important asset your company has, after its people. Once this is gone you lose customers, suppliers, and staff. There are some famous examples of companies which had their reputation ruined (sometimes by themselves - just Google "Gerald Ratner" or "Cambridge Analytica") resulting in the company going bust.
I read this week that more than 16,000 customers have left TSB since the IT meltdown earlier this year (see my previous blog on this topic). The Financial Conduct Authority (one of the UK's financial regulators) is still deciding whether to fine the TSB after it was judged to have misled parliament.
I recently was asked to present at the recent Business Continuity Institute (BCI) NW Forum in October 2018. My good friend and fellow BC practitioner Steve Nuttall organises these events for the BCI. These are free events to attend, you don't need to be a BCI member and are always educational and entertaining.
Not every disaster has the impact of 9/11. Disasters come in numerous forms. There are a myriad of incidents that can affect your business; leaking roof, demonstrations stopping you accessing your business, bad weather, flooding, industrial action, supplier failure, power cuts.... the list is endless.
As part of the divestment from Lloyds Banking Group, TSB had to move their IT systems from those operated by Lloyds to those of their new owners Sabadell, a Spanish bank.
On 7 September 2017 Equifax (US) announced that they had had a security breach. Criminals exploited a web site application vulnerability to gain access to personal information. The breach took place mid-May but was not discovered until 29th July. The incident potentially impacts 143 million US customers