SCS Tech India

Tag: Risk management

  • Can Disaster Management Software Protect Your Business from Unexpected Crises?

    Can Disaster Management Software Protect Your Business from Unexpected Crises?

    As per the Industry Growth Insight Report, the global emergency disaster management software market is expected to grow at a CAGR of 10.8% from 2018 to 2030. The global emergency disaster management software is divided into two segments, i.e., local deployment and cloud-based.

    As per the report, the cloud-based segment is expected to grow at a faster rate during the forecast year due to increased concerns in enterprises for potential crises that may occur due to natural disasters like hurricanes, earthquakes, and cyber attacks, which can result in severe damage and business losses.

    As businesses have started to understand the need to be prepared for the unexpected, the question arises: Can disaster management software predict natural disasters and shield your businesses from unanticipated catastrophes? This blog sheds light upon its various uses, advantages, disadvantages, and how disaster management software can play a significant role in safeguarding during times of crisis.

    Understanding Disaster Management Software 

    Disaster management software is a great tool to prepare, respond, and recover from situations of crisis by emphasizing decreased levels of risks, clear communication, synchronizing emergency responses, and supervising recovery efforts efficiently. It essentially serves as a unified platform for administering all aspects of crisis management.

    The key aspects of disaster management software comprise of:

    • Risk Assessment: Disaster management software offers tools and techniques for risk assessment like qualitative and quantitative assessment, risk mapping, scenario analysis, failure mode and effects analysis (FEMA), SWOT analysis, and more. Listed below are crucial steps integrated into disaster management software for risk assessment:
    • Threat Identification
    • Vulnerability Analysis
    • Risk Analysis and Score Generation
    • Visualization and Risk Mapping
    • Forecasting and Scenario Analysis
    • Risk Mitigation Planning
    • Monitoring and Alert Generation
    • Reporting and Compliance
    • Emergency Response Planning: This aspect focuses on creating and implementing strategies to manage the disaster effectively through customizable templates so the organization can plan out the action as per the scenario, simulation, drills, incident management software integration, plan adaptation, real-time updates, and focusing on post-incident review for identifying areas of improvement.
    • Communication Tools: Disaster management software includes various communication tools like mass notification systems, GIS for disaster management based communication, incident management platforms, etc., that help mitigate the risk by sharing real-time information and coordinating effectively.
    • Recovery Management: The software helps in reducing the intensity of damage and restarting the operations by adding supporting recovering management features that integrate the following solutions and tools:
    • Business Continuity Planning Tools
    • Resource Management Tools
    • Data Recovery and Backup Solutions
    • Recovery Point Objective (RPO) Tracking
    • Recovery Time Objective (RTO)

    Benefits of Disaster Management Software

    Disaster management software extends various advantages that are vital in maintaining the continuity of business operations, which are discussed below:

    • Efficient Response and Recovery: Disaster management software helps simplify the response and recovery phase by utilizing pre-defined response plans and related resources to subjugate any crisis successfully.
    • Compliance and Reporting: Several industries demand compliance with certain regulations concerning the management and reporting of crises. Disaster management software acts as an aid in the fulfillment of these requirements in reporting, documentation, and auditing.
    • Enhanced Communication: Disaster management software provides the necessary communication tools to ensure clear and consistent communication, which eliminates the risk of delayed response, thus resulting in a unified and collectively coordinated response.
    • Proactive Risk Management: This involves the engagement of advanced analytics and data visualization tools to recognize potential risks involved before they develop into a major crisis.  This approach promotes the advanced implementation of risk alleviation strategies.

    Comparison of Manual vs. Software based disaster management

    Challenges And Limitations Of Disaster Management Software

    Let us understand the limitations of disaster management software that have a significant impact on the business’s decision-making ability and its implementation:

    • Human Factor: Human errors such as wrong data entry, misinterpreted information, etc. are a major risk in diminishing the efficacy of disaster management software. Therefore, businesses must ensure timely and appropriate training to employees to ensure a smoother resolution of the crisis involved.
    • Initial Costs and Implementation: The initial execution of this software can be costly for enterprises with budget constraints. These costs include integration, customization, and regular maintenance of the software.
    • Complexity and Training: Disaster management software emphasizes proper training of their employees to harness their true potential to the advantage of the organization. However, the complexity of this software often results in employees sticking to the old traditional ways to resolve crises.
    • Dependence on Technology: Technology is a powerful tool, but it can lead to various risks. Heavily relying on disaster management software can be concerning if all the software gets jeopardized. To avoid such difficult scenarios, businesses must have detailed backup plans to ensure smooth functioning.

    Future of Disaster Management Software

    Artificial intelligence (AI) and the Internet of Things (IoT) are becoming a crucial part of the evolving landscape of disaster management software due to the unique features they offer.

    AI helps in improving risk assessment by easy dissemination of large sets of data, which helps in predicting and preventing potential crises that may occur shortly. On the other hand, IoT devices offer the collection of real-time data which promotes quick and accurate responses.

    Businesses can expect to increase their potential manifold through the successful integration of these latest technologies into disaster management software.

    Conclusion

    Any enterprise can struggle with unexpected crises that can negatively impact its business operations. Disaster management software acts as a savior in navigating through such crises successfully by providing the necessary resources and solutions to safeguard assets and ensure the continuity of business operations, along with quick and informed decision-making.

    Partnering with a technology provider like SCS Tech India can significantly amplify your benefits of disaster management software while ensuring that the organizations are provided with innovative solutions and required tools to handle any unforeseen emergencies successfully, whilst focusing on speedy recovery and business continuity.

    FAQs

    Is disaster management software suitable for small businesses?
    Yes, disaster management software is suitable for businesses of all sizes, including small businesses.

    Does GIS help in natural disaster management?
    Yes, GIS in disaster management as it helps in giving real-time data, so efficient resource allocation can be done by mapping out the prone areas, predicting the impact level, and creating a recovery plan.

    How does disaster management software integrate with other systems?
    It is integrated into businesses through human resources, information technology, and communication platforms.

    (more…)

  • What Is Cyber Risk Management?

    What Is Cyber Risk Management?

    Cyber risk management is the process by which you determine potential cyber threats, and then put measures into place to keep those threats at acceptable levels. Your cyber risk management efforts should be formalized into a plan, which should then be updated often to stay current with evolving cybersecurity threats.

    Considering just how dangerous cyber-criminals can be to your organization, a current cybersecurity framework is no longer just a good idea; it’s required. Cybersecurity risk management is so important that multiple organizations offer guidance and standards to mitigate cyber threats. The National Institute of Standards and Technology (NIST) is one; the International Organization for Standardization (ISO) is another.

    Cybersecurity risk is the likelihood your company might suffer damages because of a successful cyber-attack. This risk includes data breaches, loss of critical information, regulatory enforcement (including monetary penalties) due to a breach, or damage to your reputation after a cybersecurity event. Risk is different from uncertainty in that risk can be measured, and protected against. For example, you can block phishing attempts or build strong firewalls (a risk) but you cannot stop a hurricane from downing your WI-Fi networks for a whole day (uncertainty).

    This means you should evaluate your business several times a year to understand how your company adheres to current information security protocols, and what new threats may have developed since your last analysis. This evaluation is known as a cybersecurity risk assessment. Regular risk assessments will help in implementing a scalable cybersecurity framework for your business.

    What Are the Different Types of Cybersecurity Risk?

    Cybersecurity risks come in many forms, and CISOs should be aware of all them when developing your risk management process. To start, the four most common cyber-attacks are:

    Malware: Malicious software that installs itself that causes abnormal behavior within your information system;
    Phishing: Emails or messages that trick users into revealing personal or sensitive data;
    Man-in-the-Middle attack (MitM): Cyber-criminals eavesdrop on private conversations to steal sensitive information; and
    SQL injection: A string of code is inserted in the server, prompting it to leak private data.

    When building your risk management strategy, prioritize which common cyber incidents you want to prepare for. Strategizing for those most likely to occur within your business, or for those events where regulatory compliance obligates you to address them. Then you can move forward with creating an effective risk management program.

    Why Is Cyber Risk Management Important?

    Your business should always be learning how to adapt to changing cybersecurity standards while also monitoring potential threats.

    A cybersecurity event like an internal data breach or a successful cyber-attack can cause significant financial losses. It can also create disruptions in the day-to-day operations of your business, as you inform employees and customers of the breach and the steps you’ll take in response.

    By maintaining regular cyber risk management you can keep the chances of a cybersecurity event low, protecting your business for the long term.

    What Is the Cybersecurity Risk Management Process?

    Cybersecurity risk management is an ongoing process that involves regular monitoring and frequent analysis of existing security protocols. Generally, a cyber risk manager will work with key stakeholders and decision-makers across the business to draft a cybersecurity risk statement, where potential risks are identified as well as the company’s tolerance for each risk. Then, safety measures and training are matched with each cybersecurity risk.

    The organization then follows policies and procedures in its daily operations to keep cybersecurity threats at a minimum, and the cybersecurity risk manager monitors the overall security posture. From time to time the risk manager should also report on how well security protocols are helping to mitigate cyber risks and potential threats, and make recommendations as necessary to improve security for the evolving threat landscape.

    A follow-up risk assessment may be required to update the risk management strategy currently in place.

    SCS Tech offers cybersecurity services for Large Enterprises and SME’s. Our experts help you navigate your cybersecurity needs as your business scales, whether continuing your current cybersecurity program or building all-new network security.

    To know more about our cybersecurity service visit www.scstechindia.com/