The data was taken as part of Databarracks’ Data Health Check survey, which investigates views and opinions from over 400 IT decision-makers on a range of subjects relating to IT systems.
Following TSB’s “IT meltdown” a couple of weeks ago, where poor upgrades to its online banking platform left several thousand customers able to access others online banking accounts, this research highlights the reliance that all businesses have on technology and equally the challenges that exist when it is no longer available to them.
TSB’s problem should be a lesson for all of us
Peter Groucutt, Managing Director of Databarracks said:“The findings taken from the Data Health Check reinforces how reliant we are on technology. For many organisations, there are now very few business processes that do not depend on a computer to deliver them. In general, automated processes are more dependable but when systems do fail, there are less manual processes to revert to. Without IT, businesses simply can’t survive.”
These are daunting words, but business leaders need only look at the fallout from the TSB outage and data breach, which has seen their reputation come under serious fire, after account holders where left in the dark over their finances, with many left struggling for cash.
>See also: TSB chaos after online banking data leak
It was also recently announced that the bank could face a £16 million fine by the Financial Conduct Authority. This is in addition to the possibility TSB will have to compensate customers who suffered a breach of personal data.
Groucutt added:“Digital Transformation requires some new tactics to maintain resilience but the principles of business continuity remain the same. When we design our mitigation solutions, we need to consider diversification, replication, stand-by and post-incident acquisition. We apply these principles to all aspects of the business, from the work environment, the people, our suppliers and our technology.”
“Designing solutions for how an organisation is going to continue operating following a disruption should be based on the business continuity requirements identified in your business impact analysis (BIA), and the outcomes from the risk assessment.
Groucutt concludes: “For organisations unsure about how best to approach improving their resilience, information provided by the Business Continuity Institute (BCI) outlines not only the fundamentals needed for designing a plan but also implementation and evaluation.”