Tech failures and cyber attacks among top disruptions for businesses
Among top disruptions for businesses is technology failures and cyber attacks. The other top five reported disruptions over the last two years are the global Covid-19 pandemic, employee retention and recruitment and supply chain. In general, business leaders overestimate preparedness for disruption, according to a report from consultancy PwC based on a Global Crisis and Resilience Survey.
Excluding the pandemic, supply chain disruptions had the greatest impact on organisations – monetary or otherwise – and they have doubled since 2019, according to the report. More than half (60%) of organisations whose most serious disruption was supply chain related, were most concerned about experiencing a similar disruption again.
9 in 10 organisations report they’ve experienced multiple major disruptions. 76% of organisations said disruptions had medium/high impact on operations. 70% confident in ability to recover from disruptions, but many lack foundational needed resilience for success, according to the report.
PwC says the survey reveals organisations and business leaders overestimate their resilience despite operating in an age of disruption.
The survey comprises data from 1,812 respondents worldwide. 89% of respondents said resilience is one of their most important strategic organisational priorities.
“After a tumultuous start to the decade, it is unsurprising that nine out of ten (91%) organisations report that they have experienced at least one disruption other than the Covid-19 pandemic.”
“On average, organisations experienced three-and-half disruptions in the last two years. Three-quarters (76%) said their most serious disruption had a medium-to-high impact on operations – disrupting critical business processes and services and causing downstream financial and reputational issues.”
“While 70% of business leaders express confidence in their ability to recover from various disruptions, the survey data shows that many organisations lack the foundational elements of resilience they need to be successful.”
“This confidence gap puts organisations at risk of being exposed – particularly when the disruption spotlight is solely on them – as opposed to broader global or sector challenges.”
Three trends according to the report:
- Integration: An integrated resilience programme is essential for today’s organisations.
- Leadership: Thriving in permacrisis requires an executive leader and upskilled teams. A successful resilience strategy and programme needs: (1) executive sponsorship from the C-suite, (2) a programme leader with clear responsibility, and (3) a skilled team to do the day-to-day work.
- Programme approach: Building operational resilience around what matters most. Organisations must build operational resilience (OpRes) and ensure that enterprise planning and preparation are part of a broader continuous cycle.
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