Recession and the risk of ongoing uncertainty is high on the list of business challenges right now. 

The last recession in 2008 saw a calamitous and sudden capitulation of capital markets; was a disaster akin to a tornado … sudden and unplanned.  The aftermath saw business cut hard and fast in reaction to it.  This time things feel more like a drought.  We know we are already in it, and we can feel the economic cogs moving slowly but with potentially devastating consequences.  

The headwinds are many: higher prices, supply problems, war, post-pandemic malaise.  Businesses however will be asking the same questions:  how do I cut costs, become more efficient, become less people dependent, how do I remain good value for my customers… how do I protect my stakeholders? How do I keep my job?

In 2008 ComXo experienced the first wave of office support outsourcing in professional services.  We saw the demand for our technologies and managed services increase, as we pivoted to meet demand for business transformation, helping to drive down costs. 

This time we expect even greater demand. 

 The combination of Brexit and the pandemic have changed so many contributing factors that this upcoming financial period is far harder to predict, with risks across a number of areas. The physical office is being used differently, hybrid work has evolved, data is more abundant and the balance in employee engagement has shifted.  The new corporate world is driven by business service personalisation, on demand access 24/7 to integrated services, insight-driven facilities management, self-service, intelligent triage, and outcome driven KPI’s.  Those that have not yet benefited from the technology dividend and business continuity benefits of support solutions, are likely to embrace it, or risk being out-manoeuvred by their competitors. 

 Our professional service customers such as PWC are using ComXo outsourced business services to lead the charge of reimagined client experience, cost rationalisation and new generation business continuity.  Our legal and financial customers are following service roadmaps to do the same.  It is clear to see from our clients’ financial results that this approach works now, and for the future of a successfully functioning enterprise.

 Want to find out more? Talk to our team for insights and case studies that might help your planning.

CYBER ATTACKS - FIGHTING THE INVISIBLE ENEMY

When it comes to Risk and Business Continuity the traditional focus on fire, flood and theft has now been replaced with a less visible, but highly destructive threat in the form of cyber-crime, viruses and attacks on business's data and I.T. environments.

Five years ago almost every business had their traditional IT systems and programs sitting separately from their communication technologies - such as their PBX's, conference calls, outbound and inbound phone lines. Today it is more likely that these services sit within the traditional IT infrastructure. On paper this offers huge benefits but has one major flaw; when a cyber-attack hits, it's no longer just internet access, computers and servers that are compromised. All communication channels are vulnerable. In many situations the only option is to go dark and take everything off-line, resulting in no emails, no internet access, no incoming or outgoing phone calls, no conference calls with clients. A business's ability to communicate internally with its own employees, and with the outside world is significantly impacted.

BUSINESS CONTINUITY DURING CYBER ATTACK

As specialists in integrated communications and infrastructure for some of the top firms in The City, managing their global communications, we have supported firms through potentially catastrophic cyber attacks.

Here are our top ten tips on maintaining business should you be subject to cyber attacks or data breaches:

1. Protect your brand at all costs. Perception is reality.

It is unacceptable for a customer focused firm to be unavailable for any length of time.
Being able to demonstrate that regardless of the situation, you are open for business and capable of maintaining high service levels builds trust, customer loyalty and professional respect.

2. Enable your teams to focus on the crisis.

When a crisis hits, you will require total focus, concentrated effort and coordinated teamwork to survive. Create space and mitigate risk by ring-fencing the front line experience. Triaging internal services, information updates and escalation requests engenders an atmosphere of uninterrupted calm and control, and puts you back on the front foot.

3. Provide a serviced virtual meeting place for stakeholders

Continuous communication is the single most important factor during a crisis. An easy-to-use voice conference room that can be accessed at any time is key. A managed audio conferencing service can facilitate requests to ensure agility and fluidity as the situation develops.

4. Keep your staff informed. Duty of care is essential

Defined, well-rehearsed communication channels minimise confusion and insecurity amongst stakeholders and staff. It is vital to have access to up-to-date stakeholder and staff contact lists for consistent communications (e.g. text, email, voice, hotline).
These comms can be invoked through a managed service in the cloud.

5. Ensure access to your knowledge asset

Having an external switchboard provider that understands your processes could enable you to maintain access to key information and business services even during a crisis, ensuring ongoing efficiency and information flow

6. Keep your IT help desk functioning 24/7

Minimising confusion as a crisis unfolds is vital. Getting and keeping key IT capability up and working is a pivotal step to achieve this. Ensuring clear lines open to your IT help desk gives your workforce assurance that the situation is under control. Using a triage capability to answer calls and service requests; fact find, prioritise and escalate - enabling your own IT staff to focus on the higher level problems.

7. Provide your staff with the right tools for remote working

By providing alternative, company sanctioned and network independent communication tools, staff can stay productive rather than having to second guess
the company's risk, security or compliance regime. A BYOD (bring-your-own-device) technology that's simple to use and allows easy billing will encourage staff to continue communicating.

8. Think Global

For global corporates a cyber-attack could mean that all world-wide communication becomes disrupted. Do you have a global resilience plan in place for communication? Is it tested around your key risks and invoked on a regular basis?

9. Create strong supply chain relationships

When a crisis hits, relationships with key operational suppliers become even more important. Maintaining strong connections with the right people in these organisations will help ensure your problem is prioritised. Share your BCP plans with your supply chain and include them in your scenario planning.

10. Protect new business opportunities.

Industry statistics show that up to 55% of switchboard calls to professionals service firms are existing or new business calls. A crisis hits customer confidence and keeping lines open to answer questions, escalate requests or give advice will ensure your customers do not seek out new suppliers

Cyber security is now considered a vital part of any business continuity plan, helping keep the threat minimised with proactive solutions. If it's something you’re considering and would like some guidance talk to our team.