How to prevail when technology fails - Flipbook - Page 13
How to mitigate the legal fallout from technology failure | 13
Fig 6 Industrials and life sciences companies are least likely to have identified their
business-critical technology
58%
59%
Life
sciences
Diversified
industrials
63%
67%
70%
Energy and
natural resources
Automotive
Financial services
and insurance
61%
Consumer
72%
Technology
and telecoms
Q. To what extent do you agree with the following statement? “We have identified all of the business-critical technology within our organization.”
(Percentages indicate those that have identified all of the business-critical technology within their organization)
Write, tech, test, repeat:
How to perfect tech failure
response plans
Once all business-critical technology risks are
identified, you need to develop policies and
procedures to follow if it fails. These policies and
procedures, often known as crisis-management
playbooks, help to mitigate risks, identify gaps
in defenses, and deal efficiently with issues as
they arise.
Although the majority (66%) of survey participants
have crisis-management playbooks – including 90%
of companies generating more than $1bn in revenue
– many of these exclude some important details and
guidance. Only 42% include details of any regulators
that may need to be informed in each jurisdiction
the business operates in. And just 37% include
details of the circumstances under which regulators
should be informed.
Producing these playbooks needs to be a
collaborative effort. As with cyber plans, multiple
parties will have to get involved, including
management, technology, and legal teams.
Having the information in writing for reference is
important, but it is useless unless it can be acted
on effectively. You will need to train your teams
to respond to a major technology failure event.
And one of the most effective ways to reinforce
that training is to simulate the response through
tabletop exercises.
Fig 7 Two-thirds of businesses have technology
failure crisis-management playbooks
No
Yes
34%
66%
Q. Does your business have a technology failure crisis-management
playbook or other such document that guides how you should respond to
such an event?