The report, in which 589 professionals highlighted the top 5 causes of disruption to their business, identified cyber-attacks and data breaches as the leading challenges for industry professionals despite an increased trend for utilising business continuity plans as part of their day-to-day operations.
The Institute also found that IT outages and weather conditions were high on respondents concerns, as were employee health issues and health and safety compliance. Businesses were also worried about loss of their key talent while another common concern related to transport network disruption.
Supply chain disruptions have increased from 70% to 73% since last year, though the number of organisations affected has decreased from 65% down to 56%. 52% of the organisations surveyed reported a disruption from a Tier 1 supplier, though worryingly an increased number of respondents confessed to failing to analyse the cause of disruption.
The risk landscape for supply chains has changed since 2017. While unplanned IT and communications outages (53%) remain the top cause of disruption, adverse weather (41%) is next in line, rising from sixth place in 2017, with cyber attacks and data breaches (33%), loss of talent/skills (30%), and transport network disruption (27%).
While you cannot predict or prevent a supply chain disruption, there are ways to anticipate and better prepare your business for the event. We can help support your manufacturing business through a dual approach of risk management consulting teamed with a comprehensive insurance offering. We will work with you to identify the types of supply chain risk that your business is likely to come up against and to build a contingency plan to help you get your business up and running as quickly as possible following a supply chain disruption. We offer a number of insurances including cyber, crisis resilience, business interruption and terrorism.
To find out more about how we can help your business weather a supply chain disruption, please get in touch.
The BCI’s survey was conducted online with 589 respondents from 76 countries.
- Supply chain resilience and business continuity (Source: Business Continuity Institute & Zurich Insurance Group) Nov 2018