Cyber attacks and severe weather events set to dominate resilience risk landscapes for 2024, forecasts Noggin-sponsored report
Sydney, AUSTRALIA, 17 November 2023 – Tracking the incidents that have occurred in organizations over the past year as well as those of most concern in the year to come, the BCI Horizon Scan Report 2023, one of the most established annual reports in the BCI portfolio, has emerged as one of the most highly-anticipated reports in the industry. Today, Noggin, announced the launch of the report, which has been sponsored by the industry-leader in integrated resilience management technology.
Noggin-sponsored, the BCI Horizon Scan Report 2023 uses survey responses and structured interviews with senior resilience professionals to provide an in-depth analysis of this critical area. The report’s headline finding is that the consequences of the pandemic continue to dominate organizations’ agendas in 2023 in the form of health incidents such as stress and/or mental health. The cost-of-living crisis, the report also finds, features for the first time as a top threat for organizations.
The greatest single disruption for organizations in the past twelve months proved to be IT and telecom outages, as chosen by 20.4% of respondents. Meanwhile, 63.7% of respondents considered loss of productivity the top consequence of disruption to their organization, easily outpacing customer complaints received by over 25% points.
Looking ahead to next year, the report finds cyber attacks at the top of the list of short-term risks, with extreme weather events and IT or telecom outages following behind. Zooming out over the next five to ten years, resilience practitioners still consider cyber attacks to remain the top risk their organizations will face, only followed now by climate risk and supply chain issues.
“While we move out of the long shadow of the pandemic, we move into a new era of consecutive, concurrent, and compounding crises,” said Noggin CEO James Boddam-Whetham. “This new era requires that practitioners marshal many of the tools they built to ensure collaboration and coordination in response and deploy them in an even more complex risk environment.”
As finds the report, centralizing risk management, by fostering a unified perspective on risks and threats and eliminating silos, might prove one such approach to ensure collaboration and coordination in a more complex risk environment. And to this end, organizations are increasingly centralizing their risk scanning processes, with 57.8% of respondents reporting that risk management is conducted by a central, corporate function or department.
Referring to the increasing centralization of risk management, Boddam-Whetham continued: “It is heartening to note that some of that work is being successfully undertaken. However, with the fluidity inherent in the present risk landscape and anticipation of even more in the year to come, organizations must do more to embrace a comprehensive and holistic approach to resilience. To that end, we at Noggin are thrilled to partner with BCI and sponsor this year’s Horizon Scan Report. Such resources are truly invaluable to practitioners seeking to build a solid culture of resilience.”
Access the full report, here: https://www.noggin.io/resources/2023-bci-horizon-scan-report