Threat – is an occurrence that has the potential to cause detrimental effects on people, assets, resources, processes, technology, environment or the community. Many threats that are environmental in nature are even described as hazards.
Threat assessment is a process for organizations to identify, prevent and mitigate all operational constraints that can disrupt the operations of the business.
Threat assessments identify:
- Hazards or threats to an organization’s business processes
- Vulnerable organizational entities such as assets, resources, technology, infrastructure and people that are put at risk because of them, and
- The impact on business if these hazards or threats occur
Keeping uncertainty under check is the prime focus. While threats can’t be entirely eliminated, your organization can still implement response measures for preventing, controlling and eliminating them. Threats can be prioritized based on a threat rating that takes into consideration related factors such as:
- Assets at risk
- Situational analysis
- Location
- Timing
- Magnitude
- Possible preventive and mitigation measures
- Probability of occurrence
- Impact on
- Individuals
- Property
- Processes
- Environment
- Entities
Your organization’s recovery measures are based on the findings of the threat assessment exercise. And that is why Stay in Business has an integrated threat assessment module that lets you assess all threats based on different threat parameters. Based on this assessment, your organization can create mitigation strategies that allow your business to stay operational despite adversity.
SIB lets you conduct separate threat assessments for each of your organization’s locations. These assessments are done based on three primary parameters – likelihood, impact and vulnerability. The values for each of these parameters are measured based on a risk scale. You can customize this risk scale as per your organization’s requirements. The risk scale for each of these parameters is quantifiable.
The SIB Business Continuity and Disaster Recovery Platform visualizes the findings of this threat assessment exercise through intuitive graphic displays where all the threats are color coded based on the consolidated value of their likelihood, impact and vulnerability.
Threat assessments on the SIB application can be generated as reports and downloaded in the form of PDFs for archival purposes and future reference.
Based on these threat assessments, you can develop unique mitigation strategies that can avert the consequences your organization would have to face if these threats were to occur. These mitigation strategies can also be replicated in your business continuity plans.
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Disasters
