Resilience Through Data
Release Date: 11/06/2020
Author: Matt Cadman
The economic impact of the global health pandemic is difficult to quantify but, one thing is for certain, it’s unprecedented. Leading economists judge that most major economies will see a reduction of at least 2.4% in Gross Domestic Product (GDP) during 2020. To give that some meaning, a very realistic fall of just 0.4% in GDP for the US equates to a loss of $3.5 trillion dollars. In Europe, the impact of COVID-19 led to a sharp 3.8% decline in GDP during Q1 of 2020 and for the UK the fall was -2.0% overall but the decline was much sharper between Feb-Mar at -5.8%. Figures for Q2 are certain to make grim reading.
With the virus likely to be a persistent threat until a vaccine or effective treatment is developed, the economic impact of social distancing will squeeze revenue and cash reserves to the limit. A recent survey by PwC identified that most UK businesses have cash reserves to cover less than 6 months. The reality is stark for large multinationals and small and medium sized enterprises alike and, as restrictions are eased, there is of course the very real threat of a second wave that could have devastating long term consequences both economically and socially.
So what can we do? How do we build the resilience we need to survive the crisis? Needless to say that those businesses and organisations that are able to protect their revenue and reputation and have agility built into their operating model are likely to minimise the impact of a crisis and recover quickly. The huge increase in remote working as a result of the pandemic has served to protect the workforce and maintain operations for many businesses but risks remain across other critical assets including infrastructure, equipment, stock and reputation. Linking all of these functional areas and concerns is data. To continue to operate effectively and efficiently, businesses must be able to access, secure, share and exploit data to a far greater extent. With COVID-19 related cyber attacks on the increase, there is a pressing need to build resilience through comprehensive data management.
Somerford Associates is a leading digital innovation company with a wealth of experience in cloud transformation, data security, compliance monitoring and business intelligence solutions across the public and commercial sectors. We can help you to identify, secure and monitor your sensitive data. Through automated threat detection, protection and response, our tools identify and address your data vulnerabilities and prevent malware, phishing attacks and ransomware from accessing your information, hijacking accounts and stealing VPN credentials. We can show you who is accessing your data, how and from where and, through user behaviour analytics, alert you to any anomalies. We can provide real-time business insights by exploiting the value in the data you generate or hold and we can help you to demonstrate statutory, regulatory or policy compliance.
Is data a critical asset for your organisation? Do you understand your data vulnerabilities and their potential impact? Do you have the resilience you need to maintain your operations during this crisis…and the next? We have a range of ‘best in class’ solutions that can be tailored to meet your needs and help you to reduce security risks, drive productivity through collaborative working and reduce costs by consolidating legacy tools. Business resilience is no longer optional – it’s essential to survive and subsequently prevail in the most challenging circumstances. Contact us to discuss your requirements.
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