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Disasters Like Sandy Underscore Business Risks

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Investing in business insurance can help a company offset the costs associated with surprises such as a natural disaster, tech failures or litigation. Failing to create contingency plans and direct a portion of the business budget toward insurance coverage can saddle a company with debts and hurt its chances of survival.

Hurricane Sandy presented one of the most recent examples of why CFOs and other business leaders need to consider the risks that natural disasters present to their organizations and address the threats. According to Rob Livingstone, writing for CFO magazine, plan Bs should also touch upon the risks presented by storing business-critical data in the cloud.

He notes that while there are plentiful cloud-based solutions for disaster recovery, CFOs should know the best questions and practices to implement to ensure due diligence around these decisions. Otherwise, a seemingly perfect cloud “solution” may create more security risks than it is worth.

As he states, disasters can be natural or can be related to a simple server error. Do you have strategies for how to cope with a cloud service provider that loses data? Make sure your contract agreements with these providers also address who is responsible if the loss of data is related to a so-called act of God, like an earthquake or a flood, Livingstone advises.

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