How to address CX continuity risks with a business risk assessment for cybersecurity

Explore the CX business risk landscape and how an assessment contributes to effective mitigation.

Get in touch with us for more

How to address CX continuity risks with a business risk assessment for cybersecurity

Explore the CX business risk landscape and how an assessment contributes to effective mitigation.

Get in touch with us for more

66% of customers globally expect a response to inquiries or complaints within 24 hours. Keeping your CX operations online and ready to go is now more important than ever, and continuity assurance has the potential to address this need.

However, in an increasingly digitalized CX landscape, cybersecurity threats are also a potent risk factor for continuity—especially with the increasing adoption of CCaaS.

In 2022, 41% of organizations reported that they experienced three or more critical risk events in the last 12 months. The cyber risk landscape for CX is becoming increasingly complex, and businesses need to stay on top of their game to ensure continuity in their operations.

This is where a business risk assessment can help. It enables businesses to systematically identify, quantify, and prioritize risks that can cause disruptions in continuity and allow them to formulate strategies to counteract them effectively.

Addressing CX continuity risks with a business risk assessment

A comprehensive business risk assessment is the first step in identifying and mitigating potential cybersecurity threats that could disrupt your CX operations. Here’s the process and how it helps:

Asset identification

The first step involves creating an inventory of all hardware, software, data, and systems involved in delivering your CX services. This includes your contact center, CRM, knowledge bases, and any third-party integrations.

Threat identification

This is where the assessment of potential cyber threats like malware, distributed denial-of-service (DDoS) attacks, data breaches, insider threats, and system vulnerabilities that could compromise your assets happens.

Risk analysis

The analysis involves evaluating the likelihood of each threat occurring and the potential business impacts, such as downtime, data loss, compliance violations, and reputation damage. You should quantify risks where possible.

Risk evaluation

Next, the prioritization of risks based on factors like potential impact, likelihood of vulnerability, and your company's risk appetite should take place. This also includes identifying which risks require further treatment.

Risk treatment

Here, developing and implementing strategies to mitigate prioritized risks happen, such as strengthening access controls, updating software, employee training, incident response planning, and redundant infrastructure.

Risk assessments can be particularly helpful if you’re operating within a CCaaS environment, where configuration vulnerabilities, unsecured integrations, and lack of monitoring could threaten continuity.

Mitigate continuity risks in your CCaaS platform with Continuance

Business continuance planning can significantly contribute toward the success of your business risk assessment efforts by helping mitigate risks in Genesys Cloud platforms.

It utilizes the capabilities of Blackchair's Symphony configuration management features to capture any changes occurring on your production org and publish these changes in the background to your DR org.

Continuance is all you need—configuration tracking, automation, and consultancy services as an all-in-one solution for cloud operations. Learn more about how CCaaS migration contributes to BCP efforts here.

Learn more

FAQs

What are the 4 main types of business risk?

The main types of business risk are:

Strategic risk
Related to the company’s overall strategy and direction.
Compliance risk
Arises from the company’s failure to adhere to applicable laws, regulations, and standards.
Financial risk
Associated with the company’s financial performance and position.
Operational risk
Related to internal factors that may affect your business, such as procedural failure, and faulty or insufficient infrastructure.

What are the 5 things a risk assessment should include?

Identify the hazards
Decide who might be harmed and how
Evaluate the risks and decide on precautions
Record your significant findings
Review your assessment and update it if necessary

How can business risk be assessed?

Initially, potential risks are identified through a risk assessment. These risks are then prioritized based on their likelihood of occurrence and potential impact. Following this, a risk management plan is developed, outlining strategies to mitigate these identified risks. Finally, the plan is implemented and its effectiveness is monitored to mitigate business risks.