Test Yourself - Business Context (3)

 Test yourself – Business context (3) 

 

Explain why insufficient business resilience is a risk to business survival 

Business resilience is the process of a business preparing and adapting for imminent changes and disruptions. Failing to express business resilience, normal processes will not be able to continue, and a business will lose key processes, operations, assets, and their brand. A business must be flexible to survive. 


A business has had a cyber-attack and had customer data stolen. Discuss the implications to the business 

A cyber-attack on a business can have lots of implications. For example, if the business has data stolen, they may be liable for a breach in the data protection act as they did not take appropriate security measures to protect the data they own. They may also have operational downtime, especially if they do not have backup systems to restore normal operations immediately. This can cause a loss of revenue in the short time, and they can be given a poor reputation. 


Describe one risk to a business having a system that is not fit for purpose 

One risk to a business for having a system not fit for purpose is that it can make them vulnerable to disruptions. If their system is inefficient, it is much more likely to fail and cause operational downtime. This can cause a business to lose revenue and time to restore the data lost on that inadequate system. 


Explain the reason why a business license can be withdrawn 

A business license can be withdrawn if the company does not meet the criteria required for a business license. This could be because the business is convicted of a criminal offence or if they are a risk to public safety. 


Explain why business risks can impact on a business’s reputation and brand 

A risk can cause lots of disruptions and problems for a business. For example, a business can be liable for legal action against them which can be publicised and give the company a bad reputation. Also, dismissal of staff can cause a business to get a bad reputation as less people will want to work there. 

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