Endurance By Erwood Group

Posted on August 21, 2023August 21, 2023 by Ben

Introducing the App Endurance™ by the Erwood Group.

We launched Endurance™ by the Erwood Group for a number of reasons not the least of which is to expand our services and communications with our current and potential clients, but to also provide a space for knowledge sharing among professionals. Beginners and experts alike, but with a focus on business owners, managers and executives around all business preparedness-related topics.

These topics will mainly be business continuity, crisis management, Information Technology (IT) Disaster Recovery and cybersecurity. Along with a mix of other areas and experts in their respective fields with an emphasis on business preparedness. These will also include webinars, contests and live-streaming events.

For instance, we’ll hold some events around the psychological and emotional impacts on crisis managers and emergency managers. How to shift your business focus and sales during crises and or downturns, to name just two.

Events like these will be held in the coming months as we work out the “bugs” within the application and after we launch the Android version of the application. Likely to happen in September.

As of right now, there are two ways to get the Endurance™ by Erwood Group app. You can go to the Apple Store and search Endurance™ by the Erwood Group (it currently doesn’t show up yet just searching for Endurance™). Or you can click the link here: Endurance™ by the Erwood Group.

You can also access the app on PC or Mac (or any device) by going to the following URL in any browser: https://endurance-3.passion.io/

There you can sign up and log in where you will automatically have access to all free content. The app itself is also free.

Some content will require paid subscriptions and or additional purchases/upgrades. Such as premium courses and our newsletters.

Everyone has access to the main Free Community to chat and learn and most in-app live streams will be free and occur in the main community.

The app will also serve as an additional backup communication for us and our clients to communicate any issues, notifications or declarations. As well as an additional tertiary method of documentation and plan sharing in an emergency with our clients.

Another reason for doing the app is it makes it easier for us at Erwood Group to share all of our newsletters and other content directly within the Endurance™ by Erwood Group app. By doing this we created an archive where all of the archives are available to subscribers right at your fingertips on your mobile device without having to access or bog down the main Erwood Group website.

More to come so stay tuned and…

To learn more and have access you’ll have to download the app.

See you inside.

Endurance by Erwood Group

What Is a Crisis Management Plan?

Posted on April 24, 2023 by Keith

Did you know that 25% of businesses never recover after a major crisis? This startling statistic underscores the importance of having a well-prepared crisis management plan in place.

In this article, we’ll explore what a crisis management plan is, the benefits of implementing one, and the steps to create an effective plan. We’ll also introduce the role of Erwood Group in helping businesses develop and execute their crisis management strategies.

Definition of a Crisis Management Plan (CMP)

A crisis management plan, or CMP, is a well-thought-out plan that a business puts together to deal with any critical situation that may arise. But, you might ask yourself, “what is a crisis management plan?” In simple terms, it is a guide that helps businesses prepare, respond, manage and recover from unexpected events that could hurt the business.

Overview of a CMP

A crisis can come in many forms, such as natural disasters, cyber-attacks, loss of a key employee, or public relations issues. A CMP is designed to help businesses manage these challenges effectively.

It lays out the steps to take, the people to involve, and the actions required to handle a crisis. A good plan is like a safety net, ensuring that a company can bounce back from a tough situation.

Objectives of a CMP

A CMP has three main goals. The first is to protect people, such as employees, customers, and the general public, from harm. This can mean providing guidance on how to stay safe during a crisis or offering support to those affected.

The second goal is to keep the business running as smoothly as possible during a crisis, disaster or disruptive situation. A CMP can help reduce the impact of a crisis on daily operations and ensure that critical core services are still available.

Lastly, a CMP aims to protect the company’s reputation. In today’s world, news spreads fast, and a poorly handled crisis can quickly damage a business’s image. A well-prepared response can show that a company is responsible and cares about the well-being of its customers, employees, and other stakeholders.

Key Components of a CMP

Every business is different, but there are a few key elements that every crisis management plan should include. First, it should identify the possible crises that could affect the company. This can help businesses prepare for the most likely events.

Next, a CMP should outline the roles and responsibilities of the crisis management team. This team is made up of people from different parts of the company who will work together to manage the crisis.

A good Crisis Management Plan will also have clear instructions on how to communicate with employees, customers, and the media during a crisis. This helps to ensure that everyone gets accurate information, knows what to do, and that messaging is consistent.

Finally, a CMP should include a plan for how the business will recover from the crisis. This can involve:

Recognizing the Crisis Event
Assessing the Crisis and damage
Mitigating the disruptive event and/or preventing further damage
Managing and initiating the implementation of Contingencies
Rebuilding damaged infrastructure
Addressing any long-term consequences of the event
Getting back to normal operations
Closing of the Crisis Response

Benefits of Implementing a CMP

A crisis management plan (CMP) is more than just a smart idea. It’s an essential part of a company’s business strategy. By developing and implementing a CMP, businesses can enjoy several important benefits that help them navigate difficult times and come out stronger.

Improved Decision-Making During Crises

Crises often require quick thinking and fast action. A CMP provides a clear plan for how to handle a disaster, emergency or disruptive situation. Which allows businesses to make better and more efficient decisions under pressure. With a CMP in place, leaders can focus on the most important tasks and implement strategies to continue key core business processes while avoiding wasting time trying to come up with strategies after an event.

This allows a business to quickly pivot or transition into pre-planned strategies allowing the business to continue operations and making them more resilient. Better still, with the right strategies in place businesses will be able to absorb and endure the crisis while still maintaining full operations. We at the Erwood Group call this Operational Endurance™.

Protection of Company Reputation

In a crisis, a company’s reputation is often at stake. A well-designed CMP ensures that businesses respond to crises in a responsible and transparent manner, which can help maintain or even enhance their public image. This can be especially important in a world where news travels fast, and a company’s reputation can be damaged in an instant.

Enhanced Business Continuity

One of the main goals of a CMP is to keep the business running during a crisis. By planning for potential challenges, companies can minimize disruptions to their operations and maintain essential services for their customers.

This not only helps to reduce financial losses but also shows customers that the business is reliable and committed to meeting their needs. Even in difficult times.

Increased Employee and Stakeholder Confidence

A well-prepared business is a confident business. When employees and stakeholders know that a company has a solid plan in place for handling crises, they are more likely to feel secure and trust in the company’s ability to weather any storm.

This can lead to increased loyalty and commitment from employees. As well as increased confidence from investors, partners and customers.

Reduced Legal Liability

Implementing a CMP demonstrates that a company is proactive in addressing potential crises. This can help reduce legal liability in case of an incident.

By having a plan in place and taking appropriate actions, businesses can show they have done their due diligence. This can potentially lower the risk of lawsuits or regulatory fines resulting from negligence or lack of preparedness.

Competitive Advantage

Companies that effectively manage crises can maintain or even improve their market position. This is because they are perceived as more resilient and reliable.

By handling problems well, these businesses can stand out from competitors who have a hard time recovering from similar situations. This attracts customers, investors, and partners who appreciate a stable and trustworthy company.

Better Resource Allocation

A CMP enables companies to identify the resources required for crisis response, such as:

People (employees, contractors, customers, vendors etc.)
Property (assets, buildings, equipment, IP)
Processes
Data & Information
Finances
Security

By allocating these resources efficiently, businesses can ensure they are prepared to respond effectively, minimizing the impact of the crisis on operations.

This proactive approach to resource management also helps avoid scrambling for resources during a crisis. This can lead to costly mistakes and delays.

Steps to Create an Effective Crisis Management Plan

Creating a crisis management plan might seem overwhelming. By breaking it down into simple steps, businesses can develop a plan that will help them navigate any challenge. Here are the key steps to create an effective CMP:

Identifying Potential Crises

The first step is to think about the kinds of crisesthat could affect your business. This might include natural disasters, cyber-attacks, or public relations problems. By knowing what might go wrong, you can create a plan that addresses these specific challenges.

If you need a starting point you can obtain our Risk Reference Card which outlines the common crisis events that impact businesses.

Establishing a Crisis Management Team

Next, it’s important to put together a group of people who will be responsible for managing the crisis. This team should include members from different parts of the company, such as:

Communications
Facilities
Finance
Human Resources
Information Technology
Operations

Each person on the team should have a clear role and know what they are responsible for during a crisis.

Developing Response Strategies

Now that you know the potential crises and have a team in place, it’s time to develop strategies for how to respond to each crisis. This might involve:

Creating evacuation plans
Creating Shelter in Place plans
Outlining steps for dealing with a cyberattacks
Developing guidelines for communicating with the media
Developing templates to communicate with employees, customers, vendors
How to operate with a reduction in personnel or supplies
How to operate if your facility is impacted
And more

These strategies should be flexible, as every crisis is different and may require unique solutions. We here at the Erwood Group recommend thinking of your plans as the toolbox and the strategies themselves as the tools to implement in certain situations. The more strategies you have ahead of time, the more tools you have at your disposal in the event of a crisis.

Allocating Resources for Crisis Management

Handling a crisis often requires resources, such as money, equipment, and personnel. Be sure to allocate the necessary resources for crisis management, so your team has what it needs to respond effectively.

For instance, you may want to allocate a conference room or even have a dedicated area to utilize as an Emergency Operations Center (EOC) where your Crisis Management Team can meet. Alternatively, you can set up a dedicated virtual EOC (vEOC) if you’re not in a physical office or if the office itself is impacted.

Within the EOC you will also want to have some blank checks, credit or pre-paid debit cards, copies of contingency plans, strategies, and communication templates.

Creating Communication and Action Plans

Clear communications are extremely important during a crisis. Develop a plan for how you will share and communicate information with your employees, customers, and the media. This might include:

Setting up a dedicated phone line
Creating templates for press releases
Establishing a social media strategy
Selecting a Public Information Officer or key person to speak to the media

In addition, create an action plan that outlines the specific steps your team will take during a crisis. This can help ensure that everyone knows what to do and can act quickly when needed.

Training and Testing the CMP

Once you have developed a plan, it’s essential to train your crisis management team and employees on their roles and responsibilities. This can help ensure that everyone is prepared to act when a crisis occurs.

It’s also a good idea to test your CMP by running simulations or drills. This can help you identify any weaknesses in your plan and make improvements before a real crisis happens.

The Role of Erwood Group in Crisis Management

In today’s unpredictable world, businesses need to be prepared for any crisis that might come their way. At Erwood Group, we understand the importance of having a solid crisis management plan in place.

Our team of experienced consultants is dedicated to helping businesses like yours stay strong in the face of adversity. In this section, we’ll discuss the various services we offer and how we can help your company become crisis ready.

Be Ready for Any Crisis That Might Hit Your Company

No business is immune to crises, and the impact of a crisis on your company can be significant, from damaging your reputation to disrupting operations. That’s why it’s essential to be aware of potential risks and have a response plan in place. Our team at Erwood Group is committed to protecting your business and helping you navigate any challenges that come your way.

Crisis Management Team Creation

One of the key elements of a successful crisis management plan is having a dedicated crisis management team. Our consultants will work with you to create a team that is well-equipped to handle any issues that might arise. We’ll help you identify the right people for the job and provide the necessary training and guidance to ensure that your team is ready to respond effectively in a crisis.

Active Response to Ongoing Crises

If your company is already in the midst of a crisis, our active response team can help you manage the situation and minimize the damage. We’ll work quickly to address the problem, with the goals of sustaining credibility and trust, mitigating risk, protecting relationships and reputations, and keeping your business viable and running.

Our Five-Step Process for Crisis Management

At Erwood Group, we use a simple, four-step system to take your company from unprepared to crisis-ready. Here’s how it works:

1) Reach out to us by calling our office at 877-565-8324 or filling out our online contact form.

2) Our consultants will evaluate your organization and identify any areas of concern.

3) We use our Learn, Practice, Implement, Challenge™ (LPIC™) methodology to provide ongoing training and improvement for your crisis management team.

4) Once you’ve worked with our crisis management consultants, you’ll feel prepared for any scenario your business might encounter.

5) Impacted by a crisis? We’ll stand with you and assist you through the crisis by providing guidance to get you through the crisis. Unlike most of our competitors that will tell you to “Just Follow the Plan” we are true partners to our clients and are here to assist you in your time of need.

Why Work with Our Crisis Management Consultants

There are several reasons to choose Erwood Group for your crisis management needs:

Our team has firsthand experience dealing with multiple crises, giving us the knowledge and skills to help other businesses prepare for and respond to challenging situations
We understand that every business is unique, and we tailor our consulting services to fit your specific needs and concerns
From building a crisis management team from scratch to training your existing team and providing assistance and guidance during a crisis, we’re here for you every step of the way
Our consultants can help you recognize the events leading up to a crisis, enabling you to respond faster and more effectively

By working with Erwood Group, you’ll gain access to a team of crisis management experts who are dedicated to protecting your business and helping you navigate any challenges that come your way. With our support, you can be confident that your company is ready to face any crisis, ensuring the safety of your employees, the continuity of your operations, and the preservation of your reputation.

Be Prepared for Any Crisis with Erwood Group

In a world filled with uncertainties, having a solid crisis management plan is crucial for the survival and success of any business. By following the guidelines discussed in this article and partnering with the expert consultants at Erwood Group, your business can be better prepared to face any crisis that comes your way.

Don’t wait for a crisis to hit. Contact us today to schedule a crisis management consultation and safeguard your company’s future.

The Multiple Factors Leading to the Collapse of Silicon Valley Bank

Posted on March 30, 2023March 31, 2023 by Keith

While the Bank itself bears the bulk of the responsibility for its own demise, in this article we are going to look at the multiple factors leading to the collapse of Silicon Valley Bank.

Formed in 1983, Silicon Valley Bank (SVB) was founded to provide financial services to startups, venture capitalists, and technology companies. At the time, the banking industry was not friendly to the needs of startups as many lacked revenues and the banking industry viewed startups as too risky.

Silicon Valley Bank understood these risks and managed them effectively early on through several methods. The first thing they did was include a well-connected Venture Capitalist (VC) on its board early on. This opened a close working relationship within the VC world. They would then collect deposits from businesses that were financed through these VCs. Some additional key risk reduction steps SVB took early on were:

They required a pledge of half of a startup’s shares as collateral (Reduced later to seven percent).
The startups tended to pay off the loans to retain control of the business which reduced losses.
SVB further reduced losses by selling these shares to investors.
They introduced startups to their own extensive network of VCs, lawyers, and accountants.
They also prioritized lending to clients of top-tier VC firms.

Why is this important? It shows that the bank did understand certain key risks and managed them effectively early on. But positions, markets, economies, and risks change. Here are the multiple factors that led to the collapse of Silicon Valley Bank.

Internal Mismanagement

The first, and most significant impact was from internal mismanagement at SVB. The bank’s leadership failed to implement effective risk management policies, which led to poor lending decisions. SVB relied heavily on the technology industry, which made it vulnerable to market fluctuations. Additionally, the bank’s executives were accused of fostering a toxic work culture that led to high employee turnover.

There was a failure of good succession planning. The Chief Risk Officer Laura Izurieta exited the company in April of 2022. Though she stayed on as a consultant, the CRO position was left unfilled for eight months. During her tenure, she oversaw the purchase of the bond-buying spree that led to the collapse. After the exit the risk committee doubled its meetings to 18, suggesting concern and knowledge of the bank’s position.

Additionally, the head of financial risk management for the UK branch of SVB, Jay Eraspah focused on multiple “woke” LGBTQ+ agendas even as the bank faced collapse.

Furthermore, the internal audit department was understaffed and unable to identify potential risks. The bank’s IT infrastructure was outdated, and the management failed to invest in upgrading it. This lack of investment made it easier for cybercriminals to penetrate the bank’s systems and steal sensitive information. SVB customers were deluged with scams during the collapse.

Finally, SVB’s leadership ignored warning signs about the bank’s financial health, such as a decline in profits and an increase in loan defaults.

Lack of Customer Service

The bank’s lack of customer service was a significant factor in its collapse. The bank was known for its focus on startups and venture capital, which led to a lack of attention to other types of customers.

Many customers felt that the bank was not providing enough support and services, leading to a decline in customer satisfaction and loyalty.

The bank’s lack of customer service was seen as a reflection of its culture and values, leading to a loss of customer confidence and further increased scrutiny from regulators.

Economic Factors

Silicon Valley Bank faced several economic challenges including the rapid rising of interest rates. The economic environment over the last couple of years played a significant role in SVB’s collapse. The bank’s heavy reliance on the tech industry made it vulnerable to market fluctuations. When the COVID-19 pandemic hit, the tech industry was not immune to the economic fallout. Many startups and tech companies struggled to survive, leading to a sharp decline in SVB’s loan portfolio.

Additionally, the low-interest-rate environment made it challenging for the bank to generate income. SVB relied heavily on interest income from loans, and the low rates made it difficult to achieve profitability.

SVB heavily invested in bonds to take advantage of the higher interest rates as income fell from loans. Their intention was to hold the bonds until maturity. As the fed increased interest rates, the bonds decreased in value. SVB had to sell bonds at a significant loss.

Finally, the bank’s exposure to the cryptocurrency industry proved to be a significant risk. The highly volatile nature of the crypto market led to significant losses for SVB.

Loan Losses and Declining Profits

Since SVB had a heavy focus on risk investments particularly startups and venture capital projects, many of SVB’s loans went to companies that were not credit-worthy. These startups were largely vulnerable to market downturns and volatility.

The bank was heavily impacted by the 2008 financial crisis, which led to a decrease in lending opportunities and an increase in non-performing loans.

Additionally, the bank was impacted by global economic factors, such as Brexit and the US-China trade war. These factors contributed to the bank’s decline and ultimate collapse.

Business executives can learn from Silicon Valley Bank’s experience by ensuring their company is prepared for economic downturns and global economic factors.

Again, with a heavy reliance on customers in the tech industry in 2020 SVB had trouble again when the tech industry experienced a downturn. The bank’s profits declined even further, leading to a loss of investor confidence and increased scrutiny from regulators.

In addition, the bank’s profits were impacted by increased regulatory costs and fines. The bank had to spend significant amounts of money on compliance and legal fees, which impacted its profitability.

Furthermore, the bank’s profits were impacted by the departure of key executives and the loss of customer confidence, leading to a decline in business and revenue.

Regulatory Issues

Less known and talked about Silicon Valley Bank faced several regulatory issues that contributed to its collapse. The bank was under investigation by the Securities and Exchange Commission (SEC) for its handling of a failed Initial Public Offering (IPO). Additionally, the bank was accused of violating anti-money laundering laws.

Furthermore, the bank’s compliance department was understaffed and struggled to keep up with regulatory changes. SVB’s leadership failed to invest in compliance and risk management, which led to significant fines and legal expenses.

Competition

Silicon Valley Bank faced intense competition from other banks and financial institutions. The emergence of fintech startups and online lenders disrupted the traditional banking industry, making it more challenging for SVB to compete. Additionally, established banks such as JPMorgan Chase and Wells Fargo began to focus on the technology industry, encroaching on SVB’s territory.

Furthermore, SVB’s lack of diversification made it vulnerable to competition. The bank relied heavily on the technology industry and had limited exposure to other sectors, such as healthcare and energy.

Customer Losses

The collapse of several high-profile startups and tech companies led to significant losses for SVB. The bank had a large portfolio of loans to startups and tech companies, and the failure of these firms led to a decline in the bank’s loan portfolio.

Additionally, the bank’s reputation was damaged by the failure of these startups. SVB was seen as a bank that specialized in financing startups and tech companies, and the failure of these firms eroded the bank’s credibility.

Poor Capitalization

SVB’s capitalization was a significant issue that contributed to its downfall. The bank’s leadership failed to raise enough capital to support its lending activities, leading to a decline in the bank’s financial health.

Additionally, the bank’s investment in risky assets such as cryptocurrencies led to significant losses, further eroding the bank’s capitalization.

Lack of Innovation

In the early years, Silicon Valley Bank led innovative and creative financing methods to reduce their risk while making loans to a risky and underserved market in startups.

SVB itself failed to innovate and keep up with emerging trends in the financial industry. The bank’s IT infrastructure was outdated, and the management failed to invest in upgrading it. Additionally, SVB failed to embrace emerging technologies such as blockchain, which could have improved its operations and reduced costs.

Furthermore, the bank’s lending practices were outdated, and it failed to adapt to changing customer needs. The emergence of fintech startups and online lenders disrupted the traditional banking industry, and SVB failed to keep up.

Lack of Transparency

SVB’s lack of transparency was a significant issue that contributed to its downfall. The bank’s leadership failed to provide clear and concise information about its financial health, leading to uncertainty among investors and customers.

In fact, the bank messaging to customers did little to stem the run on the bank and perhaps even contributed to the run on SVB.

Additionally, the bank’s compliance department was understaffed and struggled to keep up with regulatory changes. This lack of transparency led to significant fines and legal expenses.

Employee Turnover

Silicon Valley Bank’s toxic work culture led to high employee turnover, which contributed to the bank’s downfall. The bank’s leadership failed to address issues such as discrimination and harassment, leading to low morale among employees.

Furthermore, the bank’s compensation structure was not competitive, leading to difficulty in attracting and retaining top talent. The high employee turnover led to a decline in the bank’s productivity and profitability.

The Bank Run

silicon-valley-bank-collapse — Source: Visualcapitalist.com

The Bank Run begins on SVB after the bank took a loss of $1.8 billion when they sold off US Treasuries and mortgage-backed securities. It was initiated after the CEO Greg Becker sent a letter to shareholders detailing the loss and the plan to raise $2.25 billion in capital. For a great timeline and more financial details on the SVB collapse, Visual Capitalist does a great job.

According to regulators customers immediately started pulling their money out of the bank. These customers included many of the venture capital firms and their clients.

Problems With Money Transfers

One of the key events leading to the Run on SVB was connected to Peter Thiel’s Founders Fund. During a “Capital Call” where it had asked investment partners to send funds to invest in a company by transferring funds to their own Silicon Valley Bank account. The funds failed to immediately go through as normally expected. Thiel took action withdrawing all its funds from SVB and by Thursday morning the fund no longer had cash in SVB.

Calls to Get Cash Out

Numerous other VC funds including Founders Fund, Union Square Venters, and Coatue Management advised companies in their portfolios to pull money out of SVB. See the Video from CNBC – VCs Call for Run on SVB.

There were calls for not pulling cash out, but by Thursday the damage was done. In a single day, SVB customers pulled $42 billion from the bank cementing the collapse and demise of SVB.

The Role of Technology in the Collapse

The irony of our advanced technological era is its exacerbation of the speed and efficiency of spreading the word of the potential failure and ability to withdraw or transfer funds quickly.

As VCs and their clients shared news of the collapse and call for pulling money out of SVB through Twitter and Slack channels word spread fast. Dubbed the “first Twitter bank run” word spread as did the rumors that created bank runs in the past, only much faster thanks to technology.

As with bank runs of the past, it became a self-fulfilling prophecy.

What Can You Do?

To prevent the loss of capital it is important to diversify. First, diversify in a way that you can utilize multiple accounts within the same financial institution or bank trying to keep accounts to the FDIC Coverage.

Next, diversify across multiple banks and financial institutions to lessen the impact. There are some little-known ways to increase your FDIC coverage by utilizing special methods and accounts while remaining liquid.

If you’re concerned about the impact and fallout of the collapse of Silicon Valley Bank and how that could impact your business schedule a call with us to complete a Financial Impact Analysis.

Consultation

Conclusion

The collapse of Silicon Valley Bank was the result of multiple factors, including internal mismanagement, economic factors, regulatory issues, competition, customer losses, poor capitalization, lack of innovation, lack of transparency, and employee turnover. The bank’s leadership failed to address these issues, leading to a decline in the bank’s financial health.

SVB’s collapse serves as a cautionary tale for other banks and financial institutions. It highlights the importance of effective risk management, diversification, innovation, transparency, and positive work culture. Banks must continuously adapt to changing market conditions and customer needs to remain competitive and profitable.

10 Disaster Recovery Plan Mistakes to Avoid for Your Business

Posted on March 20, 2023March 20, 2023 by Keith

Did you know that 60% of small businesses that suffer a cyberattack will shut down within six months? That’s a sobering statistic that underscores the importance of having a solid disaster recovery plan in place.

However, even with the best intentions, many organizations make common mistakes that can leave them vulnerable to downtime, data loss, and costly recovery efforts. Learn about the 10 Disaster Recovery Plan Mistakes to Avoid for Your Business.

In this article, we’ll explore some of the most common disaster recovery plan mistakes and provide tips to help you avoid them. Read on to learn how to keep your business safe from disaster!

1) Not Having a Disaster Recovery Plan in Place

One of the biggest mistakes a business can make is not having a disaster recovery plan in place. A disaster recovery plan is a set of procedures and protocols put in place to help a business recover from a disaster.

A disaster can take many forms, such as:

A cyber attack
A natural disaster like a flood or earthquake
A power outage

A disaster recovery plan is a critical component of a business continuity plan or BCP meaning it’s essential for ensuring the survival of a business in the event of a crisis.

Without a disaster recovery plan, a business can suffer significant financial losses and may even go out of business. A disaster recovery plan can help a business recover from a disaster quicker, with less damage to the business. It can also help ensure that critical business functions are restored as quickly as possible.

Creating a disaster recovery plan doesn’t have to be complicated. You can find a disaster recovery plan template available online. This can be customized to fit the specific needs of your business.

2) Not Testing The Disaster Recovery Plan

Having a disaster recovery plan in place is a great start, but it’s not enough. One of the biggest mistakes businesses make is not testing their disaster recovery plan.

Testing is a critical component of any crisis management plan. It helps identify weaknesses in the plan and ensures that it will work when it’s needed most.

Testing a disaster recovery plan can help a business in several ways, including:

Identifying gaps or weaknesses in the plan
Ensuring that the plan works
Providing an opportunity for improvement

Testing a disaster recovery plan doesn’t have to be complicated or expensive. There are many different ways to test a plan, ranging from tabletop exercises to full-scale simulations. The key is to ensure that testing is done regularly and that the plan is updated based on the results of the testing.

By not testing the disaster recovery plan, a business is essentially taking a gamble that the plan will work when it’s needed most. This is a risk that no business should be willing to take. Especially, when the consequences of a failed recovery can be catastrophic.

3) Not Backing Up Data Regularly

Data is the lifeblood of any business, and losing it can be devastating. That’s why it’s essential to have a backup disaster recovery plan in place to ensure that data can be recovered in the event of a disaster. One of the most significant mistakes a business can make is not backing up its data regularly.

Here are some reasons why it’s crucial to back up data regularly:

Regular backups protect against data loss due to disasters
Many businesses must maintain backup copies of their data for regulatory compliance purposes
Having a plan in place can help a business maintain business continuity during a disaster and reduce the impact of downtime

There are several ways to back up data. These include cloud disaster recovery solutions and on-premise backup solutions. It’s essential to choose a backup method that’s appropriate for your business’s needs, taking into account factors such as:

Data volume
Recovery time objectives
Budget

Backing up data regularly is a critical component of any disaster recovery plan. Without regular backups, a business is at risk of losing data. This can have severe consequences.

4) Not Having A Clear Communication Plan

In times of crisis, clear communication is key to minimizing the impact on your business. Without a well-defined communication plan, employees, customers, and stakeholders may become confused. This can lead to delays in recovery efforts.

Here are some common mistakes to avoid when creating a communication plan for your disaster recovery IT plan:

Lack of Clarity on Roles and Responsibilities

Ensure that everyone involved in the recovery effort understands their role and responsibilities. This includes identifying who will be responsible for communicating with:

Employees
Customers
Vendors
Any other stakeholders

Not Having a Designated Spokesperson

Designate a single person or team to serve as the spokesperson for the company during a crisis. This person should have the authority to make decisions and communicate with all parties involved.

Failing to Establish Clear Communication Channels

Define the methods of communication that will be used during a crisis. This could include email, text messages, phone calls, or other methods. Make sure that all employees are aware of the communication channels and know how to access them.

Neglecting to Test the Communication Plan

Test the communication plan to identify any potential issues or gaps. This will help ensure that everyone knows what to do in the event of a crisis.

5) Not Training Employees on the Disaster Recovery Plan

A disaster recovery plan is only as good as the people who implement it. Your employees are essential to your business’s continuity. It’s crucial that they are well-prepared to handle any disaster that might strike.

Failure to train your employees on the disaster recovery plan can lead to:

Confusion
Miscommunication
Business disruption

Here are some common mistakes to avoid when training employees on the disaster recovery plan:

Assuming That Everyone Knows Their Role

Even if your employees are familiar with the business continuity vs. disaster recovery concepts, they may not know exactly what they need to do during a crisis. It’s essential they have clear guidelines and know their role in executing the disaster recovery plan.

Not Providing Enough Training

Don’t assume that one training session is enough to cover everything. Consider offering ongoing training and refresher courses. This will ensure that employees are always up-to-date and informed.

Neglecting to Test Employee Readiness

Testing the disaster recovery plan is not just about testing the technical systems. It’s also about testing employee readiness. Conduct regular drills and simulations to ensure that your employees can execute the plan effectively.

6) Not Using an All-Hazard Approach to Planning

One common misconception about disaster recovery planning is that it’s only necessary to plan for specific types of disasters, such as cyberattacks or natural disasters. However, a more effective approach is to use an all-hazard style of planning.

This approach to disaster planning focuses on preparing for all types of disasters, regardless of their cause, rather than just specific ones. An all-hazard plan takes into consideration all potential hazards that could impact your business, including:

Loss or reduction of people (e.g. employees, consultants)
Loss of property (e.g. facilities, assets, key equipment)
Loss of processes
Loss of technology (e.g. applications, data, networks)
Loss of vendor/supplier

An All-Hazard style plan recognizes that disasters can take many forms and can happen at any time. It provides a comprehensive framework for responding to any crisis and ensures that your business is prepared for a wide range of scenarios.

7) Relying Solely on Technology

Technology is an essential aspect of disaster recovery and business continuity planning. Relying solely on it, however, is a common mistake.

While technology can help you recover quickly, it is not always a failsafe solution. Here are some reasons why:

Technology Can Fail

Systems can malfunction, software can become outdated, and networks can go down. If you rely solely on technology, you could find yourself without a plan if your systems fail.

Technology Cannot Replace Human Decision-Making

In the event of a disaster, it is essential to have a plan in place that outlines how decisions will be made. Relying solely on technology can leave you without the human input necessary to make the right decisions in a crisis.

Technology Cannot Provide Context

When a disaster occurs, it is important to have a clear understanding of the situation. Technology alone cannot provide the context necessary to make informed decisions about how to respond.

What Businesses Can Do Instead

So, what can you do to avoid relying solely on technology for disaster recovery and business continuity planning?

Your disaster recovery and business continuity plan should involve more than just technology. It should also include procedures, policies, and guidelines that outline how you will respond in the event of a disaster.

Your plan should also involve people from across your organization, including:

Management
Employees
Stakeholders

By involving people in the planning process, you can ensure that your plan takes into account the needs of everyone involved.

8) Not Updating the Disaster Recovery Plan Regularly

Simply creating a plan is not enough. It’s essential to regularly update the plan to ensure that it remains relevant and effective.

Here are some reasons why not updating the disaster recovery plan regularly can be a costly mistake:

Changes in Technology

As technology continues to evolve, it’s essential to update your plan to keep up with changes. For instance, if a business migrates to a new software or cloud-based solution, the disaster recovery plan needs to be updated to reflect this change.

Changes in Business Processes

Business processes are continually changing. Your business should be updating your disaster recovery plan accordingly. If your business introduces new products or services or changes its operations, the disaster recovery plan needs to be updated to reflect these changes.

Changes in Personnel

If key personnel responsible for implementing the disaster recovery plan leave the company, the plan may become outdated. It’s essential to review and update the plan regularly. This ensures that new personnel get trained and can implement the plan effectively.

Changes in the External Environment

The external environment can be unpredictable. Businesses must consider external factors that may affect their operations. This can include natural disasters, cyber threats, or supplier issues.

Updating the disaster recovery plan regularly can help businesses prepare for these events and mitigate their impact.

9) Not Involving All Stakeholders in the Planning Process

Disaster recovery planning for IT is not just the responsibility of the IT department. The plan should involve all stakeholders in the organization. This ensures that all potential risks and impacts are taken into account.

Failure to involve all stakeholders can lead to inadequate planning and preparation. This could result in further complications in the event of a disaster.

IT staff members are responsible for managing the plan and implementing necessary procedures. Business owners and managers should be involved in the planning process as well. This ensures that the plan aligns with the overall business objectives and priorities.

You should train all employees on the disaster recovery plan. This can include their respective roles and responsibilities during a disaster.

Vendors and suppliers should be involved in the disaster recovery planning process to ensure that their services and products are available and functioning during a disaster. Depending on the organization, customers and clients may also need to be involved to ensure that their needs are taken into account.

10) Not Having a Cybersecurity Plan in Place

While disaster recovery planning is essential for a business to continue operating during a crisis, having a cybersecurity plan in place is equally important. Cyber attacks can cause significant damage to a business’s reputation, financial health, and operations. Without a cybersecurity plan, a business is vulnerable to data breaches, ransomware attacks, and other cyber threats.

Here are some common mistakes businesses make when it comes to cybersecurity planning:

Not understanding their cybersecurity risks
Not implementing security controls such as firewalls, antivirus software, and multi-factor authentication
Not training employees on cybersecurity best practices
Not having an incident response plan
Not regularly testing and updating their cybersecurity plan

Having a robust cybersecurity plan in place, in addition to DR solutions, can help a business better protect itself against cyber threats and minimize the impact of any cybersecurity incidents.

Don’t Make These Costly Disaster Recovery Plan Mistakes

Creating a disaster recovery plan is an essential part of any business’s operations. A well-executed disaster recovery plan can mean the difference between a minor disruption and a full-blown business catastrophe.

Don’t let these disaster recovery plan mistakes leave you unprepared; prioritize business continuity and disaster recovery planning today.

If you want to know more about disaster recovery planning and how to protect your company, contact us at any time!

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What is DRP (Disaster Recovery Planning) and Why is It Important?

Posted on January 9, 2023April 11, 2023 by Keith

It is hard to think of a market that is more poised to explode in popularity than disaster recovery solutions. Around the world, demand for disaster recovery solutions was worth about $8 billion in 2021. However, by 2030, this industry is expected to generate more than $115 billion in revenue every single year!

All signs point to even further continued growth after that. But what is it about this industry that allows it to multiply in size around the world by more than 14 times in only 9 years?

The changing business and technological landscapes are making disaster recovery planning more important than ever before. However, many people are still wondering, “What is DRP?”, and why is it important?

Proper disaster recovery planning provides a long list of benefits that make it a worthwhile investment for almost any company. As the years go by, it may be increasingly necessary for companies to invest in this kind of protection. Read on to learn all about disaster recovery planning and the benefits that it can provide!

What Is DRP?

Disaster Recovery Planning is also known as DRP, DR, and even ITDR. As its name suggests, disaster recovery planning is all about having a plan and the technological resources ready for what to do to recover after a disaster or disruption to your business. This is especially true of a technological-based disruption.

However, in this context, we are not speaking of all types of company disasters. The relevant kinds of disasters are those that involve losing important data and similar technical disasters.

People use disaster recovery planning to prepare for a wide variety of possible causes of disasters. Some people are mostly thinking about the possibility of ransomware and other forms of cybercriminal activity. Other people are concerned about human error and the potential for essential data loss.

As technology advances, more and more of our systems depend on keeping, storing and updating of important data. Most companies are now incapable of functioning at all if they lose the information in their data systems.

Hospitals and other institutions are also being targeted for cybercriminal activity. Regardless of the cause or target, a disaster recovery plan will help protect you. With the right kind of protection, you can keep your company safe regardless of the innovations of bad actors.

Fight Cyber Criminals With a Disaster Recovery Plan

The numbers show that cybercriminal activity is rising fast. From a historical perspective, this seems almost inevitable.

Technology is becoming more and more advanced. More people are learning how to use technology in basic and advanced ways. In some ways, we are entering a new world where no one knows exactly what the rules are.

That means that some bad actors will take advantage of the newness of the space to find ways to exploit people. There are further indicators that cybercrime will be more common in the future.

For example, most cyber criminals had to be technical experts of some kind in the past. However, some of these technically sophisticated criminals are designing systems that allow other people to also distribute malware.

The time may soon come when anyone can engage in cyber criminal activities regardless of their level of technical knowledge. All of this means that there will be more and more people who want to target companies to threaten them with the loss of their essential data.

However, all of this depends on companies being dependent on the data that cybercriminals steal. There are a variety of ways to protect yourself against this kind of eventuality.

Disaster recovery planning is all about making it so that your company is safe and capable of functioning regardless of the actions of bad actors. For example, your disaster recovery plan might include backing up your essential data at secure locations. That way, even if criminals erase your data from your main system, you will be able to recover it whenever you want.

Recover Losses Quickly With Disaster Recovery Planning

When a disaster happens, the question is more about how much a company loses rather than whether or not it will lose something. However, the right disaster recovery plan can help you recover from a problem as fast as possible.

For example, if your whole system shuts down, a quality disaster recovery plan will know which processes should receive attention first. Then, the plan will dictate how the most essential aspects of your business can be managed even while you work out your technical problems.

All of this preparation also means that companies can work through their technical problems with as little delay as possible. That means that you can recover from your little technical disaster and get back to booming business.

Many people underestimate the value of lost time and functionality. It is a lot easier to feel bad about losing a specific number of dollars out of a bank account than to feel bad about something more nebulous like lost productivity.

However, lost productivity can sink a business going through a difficult time. Businesses that want to grow need to maintain access to system data as well as all of the technical tools that we rely on today. With a disaster recovery plan, your company will be ready to snap back whenever anything impedes it.

Avoid Interrupting Crucial Processes With DRP Solutions

Some company processes are more vital than others. For example, a manufacturing plant might lose millions of dollars of products if the manufacturing process loses electricity for a few hours.

Different industries have different sensitive processes. Regardless of what the sensitive processes at your company are, disaster recovery planning can help you protect them.

In the ideal case, you will not lose functionality for your most crucial processes even for a moment.

Your plan may need to account for many different possible disasters. But with care, you can help keep vital company processes functioning. Then, the rest of the company can focus on getting back on track.

All of this means that you will lose as little as possible while waiting for your disaster recovery plan to resolve whatever your problem is.

Signal Responsibility With a Disaster Recovery IT Plan

People use a wide variety of indicators to assess companies. Although this is not an exact science, people use these kinds of indicators to decide what kind of reputation each company in an industry has.

Many new companies fail to take precautions to protect themselves. In contrast, companies that have been around for much longer have a greater tendency to invest in the long term.

As a result, having a disaster recovery plan can be an indicator of company conscientiousness. In fact, putting together a quality disaster recovery plan displays a number of good qualities.

It shows that a company is aware of changing trends in the business and technological landscapes. It also signals that a business is taking care of its assets and those that are entrusted to it.

Discover Weak Points in Your Systems

As you make a disaster recovery plan, you will have to examine each part of your business. That is because each part of the business is a potential vulnerability for bad actors to target. This means that there is a good chance that you will come across unknown problems as you develop a disaster recovery plan.

Resolving some of these problems will be part of making your disaster recovery plan. In other cases, you will discover unrelated problems that you will solve with other company activities. Either way, this kind of review of company operations and vulnerabilities can help you identify hidden problems.

Be Prepared to Recover All Lost Data

When a company is a target of ransomware, it is told to pay a ransom or else lose its essential data. Having backups of your data can protect you from this threat.

However, there are all kinds of ways that data can be lost. Setting up a disaster recovery plan will protect you from all of these possibilities at the same time.

For example, some companies lose important data because of the mistakes of company employees. This also means that employees need to be extremely careful about taking initiative with systems that they do not understand. After all, if they make a mistake, the results could be dire.

In other cases, companies lose data due to technical problems. An unfortunate power outage or system shortage could cause catastrophic consequences.

However, part of your disaster recovery plan will involve making backups of your data. That means you will always have access to it no matter what mistakes happen or whether you are targeted by bad actors.

Learn About the Latest Data Security Practices

If you work with a professional company to make your disaster recovery plan, you may learn a lot during the process. The details of disaster recovery plans are shaped by technology.

Certain kinds of technology create certain vulnerabilities. Other kinds of technology help address such vulnerabilities. However, the common vulnerabilities in our data systems change from year to year as technology progresses.

Many people have a passing understanding of many of the weak points in past versions of our technological systems. However, as technology changes, the cutting edge of cybercriminal activity also changes.

Professional DRP services learn all about the latest vulnerabilities in our systems. Suppose you work with one to make your disaster recovery plan.

You can also ask such services about what kinds of vulnerabilities are becoming more common. You may even be able to get some sense of some of the incoming future vulnerabilities.

Preserve Your Company’s Reputation

When a company goes through a difficult time due to a technical disaster, it does not reflect well on the company. As a result, there are reputational concerns as well as pragmatic ones when you are dealing with a technical disaster of some kind.

That also means that a disaster recovery plan can help protect your reputation. How much this matters varies from industry to industry and from company to company. However, if the reputation of your company has a lot to do with its success, then you might want to invest in these kinds of protections.

Intimidate Potential Criminals

The more famous a company is, the more cyber criminals might tend to target them. On the other hand, what if a company has a reputation for taking precautions to take care of company assets? Then criminals may feel that there is little point in targeting a defended target.

An important principle to keep in mind here is that you do not necessarily need to be immune to all possible criminal attacks. The point is not to set up so many defenses that you are invulnerable. Rather, the point is to set up protections such that criminals will feel that their time will be better spent elsewhere.

What would happen if every company invested in disaster recovery plans? Criminals might begin to discover that their activities no longer lead to profit. If companies and individuals learn to protect themselves from cyber crime, then cyber criminals will no longer have any incentive to pursue their criminal activities.

Understand What Is DRP (Disaster Recovery Planning) And Why It’s Important

If you have ever wondered, “What is DRP?”, then we hope that you now have the answer to your question. As we learn more and more about technology, it is becoming more important for companies to protect themselves from the disastrous results of bad actors and buggy systems. Putting together a disaster recovery plan is an essential part of making sure that your company stays safe in the future.

To learn more about disaster recovery planning and how to keep your company safe, reach out and get in touch with us here at any time!

Understanding What Dark Web Scans Are & How They Can Protect You

Posted on January 3, 2023 by Keith

Dark Web Depicts hacker typing on keyboard with computer

With the rise of cybercrime and identity theft, it’s more important than ever to secure your data and protect yourself against the dark web. A Dark Web Scan allows you to monitor how your information is being shared or used, giving you peace of mind that your personal data is secure. Understanding What Dark Web Scans Are & How They Can Protect You & Your Business helps to keep your personal and business information more secure.

How? First, let’s start by taking a look at exactly what the dark web is.

What is the Dark Web?

The dark web is an unindexed part of the internet. This means it’s not visible to search engines and can’t be found through traditional methods through a search term on a search engine. Though not all sites on the dark web are for criminal activity, It’s a key area of the world wide web for criminals and illegal activity, making it attractive to people who want to keep their identities and data secure from others. By performing regular dark web scans, you can keep an eye on how your personal information is being used or shared without your knowledge. More on that later.

In fact, the dark web, which is a subset of the deep web makes up the larger portion of the overall internet. Estimates place the size of the deep web somewhere between 96% and 99% of the internet, according to CSOonline.com. The deep web is made up of any website that is not indexed by search engines such as DuckDuckgo or Google. This includes websites that require logins or paywalls to access the content.

The dark web consists of sites that are intentionally hidden and require a specific web browser called Tor (The Onion Router) to access. The dark web is estimated to be about 5% of the internet. Though not all sites on the dark web are used for illegal, illicit, or criminal activity. However, this is where this type of information resides. In 2015 that included 57% of all known dark websites, though a study done in 2019 showed an increase to 60% (which data excludes drug-selling websites).

These illicit sites are the sites that have for sale things like your credit card numbers, login credentials, banking, and medical information, Netflix logins, and a host of other information, including your business’s intellectual property. They also sell the tools needed to crack passwords, hack your systems, and launch attacks such as malware, ransomware, DDoS, and botnets.

Why are these items for sale in the first place? Because they have value on the black market. While that may be obvious, what may surprise you is how much value some of this information is. Let’s take a look at what some of this information costs on the dark web, which comes from scanning the data on dark web marketplaces, forums, and websites. This data below is from 2022 listed pricing on the dark web*.

Credit card details cost between $17 – $120 – On the higher end are accounts with an account balance of up to $5,000.
Online banking login credentials go for $45
Hacked Facebook Accounts $45
Cloned Visa with PIN $20
Complete Details for ID theft $1,115

*Source: helpnetsecurity.com

For additional information on how much of this cybercrime and the illicit trade works, I recommend the book Zero Day Threat: The Shocking Truth of How Banks and Credit Bureaus Help Cyber Crooks Steal Your Money and Identity, By Byron Acohido and Jon Swartz.

The link above is NOT an affiliate link.

How Do Dark Web Scans Work?

Dark web scans use specialized software to scan hidden websites, forums, and encrypted networks to detect any instances of stolen data that may have been leaked online. The scans are typically designed to search for personal information including email addresses, usernames, and passwords. If your stolen data is found, the scan notifies you so that you can take preventative measures like changing passwords or monitoring your accounts for suspicious activity.

What Information Does a Dark Web Scan Check for?

Dark web scans check for leaked credentials such as email addresses, passwords, usernames, and other key information that may have been exposed on the dark web. They also check for private information like bank account and credit card numbers, Social Security Numbers, personal identification documents, and more. In addition to checking these individual pieces of data, the scan can also assess whether your information is linked to any malicious activity or breaches.

Are There any Tips or Tricks I Should Know Before Beginning a Dark Web Scan?

Before you begin a dark web scan, there are a few important tips to keep in mind. For starters, make sure you’re setting up the scan with a trusted service provider as they have access to detailed information about your data. It’s also important to ensure that you understand the level of detail each service provides and whether they offer additional features like alerts when new breaches occur or additional security measures. Lastly, know that these scans can be expensive; as such, it’s important to determine whether the cost is worth the added security it provides.

Here at the Erwood Group, we provide an initial free dark web scan to our clients. See the details below for more information on how to obtain a free dark web scan from us.

Additionally, we would be happy to discuss ongoing dark web monitoring and additional cybersecurity services if warranted based on the findings of the initial dark web scan.

How Can I Make Sure My Data Stays Protected after a Dark Web Scan?

After your dark web scan has been completed, you should take steps to ensure the security of your data. Consider changing all the passwords associated with any accounts or websites that were flagged in the scans. Create unique strings of characters for each password and use a separate password manager if necessary. Additionally, avoid using public Wi-Fi when performing sensitive transactions such as online banking, and ensure that your software (operating system, browser, etc.) is always up to date. Lastly, be mindful of where you store your business and personal information, such as government documents or other forms of identification, both digitally and physically.

HOW CAN I GET A DARK WEB SCAN FOR MY BUSINESS?

The Erwood Group provides a FREE one-time Dark Web Scan for all clients and potential clients. All you have to do is go to our Dark Web Scan page and complete the information to get started. No payment, credit card, or user account is required for the scan or report. Though, we will need some key information in the form to conduct and complete the scan. Go to Erwood Group Dark Web Scan to learn more.

Our Own Keith Erwood Interviewed By Go Solo

Posted on December 21, 2022December 21, 2022 by Ben

Our Own Keith Erwood was Interviewed by Go Solo and the article was published earlier today on Subkits Go Solo.

In the Articles Keith talks about how he and the Erwood Group is Helping Your Business Remain In Business by providing business leaders with effective Business Continuity, Crisis Management, Data Backups, IT Disaster Recovery, and Cybersecurity services and consulting.

Keith discusses how he got started and broke into the business continuity and disaster recovery arena and even mentions how his life has come full circle as preparedness and disaster planning was his passion since he was very young.

In the article, he also highlights his greatest accomplishments so far, which include publishing his book the 25 Ways To Increase Your Business Resilience A Simple Guide To Implementing Business Continuity And Contingency Planning For Businesses. Keith also mentions his greatest challenge as an entrepreneur and how he manages the challenge.

Keith Closes out the interview with his top tips for other business owners and entrepreneurs.

Be certain to view the article about Helping Your Business Remain In Business by visiting the link.

Introducing Our Basic Risk Assessment Tool

Posted on October 13, 2022October 14, 2022 by Keith

We are Excited to Announce and introduce our new and Free Basic Risk Assessment Tool. The best part is it will be part of our Forever Free Initiative™ to help businesses better prepare for disruptions and disasters.

We at the Erwood Group believe that the Free Basic Risk Assessment Tool will be a game changer for the small and mid-sized business market for removing the obstacles required to complete a risk assessment quickly and efficiently.

This is important because one of the most basic reasons for business continuity or contingency plans to fail is the lack of a risk assessment or understanding of how those risks will impact the business.

Our proprietary tool is easy to use and will quickly calculate an Overall Threat Rating based on the Probability of Occurrence and the Impact Severity on key core operations of the business.

The Basic Risk Assessment Tool will be a part of our Forever Free Initiative™ to provide all businesses with better preparation for disruptions and disasters.

Now a business can quickly and easily assess how a hazard or scenario will impact their business and determine what risks will have the greatest impact on their business. You can access the Basic Risk Assessment by clicking the link here:

Free Basic Risk Assessment by the Erwood Group.

For complete step-by-step instructions on using the Basic Risk Assessment Tool Please see this link:

Guide to Using the Basic Risk Assessment

We are also excited to tell you we will be releasing our entire Impact Tool in Early 2023 which will include the following modules:

Advanced Downtime Calculator & Financial Impact Analysis
Advanced Risk Assessment
Business Impact Analysis

Be sure to check out the Free Basic Risk Assessment Tool and share it with your friends and colleagues to help us spread the word about this great tool.

Introducing Our Downtime Calculator Tool

Posted on October 12, 2022October 12, 2022 by Keith

Screen Shot of Basic Downtime Calculator

We are excited to announce and introduce our new and Free Basic Downtime Calculator Tool. The best part is it will be part of our Forever Free initiative™ to help businesses better prepare for disruptions and disasters.

Partial Screen Shot Basic Downtime Calculator Tool

We at the Erwood Group believe the Free Basic Downtime Calculator Tool is an important tool in that many businesses struggle to calculate and measure the true cost of downtime that impacts their business.

This struggle leads to issues in implementing the right strategies, recovery time objectives that are inappropriate to the business, and even shortcomings in proper insurance coverages leading to greater losses. Worse yet is the potential for extended losses or delays in revenue.

How bad is the problem? Bad enough that a Forrester survey conducted in 2011 discovered that while 55 percent of respondents claim their companies have calculated the cost of downtime, only 18 percent knew what that figure was. The Average Reported Cost Per Hour is near $350,000. According to the same report, 90 percent of respondents did not know the cost of their most recent disruption. Of the 10 percent that did know, to total costs of their most recent disruption, the average cost was $10.8 Million.

While it is obvious to most people that lost revenue causes problems, delayed revenue can be just as bad for small and midsized businesses that depend on the lifeblood of their cash flow.

Now a business can utilize our Free Basic Downtime Calculator Tool to determine the financial impact of disruptions to their business quickly and easily. You can access the Basic Downtime Calculator by clicking the link here:

Free Basic Downtime Calculator Tool by the Erwood Group.

For complete step-by-step instructions on using the Basic Downtime Calculator please see this link:

Guide to Using the Basic Downtime Calculator

We are also excited to tell you we will be releasing our entire Impact Tool in Early 2023 which will include the following modules:

Advanced Downtime Calculator
Advanced Risk Assessment
Business Impact Analysis

Forever Free Initiative™ Launched by the Erwood Group

Posted on October 11, 2022October 11, 2022 by Keith

Our Forever Free Initiative™ by the Erwood Group is our way of addressing the perception that business continuity planning, contingency planning, and overall preparedness planning for business is too expensive and/or too complicated.

As part of this initiative, we are making two of the modules of our Impact Tool™ available to the public free to use. This is to enable them to better prepare and enhance their overall awareness of the impact on their business from a disruption or disaster.

The two modules that are free are:

We at the Erwood Group believe providing these two tools will greatly benefit businesses of all sizes. Though we know this will have the biggest benefit to the SMB market by making it possible for these businesses to assess their risks to hazards as well as the overall impact of these hazards on the business without having to worry about the costs to complete these basic and fundamental assessments.

Additionally, we are providing the ability to calculate the costs that a disruption or downtime will have on the business and allowing them to complete a basic Financial Impact Analysis on their business operations by utilizing the Basic Downtime Calculator Tool.

These tools have long been a part of our Impact Toolkit™ and have been developed and used for over a decade. Though these tools have been in use by us and some of our clients for a long time we recently decided to turn these tools into web-based, SaaS tools.

Then we decided to make the two most basic and fundamental of these tools available to everyone. For Free. Out of this was born our Forever Free Initiative™. You don’t even need to register to use them.

We look at this initiative as serving two primary purposes.

To Give Back to the business community
To Make Business Preparedness Accessible to businesses of any size

When I set out in this industry my main desire was to help small businesses to be able to prepare, prevent, and continue operating after or even during a disaster or disruption. Though to make this happen, we had to be at the point where we had enough work and revenue from mid-sized & large enterprises to sustain us.

This also paved the way for the creation and development of our proprietary Impact Toolkit™ simply called Impact™ and the eventual development of our web-based tools and system.

These tools and our system have also been utilized by us at the Erwood Group and clients over a long period of time, so they are tried, tested, and trusted. We simply did not just throw this together recently. Though we also have more advanced tools in our Impact Toolkit™ These two modules in our Forever Free Initiative™ are enough to get a business started planning, and robust enough to keep utilizing them far into the future.

Our paid subscription and advanced tools will have more functionality. For instance, our Advanced Risk Assessment also provides the ability to track risks over time, accounting for mitigation and control of the risks, and more. This will provide greater and deeper insights to risk mapping to the business over time.

The Advanced Downtime Calculator will also account for instances of lost productivity, and costs to catch up, for manufacturing and non-manufacturing businesses. You can also make and plan for adjustments based on various Recovery Time Objectives (RTOs) and other scenarios.

We will also be releasing a powerful Business Impact Analysis Tool as part of this upcoming subscription-based release soon.

Even though we will be making the main Impact Toolkit™ available through paid subscription only. Unlike other similar software that can cost $20,000 or more per year, we plan on keeping these affordable for every business.