Given the dynamic nature of our current economy, a business needs to make quick, intelligent and sound decisions. The focal facilitator is technological solutions. Coupling technology and your business warrants seamless operations among all the departments in your organization and is the difference between a successful business and a sinking endeavor.

Financial markets and business enterprises are complex entities in themselves, with a cumbersome concept such as tax valuations, accounting, legal compliance, and service delivery. However, it is critical to realize that technology can ruin business mechanisms in an instant. There have been extensive discussions on security measures in place that mitigate the damage when technology fails either due to human error or technological fault.

A classic example, just to iterate the importance of secure systems, is the recent technical glitch in the National Stock Exchange. This resulted in the suspension of exchange in two major trading segments, namely, Cash and Futures, and Options for an outstanding three hours. Lack of communication of the error and an efficient technological emergency response team left shareholders addling for an additional three hours.

There are various lessons we should learn from this example. With our years of experience in business technology solutions, the following are the few things you should have in mind as a business owner.

Business Continuity Plan

This denotes a backup site or location where your business can safely hoard all your business logs. The backup may be a logical, physical, both, or remote location. Manu Vaish, the eccentric Vice President of the Tech Company SapientNitro, who champions the movement of businesspeople who influence the business technology industry, says that it is critical to executing mock drills at a specific frequency and in reality. This helps businesses test the limitations of the technology they are using and draft effective mitigations in case of a glitch. In the NSE scenario, the BCP was not active and thus was not able to provide backup services.

Technology and Security

Manu Vaish, in one of this famed online articles, highlights the importance of finding the right technology solutions that fit your business, especially regarding security. Today, criminal such as black hat hackers are propagating malicious attacks over the internet. Novel business solutions such as cloud computing and mobile device management all use the internet to connect to files and devices in a remote location. It is paramount to ensure that your business practices and technologies are implementing security measures.

Data and Information security organizations such as ISACA are collaborating with institutions and even governments to ensure the integrity, privacy, and availability of data. For instance, the state of Malaysia in collaboration with ISACA pledge to improve knowledge in information security by establishing schools that teach cyber security skills. They aim to make such knowledge and abilities ubiquitous to prevent cyber threats such as identity theft, denial of service attacks, and hacking that will interfere with the thriving business economy of Malaysia. At RemoteRelief, all our technology solutions have security features that ensure your data is safe. For example, our UEM solution includes vulnerability scanners that automatically checks all endpoints for software vulnerabilities.

Response

Your reaction to a technological glitch should be predictable and follow a specific chain in command. Alerting all stakeholders is the first step to warn them of the looming danger. Moreover, a comprehensive technical support infrastructure that conducts routine screening of the systems before a fault occurs and one that can report a mistake immediately it happens is essential. It is better if these functions are automatic and that the appropriate personnel receives the reports in due time. The Airwatch scanner has capabilities to catalog CVE procedures to identify and fix software vulnerabilities.

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