Managing risks

Market Risk And A Fear of Flying

The fear of flying is different than the risk of flying. The fear of flying is an anxiety disorder...read more

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What backup and disaster recovery measures do you have for your business?

Reading Phil Joel's post about how he does backup's got me thinking that the notion of having to do... read more

Asked by:
Henrik Larsen
Henrik Larsen Director at IePlus Pty Ltd
Peter Jones
Peter JonesFounder at LinkSmart
Hi, I agree with the above comment. I used to work in systems support for Telstra and Australia Post. We missed the most important point of backups. It's not the backup that's the issues (thats simple, see above) the real issue is restoring tha data. We found: 1. We did not backup all or correct data (including drivers etc) 2. We could not restore the data (corruption and/or access) 3. If your operating system goes how can you get access to the data. That is, do you have a boot disk, will it allow you access to the cloud or even your USB drives. The porblem is most of us are to scare to delete current data and restoring from backup to see if it works:) Regards Peter
Andrew Tucker
Andrew TuckerOwner at ITonCloud
Henrick, You do have a point about data sovereignty. We come across it quite a bit for companies that are using either Office 365 or Google apps who deal with personal data. These companies tend to be in the financial and medical fields where personal data is their business. Dropbox is a great tool to synchronise between the number of devices, but is definitely not secure and I would not suggest you leave your data in Dropbox especially if it is sensitive. Box.net is in my mind more designed for businesses but is a lot more pricey. Another alternative is to look at a EMC offering called Carbonite (http://www.carbonite.com/ ), the pricing is extremely competitive and very easy-to-use as a true online backup. The last option is to have everything running in a local cloud, one that you are able to see and touch with inside Australia. All you need is a device, iPad, Google pad, notebook or desktop as long as it has a web browser as everything runs in the cloud. All your backups and DR are taking care of,  so if your computer is stolen or lost all you need to do is get a new one and log back on. No downtime at all. So you can see that there are a number of really good alternatives and options but understanding your tolerance to downtime or loss of data should drive your decision.  And always remember to do a fire test, in other words run a test restore to make sure that you can in case of emergency actually get your data back :-)  
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Questions

How should SMEs identify and treat risks associated with their business?

Business is riddled with risks. Surely we don’t just ignore them, but I assume different people... read more

Asked by:
Phil Khor
Phil Khor Founder at SavvySME
Don Gregg
Don GreggDirector at Advice 4 Growth
The best way to manage risks is to brainstorm the range of potential risks, then assess how likely each is to happen and what would be the impact on the business if the risk materialised. Finally have a look at what actions can be taken to reduce the likelihood and/or the impact and assess which are most appropriate to put in place such as procedures or insurance. Businesses that have a solid business strategy are by definition less risky. The right strategy focuses the organisation on building sustainable profitable relationships with right clients. This is the best way to manage competitive and market risks.
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