The Research Behind Resilience

Learn why prioritizing and investing in resilience is so important based on top performing organizations.

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The Research Behind Resilience: Why prioritizing and investing in resilience matters for North American organizations

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eBookThe Research Behind Resilience

There is great opportunity to build organizational resilience

In a time of increased cyberattacks, hazardous weather, and terrorist attacks, it is vital for organizations to strengthen their resilience. For example, according to IBM’s “Cost of a Data Breach Report 2022,” 83% of organizations in the study have now experienced more than one data breach. Additionally, “2022 was a year in which multiple records for extreme weather events were broken as the impact of climate change becomes more devastating and more dramatic,” according to Forbes. From this, we can learn that while organizations cannot prevent critical events from occurring, they can take proactive measures to reduce impact.

To better understand resilience as it relates to the success of organizations, Everbridge consulted with leading agencies to understand the state of the market and spoke with our customers to gain perspective about what pushed them to become more resilient, and how those changes are making an impact to their organization.

Organizations can use these findings to look inward on their own resilience practices and learn how to strengthen resilience to better endure whatever critical events they may face.

These findings highlight a great potential to build organizational resilience across North American companies of all sizes, which would ultimately reduce financial losses and perhaps even save lives. Read on to learn best practices for building resilience and how the top performing organizations differentiated themselves.

https://www.ibm.com/reports/data-breach https://www.forbes.com/sites/mariannelehnis/2022/12/29/2022-was-a-year-of-record-breaking-extreme-weather-events/?sh=4936304736bb

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eBookThe Research Behind Resilience

In recent years, organizations contended with a variety of critical events that impacted operations and made a marked financial impact. The COVID-19 pandemic significantly altered organizations worldwide, it led to mass changes in businesses operations and the discovery of weak points or failures in current systems; supply chain management became a substantial pain point, many businesses struggled to quickly adapt to remote work environments and those deemed essential had to modify working procedures to ensure compliance to ever- changing health and safety requirements.

But COVID-19 isn’t the only recent catalyst for organizations to question whether their resilience practices are compliant with the modern workforce. Cyber-attacks and data breeches threatened digital resilience, with reports of up to 4,100 publicly disclosed data breaches happening in 2022, equating to 22 billion

records being exposed. Climate disasters also threatened the life and property safety of businesses; in 2022 there were 18 climate disasters with losses exceeding $1 billion in the United States alone.

With these critical events have come resilience challenges. Overwhelmingly, before investing in resilience solutions, the organizations polled relied on manual processes to monitor potential safety or operational threats and to assess their impact to the business; these manual processes include basic internet searches, news alerts, weather maps, and disparate software-based tools. When a critical event did occur, or was imminent, organizations were left scrambling to effectively understand the impact of the event and how to respond. However, after deploying solutions such as the Everbridge Critical Event Management platform, organizations saw significant returns on investment and overall more resilient operations.

Recent critical events and resilience challenges

https://www.cshub.com/attacks/articles/the-biggest-data-breaches-and-leaks-of-2022 https://www.cshub.com/attacks/articles/the-biggest-data-breaches-and-leaks-of-2022

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eBookThe Research Behind Resilience

From those questioned, six key findings were identified about investing in and strengthening resilience:

Using the above findings, organizations can begin to assess their own strengths and weaknesses and get an idea about what policies and procedures they might implement to strengthen resilience going forward. The next few pages provide more detail on each finding.

Key findings on resilience

1: Critical event management offers a 358% ROI

4: CEM led security teams to productivity gains of 1.5M over

three years

2: Digital resilience has a significant impact on savings

5: Proactive vs reactive is crucial 6: Accurate alerting is vital in resilience

3: Reduced business interruptions save millions

The most successful organizations put their words into action and take measures to strengthen resilience, beyond acknowledging its importance. Forrester found that in the 2023 Total Economic Impact of Everbridge study, “a composite organization experiences benefits of $8.47M over three years versus costs of $1.85M, adding up to a net present value (NPV) of $6.62M and an ROI of 358%.”

Increasingly complex IT environments create equally complex networks that need to be monitored when an event occurs. By implementing CEM, IT teams improved workflows and can be made aware of issues quickly, resulting in quicker resolution times and aligned stakeholders on events and their impact.

Critical event management offers a 358% ROI

Digital resilience has a significant impact on savings

eBookThe Research Behind Resilience

Implementing CEM offers an ROI of

Decreased costs from IT downtime saved up to

over three years. 358% $2M

Before implementing Everbridge, organizations spent millions on inefficient processes and strategies that were holding them back from true resilience.

With a CEM solution in place, these same businesses can react faster to unplanned business interruptions and get information to appropriate teams quicker to decrease the impact of the events and resume operations.

Managing data sources and communicating to the appropriate stakeholders at the right time can be daunting exercises for security teams.

By leveraging CEM, security teams can manage data sources and communicate to the right people at the right time; that allows for more time spent on productive work, and less time on manual efforts that delay or barricade resilience.

Reduced business interruptions save millions

CEM led security teams to productivity gains of 1.5M over three years

eBookThe Research Behind Resilience

Reduced business interruption from critical events results in up to

Security-team productivity gains of

in efficiency gains over three years.

over three years.

$3M $1.5M

Having a reactive approach to critical events means that when crises occur, organizations must try to determine the level of impact of an event while simultaneously planning steps toward recovery. Being reactive often occupies 100% of an organization’s efforts, taking the focus away from the business introducing vulnerabilities.

When organizations take a proactive approach to critical event management it allows them to be nimble and more efficient. Proactive organizations intentionally anticipate crises and ensure the proper solutions are in place so they can respond to impact immediately and return to business as usual, demonstrating a resilient environment.

To be resilient, organizations need to understand exactly who a critical event might impact or already has impacted. Then, alerts need to be targeted directly to that group of people. After implementing a CEM solution, the organizations polled no longer struggled to identify who was impacted during a critical event, and how they should contact them. They were able to automatically alert a targeted group of individuals and benefit from two-way communication.

Accuracy in alerting leads to more efficient communication with impacted persons, and with those tasked in helping to respond to the event. This saves hours in time lost to inefficient processes and gives back those hours so organizations can fulfill their duty of care to anyone impacted.

Proactive vs reactive is crucial

Accurate alerting is vital in resilience

Proactive Reactive

eBookThe Research Behind Resilience

Resilient organizations employ accurate alerting practices. One organization targeted reaching 90% of employees and having 70% respond within four hours.

With Everbridge, they typically meet or hit well above that target, nearly 100%.

While best practices are currently being established, most organizations have an immense opportunity to improve their resilience practices, and save money by doing so. Critical events are a reality, and businesses need to revisit their risk management and preparedness plans to ensure they are not overestimating their capabilities.

Most importantly, the right technology and automation can help tremendously in the identification, response, and mitigation of future critical events.

Conclusion

eBookThe Research Behind Resilience

How does your organization measure up? Understand your organization’s ability to respond to and resolve critical events by taking our Everbridge’s Organizational Resilience Self-Assessment here!

https://assess.everbridge.com/s3/organizational-resilience-self-assessment

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About Everbridge Everbridge, Inc. (NASDAQ: EVBG) empowers enterprises and government organizations to anticipate, mitigate, respond to, and recover stronger from critical events. In today’s unpredictable world, resilient organizations minimize impact to people and operations, absorb stress, and return to productivity faster when deploying critical event management (CEM) technology. Everbridge digitizes organizational resilience by combining intelligent automation with the industry’s most comprehensive risk data to Keep People Safe and Organizations Running™.

For more information, visit Everbridge.com, read the company blog, and follow us on LinkedIn and Twitter.

Get in touch to learn about Everbridge, empowering resilience.

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The Research Behind Resilience

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