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Risk Management In Manufacturing And Why Choose A Software Solution?

Risk Management In Manufacturing And Why Choose A Software Solution?

by | Oct 3, 2022 | Industry 4.0

The manufacturing industry in Australia is large and complex. This makes it difficult to manage the risks faced by the various departments and locations, alongside keeping up to date with legislation that companies need to stay compliant with. Hence, Risk Management in manufacturing is essential

Risks may emerge due to the nature of the employed materials, equipment, employees, etc. It is essential to have a program that identifies the various risks that can occur, and by extension, their likelihood of occurrence and potential impact on the business, staff, shareholders, customers, and suppliers should a risk be realised.

Thus, for the manufacturing process, there is a need for comprehensive risk identification, risk assessment, risk measurement, risk minimisation, and risk monitoring programs, regardless of the reason for wanting to understand and control risks. This program will need to encompass all business functions to ensure that all key areas of risk concern are accounted for. Typically when companies are attempting to obtain ISO certification, these factors are considered.

Objectives of Risk Management in Manufacturing

  • To minimise injury to staff, customers, and/or the local community and by extension, the financial impact on shareholders and long-term damage on business reputation. Therefore, identifying and controlling the risks that could impact the organisation's reputation is monitored to minimise the likelihood of such risks being realised.
  • To achieve a competitive edge through the development of risk management practices that enable businesses to produce higher-quality goods.
  • To aid manufacturers in gaining the most from an enterprise-wide perspective on risk management requires a more analytical and adaptable approach.
  • To encourage safe work practices and increase awareness with the company culture.

Types of Risk in Manufacturing

There are various types of risks that are encountered in the manufacturing industry, including:

  • Supply chain interruptions
  • Workplace safety
  • Product liabilities
  • Errors and omissions
  • Cargo in transit
  • Cyber risks
  • Employee fraud and injuries
  • Equipment failures
  • Evolving workforce dynamics
  • Product recalls

Risk Management Plan

Creating a robust Risk Management Plan is the first step for many manufacturing organisations when implementing a risk program.

A risk management plan is instrumental to create an organised road map that promotes objectivity in risk identification and prevents the omission of essential risk elements. The plan identifies the individuals involved and is accountable for the efficient implementation of the risk management process.

The plan addresses the need for risk management process management reviews and specifies how and when evaluations will be conducted. If the plan pertains to a particular product, it addresses the entire product lifecycle, from design through production and post-production use (i.e., used by the end customer). Similarly, the risk plan for a manufacturing process or manufacturing organisation's output encompasses the full scope of responsibility and impact throughout the process or organisation. In the plan, the criteria for risk acceptability are specified and a description of how the implementation and effectiveness of any required risk controls are validated. Furthermore, the plan details how information is continuously gathered and fed back into the risk analysis process.

Risk Management Process Implementation

There is a constant need to enquire to implement the risk process.

The Risk Management team continually ask the following questions:

  • What dangers might there be?
  • Which ones are the worst?
  • What are the underlying causes of the risks?
  • Which risks are most likely to materialise?

The risk management team, comprising a group of people with a variety of skills and competencies, will also contribute to the risk process. After the risk team identifies potential risks, they determine potential responses to each risk.

These measures are agreed upon and carried out.

After the implementation of the risk management process, the success of the action taken is assessed

Employees who are responsible for managing risks need to continuously monitor the efficacy of the actions taken and update the risk plan to account for any changes to products or processes and the resulting risk levels.

Measuring the Manufacturing Risk Level

For each aspect of risk, a method for identifying and measuring the risk levels, whether they are financial, customer-related, regulatory, etc. is established.

As you progress through the risk assessment process, you will identify the list of potential risks and used a risk tool to determine the potential severity, probability, and detectability of each potential risk. Each of these aspects are combined to characterise the risk.

One method for combining these various measures is to create a single number as follows:

Severity * Probability * Detect-ability (S*P*D) = Risk Level Number (or a Risk Prioritization Number – RPN).

Once the Risk Prioritization Number is determined, the acceptability of risk is defined and prioritisation of potential risks to be reduced is be agreed upon.

Manufacturers should consider the following in elevating the value of risk assessments:

  • Incorporate risk identification into the process of strategic planning.
  • Innovation and other potential disruptors of strategy should be investigated.
  • Determine mitigation and/or monitoring strategies for the risks with the highest priority.
  • Prioritize mitigation strategies focused on behaviour modification.
  • Define the ownership of key risk mitigation strategies and enforce accountability for results.
  • Consider how to track changes to the strategic plan's assumptions.
  • Define risk indicators and determine information availability.
  • Using both internal and external data to provide objective benchmarks for monitoring key assumptions and strategic risks eliminates bias.
  • Focus conversation on continuous improvement to anticipate a shifting risk environment.
  • Make strategic risk a regular topic of discussion with the board and senior leadership.

Responsibilities of Senior Management

Senior management in a manufacturing organisation ensures that there are resources available, qualified people are assigned to the risk process, the risk acceptability policy is specified and documented, and effective management reviews of the risk process are carried out at regular intervals.

Risk Management Software

As you can see, there are many things to consider when managing risk in your organisation. To support the processes and responsibilities, it is recommended to look at software solutions that make this easier for you to keep track of.

Lahebo is a one-stop solution for all Company’s risk and compliance needs. It has been developed based on 20 years of its sister company, Anitech, working with Australian manufacturers supporting their management systems.

Lahebo supports internal procedures and controls for quality and regulatory compliance, ever-evolving supply chain risks, and integrated risk management practices. It allows you to bring the whole organisation together to work towards zero harm.

Why does your Manufacturing Company need Risk Management Software?

Supporting management systems and optimising manufacturing quality today is not as simple as achieving quality raw materials, increasing training, or recruiting more skilled employees.

Improved risk assessment provides greater agility and protection against disruptive and potentially catastrophic events that characterize prolonged periods of decline. A manufacturer becomes more agile to recognize and respond to such events and capitalize on the opportunities such events reveal.

Internal procedures and controls for quality and regulatory compliance, ever-evolving supply chain risks, and integrated risk management practices are significant quality drivers.

You can save time and money by optimising these by using software, like Lahebo that supports all the factors required to achieve the Objectives of Risk Management in Manufacturing.

If you wish to take care of your Risk and Compliance issues and boost your business, do reach out to us for a demo.

Top Features To Consider When Selecting a Risk Management Software  

Top Features To Consider When Selecting a Risk Management Software  

by | Sep 15, 2022 | Industry 4.0

Risk Management software is a must-have tool for Australian businesses to identify, monitor and evaluate the key risks in their business that affect successful operations. There are many risk management solutions available in Australia but choosing the right one is instrumental for the success of your project and business irrespective of your industry.

A governance, risk and compliance software helps manage data flow and access control within an organisation. Businesses implement GRC platforms to identify risks, enforce governance and policies, data safety, and track compliance.

A sound GRC (Governance, Risk and Compliance) strategy gives clients and organisations an integrated view of their enterprise essential to improving performance. Their key focus would be to overcome risks that can hinder the progress of their business. It helps you to create and manage regulatory and internal compliance measures thus improving business quality and providing learning opportunities.

A GRC software can be on-premises, or cloud-based, with zero coding that allows you to have complete control over your company's activities related to risk and compliance, which increases internal efficiencies.

Here are some of the key capabilities to take into consideration when reviewing and selecting risk management software:

1. Risk Assessment Capabilities

An efficient risk assessment software shall have all the risk assessment capabilities including a facility to report and register risks to the business, a facility to monitor mitigation actions, and a reminder to assess risks in a stipulated amount of time. A key function to seek is the option to have visibility across all departments and locations and to be able to review information at an overall organisational level versus individual departments and locations.

2. Managing Actions

Identifying risks to the organisation is one step. What do you do with the subsequent actions related to the identified risks? Managing the controls and actions to mitigate the risk is a key benefit of risk management software. Having a central platform where risks and their actions can be monitored and evaluated collaboratively decreases the likelihood of disruption to an organisation.

3. Organisation-wide Risk Reporting

Can you define and record different key risk indicators (KRIs) using the risk management software you want to use? For internal reporting with important stakeholders in your organisation, the risk management programme needs to be properly defined and monitored. There should be proper planning done.

With reliable risk management software, you can produce clear, organised, and detailed reports that not only provide review points but also helps you form better decisions for your business and the services provided.

4. Real-time Notifications

Real-time notifications and automated alerting features are a must-have with a risk management solution. Getting caught up in the day-to-day operations of a business means that often the risk register and required mitigation get reviewed only on a periodic basis. Having a solution that provides you and your teams (users) with reminders and updates according to due dates and actions taken means your data is always current.

5. Compliance Management

While keeping in mind the health, safety, and well-being of the people who work there, your organization's risk management procedures must also adhere to all local regulatory requirements. It can be cumbersome to continually monitor websites such as AUSTLII or the Federal Legislative Requirements. Having a real-time automated notification of updates to specific regulations applicable to the successful running of your business will save you time and resources.

6. Completely Auditable Process

Transparency and accountability are essential for many organisational processes. Risk management is undoubtedly one such area where accountability is required. The software programme you want for risk management must be auditable.

This is necessary not only to maintain compliance with regulatory bodies but also in the case of internal and external audits. With fully auditable risk management software, the audit time will become much shorter and less time intensive for teams and users.

For regular use of your risk management software, a clear, user-friendly dashboard is crucial. However, this does not imply that it must be minimal and devoid of essential features. Businesses invest a sizable portion of their product development budget in UI/UX for a reason. Even if the software is excellent, it won't succeed if the user interface is difficult to use or overly complicated, for instance.

Our soon-to-be-launched risk management software Lahebo can provide you with all the top features to overcome risks and enhance your business.

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Feel free to reach out for more information by clicking on the demo here

GRC Software and Its Importance for Australian Businesses

GRC Software and Its Importance for Australian Businesses

by | Jul 6, 2022 | Technology

A GRC software regulates an organisation's processes by finding and managing risks and ensuring they comply with the compliance and risk standards. GRC stands for Governance, Risk, and Compliance.

In current times, businesses are opting to invest in their technology for governance, risk management, and compliance (GRC). It usually to supports its corporate management plan with a unified approach to governing the organisation, spotting, and reducing risks, and complying with the regulatory requirements. It's insurance against disruption to operations in many cases.

A governance, risk and compliance software help manage data flow and accessibility within an organisation. Businesses implement GRC platforms to identify risks, enforce governance and policies, data safety, and track compliance.

 A sound GRC (Governance, Risk and Compliance) strategy gives organisations an integrated view of their enterprise essential to improving performance. Their key focus would be to overcome risks that can hinder the progress of their business. It helps you to create and manage regulatory and internal compliance measures thus improving business quality and providing learning opportunities.

A GRC software can be on-premises, or cloud-based, with zero coding that allows you to have complete

control over your company's activities related to risk and compliance, which increases internal efficiencies.

How does GRC software work?

A Governance, Risk and Compliance Software allows you to report risks in real-time in a centralised platform accessible to all employees as per structure. It is designed to register and track hazards, risks and incidents enable you to track workflows and offer notifications on the legislation and regulation changes.

GRC software provides your company with visibility to information for better quality decision making, faster audit procedures and a real-time reporting system of your risk profile.

Governance

Governance consists of the auditing processes, policies, and rules, assuring corporate activities intended to support business goals. It consists of resource management, ethics, management control, and accountability. These policies can be implemented by the government, legal body, an industry market etc. A risk management program complying with governance is essential for an organisation's success. Governance gives top management the tools to govern, control and influence happenings at the various department levels. They can also check if their work and services are in sync with customers' needs and business goals.

A company implements governance to its policies to offer liability for conduct and results. Executing ethical business practices and corporate citizenship rules can help administer conduct. Good governance determines jobs based on business rank and appraises employees based on results achieved than on responsibilities.

Risk Management

Risk management is an integrated solution that offers businesses a platform to centrally record, analyse and mitigate risks throughout a company's various departments. Risk management involves the employees of an organisation, the technology used, and the various procedures to achieve business goals.

The organisational risks include financial, legal, security, and strategic risks. The employees, as well as processes, implied contribute to the various risks. While lack of staff knowledge on password protection and cyber security causes a threat to the company, inefficient processes and risks at multiple stages can compromise productivity. Hence, enterprises must manage risks and overcome them while ensuring they comply with the latest regulations.

As an organisation experiences growth, including franchising, new sites and company acquisition, the volume of data increases across multiple locations and departments. Thus, tracking work procedures, data and workflow is essential. The ability to report on and mitigate risks manually becomes redundant with a company's growth. A centralised GRC software is the answer to this problem. It has automated controls, and you can report and manage risks that are visible to all. It helps in managing a business as per compliance guidelines.

A risk management program aims to achieve corporate objectives while optimising risk profile and securing value. It aims to share reliable information with the stakeholders while meeting their expectations. It must be contractual, legal, ethical, and social goals while assessing new technology-based regulations.

Continuous Risk assessments will protect businesses from uncertainty, reduce costs, and offer success and longevity.

Compliance

Compliance involves companies adhering to the government's policies, rules, laws, and standards. Failing to do so could cost an enterprise in terms of poor performance, costly mistakes, fines, penalties, and lawsuits.

An organisation must implement a compliance program based on creating, distributing, updating, and tracking compliance policies and training employees about them.

To implement a compliance program, companies shall analyse risk posing areas to assign resources. Only then, the policies should be developed, communicated, and implemented to the staff to address those risk areas. A standard guide should be created and shared with employees and vendors to make it easy for them to understand the compliance policies.

Benefits of GRC Software

GRC tools offer considerable benefits to businesses implementing them. The right GRC software can provide an enterprise with a preventative strategy to secure their company.

A robust Governance, Risk and Compliance Software (GRC) provides a central platform for organisations to regulate their governance, risk management, and compliance strategy across the company. It also helps regulate independent silos, which might amount to risks and impact the overall growth of the enterprise.

A GRC software makes businesses capable of making informed, quick decisions. They can reduce the time invested in audit cycles with the help of automated controls, thus promoting efficiency and reduction in the cost incurred on lengthy audits.

GRC software can spot security as well as compliance risk harming an organisation. With the help of GRC software, companies can have the governance, risk, and compliance procedures essential for their company's long-term continuity.

Below listed are the benefits of GRC software:

  • Speedy risk analysis, prevention, and reporting.
  • It saves time invested in going through multiple spreadsheets.
  • Elevates business reputation and value.
  • More automated controls that promote efficiency.
  • Offers visibility.
  • Short audit cycles.
  • Reduction in the compliance cost.
  • Provides real-time notification on changes in the law and regulations.
  • Spots exceptions to reduce damage quickly.

Integrated Risk management (IRM)

Integrated risk management (IRM) is a group of processes supported by a risk-aware culture and enabling technologies that improve decision-making and performance through an integrated view of how well an organization manages its unique risks.

Top features to look out for in GRC software

A GRC software must have centralised, automated controls, be flexible and scalable and support future standards. It should have customisable reporting and task delegation.

We have described the top features of a GRC software as given below:

Content Creation & Document Management:

It must help users create, track, and store data in digital formats.

Risk analysis:

The software must allow users to access controls to assess them for risks and be able to predict and mitigate them. It should also provide solutions to overcome risks and enhance the process of risk mitigation.

Central dashboard

It offers a centralised dashboard with customisable metrics to provide visibility on GRC performance throughout the organization. All users can see GRC updates except for certain departments with limited access.

Audit management

This feature intends and assists users in simplifying internal audits and third-party risk assessments.

Workflow management

It helps in creating GRC inclusive workflows is made easy, thus allowing transparent and hassle-free workflow management.

Reporting tools:

Reporting tools provide users with an option to customise as well as export data to create reports. The formats make it easy to add inputs in the available file formats.

Built-in integrations:

The built-in integrations feature enables connectivity to other software and essential tools.

Compliance management:

Compliance management is an essential feature of GRC software. It helps assess if the company's policies resonate with the compliance efforts and regulatory requirements. It also notifies any changes in regulations and government policies in real-time.

Cloud-based Risk Management

With businesses shifting their base to the cloud, the risk management software also has a cloud interface to make it easy for organisations to assess, manage and store risk information in real-time.

Why is GRC important for businesses in Australia?

With the help of GRCs, Australian businesses can govern their enterprise, find and overcome risks and manage workflows in real-time. They reduce the time required for manual documentation and handling risks and workflow data. The centralised platform offers access to all departments, thus providing transparency and visibility.

GRC software makes it easy to mitigate risks at the departmental level itself, thus improving work productivity. GRC also ensures the business strategy; plans comply with policies and government regulations. It shall save Australian businesses from any legal action for non-compliance. Thus, GRC software is essential for the overall growth of Australian companies.

ROI Support to Businesses

Companies may find it challenging to assign resources, address conflicts, and measure success. These issues can result from the increasing costs of addressing risks and requirements while facing the challenge of managing the exponential growth of third-party relationships and risk.

However, companies can set and monitor clear objectives with metrics generated from a GRC platform, which will help increase their performance and improve their ROI.

With an innovative GRC solution to power their governance, risk management, and compliance strategy, companies can more efficiently govern their business while effectively anticipating and managing the risks they face-even as their operations grow in complexity. In the current environment of heightened risk and uncertainty, GRC tools provide the visibility, intelligence, and control businesses need to ensure their enduring success. Learning the use of GRC tools is also quite easy.

Who shall opt for GRC software?

The following types of enterprises shall implement GRC software:

  • Businesses seeking to enhance productivity; transparency in reporting and managing risks; compliance with regulations; and keenness to improve workflow.
  • Companies that have a history of risk and compliance failure.
  • SMEs and organisations lack confidence in managing their risk and compliance.

Is GRC Software industry-specific?

Australian businesses, irrespective of their industry, can benefit from GRC software. The larger size of an organisation makes it difficult to manage huge volumes of data and have a risk analysis for the various departments. Hence, big enterprises with governance, risk management, and compliance responsibilities distributed across multiple departments - may benefit more from adopting a unified methodology.

How much does GRC software cost?

A robust GRC software can range around $200,000, including software, hardware, and implementation. GRC software costs may reach as high as $600,000.

Top GRC software to look out for in 2022

Here is the list of the top GRC software to look out for in 2022:

  • Fusion Framework System.
  • StandardFusion.
  • IBM OpenPages.
  • ServiceNow Governance Risk and Compliance.
  • SAI Global Compliance 360.
  • Navex RiskRate.
  • Enablon.
  • Riskonnect

Why Choose Lahebo?

Lahebo is a cloud-based SAAS platform for SMEs and businesses willing to manage risk and compliance in real-time on a user-friendly database. Below are the core functions that make Lahebo stand out from the crowd for your risk and compliance needs:

  • Dashboard Reporting.
  • Real-time risk profile reporting.
  • Management and status reporting.
  • Earlier identification of risks.
  • Controlled Risk Register.
  • Company risks connected to the Legal Register.
  • Mitigation, Incident, and non-conformance tracking.
  • Legal Register
  • Legislative Library
  • Notification of Legislation and Standard changes.

The other features that will make Lahebo a favourite among Australian businesses are listed below:

  • Systematic Risk and Compliance Management.
  • Cost-effective packages.
  • User manuals and descriptive blogs.
  • Ease of access.
  • Responsive Customer Care.
  • Additional assistance from our Boutique consultancy Anitech for paid expert advice.

So, if you want to manage risk and comply with regulations, your business needs Lahebo. Contact us for further information; call us on 1300 802 163.

Introducing Lahebo – A Platform Central to Risk and Compliance management 

Introducing Lahebo – A Platform Central to Risk and Compliance management 

by | Jun 28, 2022 | Cloud Security

Lahebo is the new name of  Risk and Compliance management, and your business should take note of this platform. A brainchild of Anita Patturajan and co-founded by Isaac Patturajan, Lahebo is gearing for a soft launch to offer a single platform for your Company’s Risk and Compliance management.

Many businesses fail to assure compliance with corporate governance policies and litigation, which is a critical undertaking for them. With huge, fragmented and siloed data, many organisations face challenges like proper data storage, security, and management. Furthermore, these struggles become complex with an increase in the data volumes and varieties. Hence, companies require risk and compliance management applications like Lahebo.

Who are We?

Lahebo is a soon-to-be-launched software that will make risk and compliance management hassle-free for businesses in Australia. It is a paid application software that will offer clients a central platform to report risks, manage and share data across various departments, create and manage reports on risks, and ensure their processes comply with the business standards. We aim to simplify the complex workplace structures and provide risk and compliance management in real-time.

Issues faced by businesses

The various workplace issues that reduce productivity include complex security networks, time-consuming procedures, lack of organisation and coordination between different departments, multiple sheets used for risk assessment, no documentation of processes, etc.

1. Organisational

No documentation of complex work processes and IT systems have hand-held user manuals. IT systems are complex to understand.

2. Security threats

Security systems of businesses face cyber threat issues that can compromise systems and sensitive company data. A lack of systematic risk assessment leads to multiple spreadsheets and no systematic record. Hence, it is difficult to overcome system risks across various departments. Many can go unnoticed and attract cyber-attacks, and data breaches that can hamper reputation.

3. Compliance issues

Since organisations are not able to track risks systematically, they face compliance challenges and are unable to meet the requirements of legislative policies. This can lead to severe damage and even the shutting down of enterprises.

Not complying with the legislative standards can cause legal proceedings, damage the reputation of a company, and reduce trust among customers.

4. Psychological

Complying with legislative changes is considered an extra constraint by businesses. It adds to the psychological pressure of risk assessment and management and updating management systems as per the changing legislative policies.

5. Financial

Risk and Compliance management costs businesses financially as the amounts incurred alone on compliance are quite high. This is one of the reasons many companies do not have a risk and compliance management system.

Hence, businesses require a central platform like Lahebo that will offer risk and compliance management in one place while taking care of the various issues faced.

Benefits of Lahebo

1. Central place to report possible risks and keep a systematic record on the same.

2. Transparency of data.

3. Easy to check if the work processes comply with the standard policies.

4. Multiple spreadsheets for risk assessment are replaced by one single platform that will be shared across the organisation.

5. Notification of Legislative updates.

6. While you manage your risks and comply with regulations, you can improve business processes. This helps you increase operational performance and transparency and break down silos.

7. Simplify complex work processes.

8. You won’t have to check multiple places for information.

9. Documentation of risks, work processes and compliance policies in one place.

10. Get true visibility across your organisation.

What makes Lahebo stand out

1. The user interface of Lahebo is designed to provide ease of access to our clients.

2. A systematic risk and compliance management that is easy to understand.

3. A responsive customer care to tackle queries.

4. Cost-effective packages for organisations and their employees.

5. User manuals and blogs on our products.

6. We have our Boutique consultancy Anitech that will offer paid information security solutions to enhance management systems that will make an organisation eligible to get ISO 27001 certified.

To offer Australian businesses a central Risk and Compliance management platform, Lahebo is gearing for a soft be soon available to the clients.

Cloud Security

Cloud Security

by | Mar 28, 2022 | Cloud Security, Technology

The security of data and intellectual property is a matter of great concern for an IT Leader. IN today’s environment, that of Security in a cloud-based environment.   It seems to be that a news item every day tells of a major serious breach at a high-profile company or government organisation. 

Use of the Cloud has increased as many organisations move to an e-commerce basis following pandemic lock-downs. Often they use Managed Service Providers to host their web-based functionality.

The cloud infrastructure differs from that of a traditional ICT environment. A traditional environment has few external interfaces.  They are usually well-managed behind a firewall and other antimalware and attack protections.  All users are registered users with a security profile.  Finally, there are limited types of devices that are known to IT attached to the network.  The chief point of concern is online security.  A second issue is users transferring data in and out of the network using online data stores like DropBox, and by using removable devices like flash drives.

Cloud Security brings a whole new range of threats.  Firstly, increasing numbers and types of external interfaces that need to be managed and monitored.  In addition to an Internet Connection supporting email and web surfing, the Internet interface now supports access to other applications.  Users want access to social media, the communications infrastructure needs to support VoIP voice, video calls and incoming connections. 

A major issue with remote access is that IT no longer has control over the devices that attach to their network.  Users can use smart devices, laptops, tablets and PCs to access it.  They can connect from home, or by WiFi from a public space.  IT needs to make sure that communications are encrypted, secured and that devices can be remotely scanned for malware.

Remote and working from home staff need access to the corporate systems anytime and from anywhere.  In the supply industries, some organisations provide customers and suppliers with limited interaction with corporate systems,  The general public want access to the corporate website, and to online support.   This environment is highly complex and provides a much larger attack surface to gain unauthorised access to systems and data.

The answer to the question “Are your data really safe in the Cloud?” is no.  However stringent the security measures, however rigorous the policing of network traffic, at some point the hackers will break the defences.  To what measure and how quickly the organisation recovers depends on the defence and recovery programmes in place.

If you have outsourced your online presence to cloud infrastructure provided by a Managed Service Provider, then most of the security issues are down to them.  You, however, need to take care of your internal issues, and have regular reviews of the security measures used by your MSP.

To consider defence first.  The usual sporting analogy is that offence is the best defence.   The anti-malware and intrusion systems must be proactive.  Implement, and use, network management software that can detect unusual patterns of activity, particularly at the firewall.   Even if it affects performance make sure that the full range of protection is enabled on your firewall.

AI and self-defining networks can go a long way to providing monitoring and alert systems that reduce the need for dedicated staff.

Don’t neglect the desktop.  Make sure all desktops have centrally managed anti-malware software, load, operational and up to date.  Malware can spread across a network with lightning speed.   All desktops need to be equipped with up to date malware protection.

The FBI state that most attacks begin with user errors.  A phishing email sent to everyone will see how many employees actually respond.  Users might introduce malware inadvertently or deliberately into the network using a removable device. They might try to steal data using a removable device.  Their DVD and USB ports should be disabled in the BIOS to stop them.

If you have outsourced your operations to a cloud services provider, data theft and security breaches might start with their staff.  Be very vigilant.

Second, how can you improve your chances of a full recovery? 

Create, and test a cloud backup regime that allows you to take your environment back to the factory settings and completely reinstall all operating and network systems, applications systems and data from a backup suite.   Test it, because it wouldn’t be the first time that backup media is corrupt or empty.

Don’t be complacent.  Even if you have industrial strength malware protection, you will be hacked at some point.  To reiterate - The answer to the question “Are your data really safe in the Cloud?” is no.