The current outlook for the 2015 hurricane season is for 7-9 named storms, 3-5 hurricanes and 1-2 major hurricanes (category 3 or higher). The weak El Nino weather stream and variations in water temperatures are predicted to have a disruptive impact on hurricane formation leading to a lower than average number of storms this season.
Even though it may be a quiet year overall for hurricanes, it takes only one to make landfall to create significant problems. Therefore, it is important to stay aware of any developing formations by periodically checking the National Hurricane Center, local news and the HUB International Crisis Management Center. It is important to get information as soon as possible regarding predicted storm tracks and the cones of uncertainty to begin planning.
In order to prepare, businesses should:
- Understand employee needs
- Develop a communications plan
- Determine your potential physical exposure to wind, flood, power outages, etc.
- Determine your potential business impact to the supply chain, manufacturing, data loss, productivity loss and sales
- Understand the timing of the storm in relation to the business with financial reporting and other time sensitive functions
- Calculate the cost of business interruption (one day, week, one month etc.)
- Review your insurance coverages
- Establish plans for recovery such as water removal, recovery of vital documents and re-start of critical components
Also with every major storm or event, there is an increase in criminal activity with break-ins and fraud. It should be expected that this increase can originate from physical theft and scams and also cyber incidents, such as phishing, spear phishing, data breaches and email compromises.
HUB Risk Services offers companies educational materials and best practices to mitigate the impact of such tragedies. Download HUB’s white papers including, Preparing for the Unexpected: Disaster Management Planning for Businesses and the 5-Day Hurricane/Storm Preparedness Plan.
Protect your business by planning for the worst and being prepared for recovery. Contact the HUB Risk Consulting team.