Risk and Vulnerability

Identify and assess risks and vulnerabilities. Consider the following types of risks:

• Natural hazards such as flooding, severe thunderstorms (wind, rain, lightning, hail),windstorms, hurricanes and tropical storms, extreme heat, winter storms (snow/ice), earthquake, pandemic, foodborne illnesses.
• Technological hazards such as equipment breakdown, power outages, phone, internet outages, transportation disruptions, cyber/information technology threats (malware attack, hacking, fraud, denial of service, etc.), supplier failure.

In assessing your risks, rate the risk potential according to the probability of the risk and the impact on your business. Your vulnerability to the different risks is a combination of the likelihood and impact of the risks.

• Use this Hazard and Vulnerability Assessment worksheet from the American Red Cross to determine which hazards you should plan for and prioritize for continuity planning.
• Use this Risk Assessment worksheet from the Small Business Administration.
• Identify the threats to your business by identifying the most likely disruptions and their impacts using this worksheet.
• Common risks for small businesses in coastal Virginia that you may want to include in your resilience planning include:
  • Hurricanes or tropical storms
  • Winter weather
  • Tornadoes
  • Floods
  • Cybersecurity
  • Power outages
  • Phone/internet outage
  • Loss of access to building/facility
  • Critical equipment failure (e.g., heat or A/C, cash registers)