And that risk could threaten many jobs too, if vital online accounts such as healthcare policies, legal documents and customer data can be blocked to anyone who does not have the necessary access rights.
With at least half of all business owners expecting to continue to work well beyond retirement age there is clearly a need to prepare for the worst.
Forward-thinking owners are likely to have planned for their passing, including wills, funeral arrangements and so on, yet few think about what will happen to their digital information.
The complexity of business processes today, particularly in hybrid and cloud environments has propelled the need to take stock of all processes in order to prepare for the unexpected.
Creating a digital estate plan needs to be carried out methodically to ensure everything is covered, while still maintaining the security of key information.
The question business owners need to ask is: Would someone have access to everything they need in order to pick up where I left off, or to settle my business after my death
Continue on the next page for how small business owners can manage their digital afterlife and ensure the continuity of their business.