Business Continuity planning is the creation of a strategy through the recognition of threats and risks facing a company, ensuring that personnel and assets are protected and able to function in the event of a disaster. Are you prepared incase of a disaster? No business owner wants to dwell on thoughts of floods, fires, hurricanes, and other misfortunes, but the reality is that there is always a chance that catastrophes like these will strike, and every business should have a thorough and up-to-date plan in anticipation of the worst.

  • Business’ that lack a continuity plan 40% 40%
  • Business’ that don’t reopen after disasters 42% 42%

A big problem is that many business owners are optimistic and overconfident that their companies are protected against the risk of significant financial loss or going out of business in the event of a catastrophe. A comprehensive business continuity plan should take into consideration any and all interruptions of normal business activity, from power outages and system failures to natural disasters or pandemics. They may also consider disasters that are unseen, such as cyber attacks and online hackers.Business Continuity Planning focuses on sustaining an organization’s business processes during and after a disruption. An example of a business process may be an organization’s payroll process or customer service process. Because business processes use information systems, the business continuity planner must coordinate with information system owners to ensure that the BCP expectations and IS capabilities are matched.

More than ever, insurance providers are requiring businesses to present some form of a business continuity plan as part of their due diligence procedures before underwriting policies. This, combined with the risk of losing an entire enterprise following an emergency, should be an incentive for companies across all industries to create and maintain a business continuity plan. GraVoc’s Information Security team works with businesses at all stages of the disaster recovery and business continuity planning process. Our associates work with key stakeholders within an organization to build and test their business strategy. GraVoc also conducts necessary employee training and provides thorough documentation of all the processes.

References

http://ithandbook.ffiec.gov/it-booklets/business-continuity-planning.aspx

http://www.Inc.com

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