If you’ve ever been concerned about recovery from unexpected incidents, such as a cyberattack or natural disaster, a business continuity plan can ensure continued operations should the threat become a reality.
Why should my organization develop a business continuity plan (BCP)?
Cybercrime has steadily risen over recent years and will continue to do so. Damages due to cybercrime will cost about $6 trillion annually by 2021, up from $3 trillion in 2015, as reported by CSO Online. With that outlook, a business continuity plan could be a necessity. A lack of a BCP may result in:
• Loss in revenue and/or production
• Loss of sensitive data
• Drop in brand or business reputation
Developing business continuity can also increase your company’s resilience to network failures, employee errors, and other detrimental situations while maintaining your company’s reputation.
How do I build a BCP?
Building a business continuity plan can take time and effort, but it doesn’t have to be complicated. The following actions may help you best implement a BCP.
• Conduct a business impact analysis.
A business impact analysis identifies what’s important to your company, such as types of data, acceptable downtime, and more. It shows what IT information needs to be documented for future reference and troubleshooting.
• Assess and manage your risks.
Examine your network infrastructure to assess any weak points and determine your backup strategy. You should also know where and how your data is stored in case of emergencies.
• Test and evaluate.
Testing and evaluating your BCP reveals adjustments and improvements that need to be made. This ensures that your BCP is up-to-date and coordinated with your company needs.
Businesses reap countless benefits from the world of IT, yet that world is never completely safe or predictable. Developing your business continuity plan can safeguard against potential technological downfalls.