In this blog, we will discuss why a business continuity plan and management is a vital part of any business venture.
Let’s start our discussion by understanding what business continuity means.
What is Business Continuity?
Business continuity can be identified as all the planning and preparations that an organization conducts to make sure that it can still operate its crucial business functions while in a disaster or catastrophe.
In short, this means, doing every possible thing you can do before the time to make sure that even in misfortunate events, your business functions properly.
These misfortunate events can include:
- Power outages.
- Hardware failures.
- Natural disasters.
- Burglary attempts.
- Global pandemics.
Why is Business Continuity so Important?
No matter how big is your business, you must have a business continuity plan (BCP) in place. So, you can survive a disaster. Continuity in business is crucial because:
- It offers you a significant benefit over the businesses that have no such plans deployed in place. For instance; while a big catastrophe affects your industry, you will be in a position not only to survive but leverage the possibilities that emerge from others who were less prepared.
- Boost employees’ morale. If the system is properly managed, everyone in the organization will be accounted for, proving to employees that the administration has recognized their requirements.
- Business continuity planning is rapidly becoming a legal need. This is because more and more businesses are failing due to insufficient risk management or recovery plans.
Suggested For Further Reading:
- How to Defend Your Business From Brute Force Attacks?
- Insider Threats: What They Are And How To Handle Them
The Five Parts of Business Continuity
Now, as you know how important business continuity plan is, you must also understand that ensuring business continuity needs both a business continuity plan and process in place. Though the plan may particularly vary on the basis of various factors, five components are crucial for every business continuity plan.
Leadership and Responsibilities
The Business Continuity Management (BCM) Team is a small group of insiders of the organization who takes care of driving the development and implementation of the process.
Risk Assessment or better known as Business Impact Assessment (BIA), aims is to recognize the things that are potential threats to the business. In simple words, the intent meanwhile the risk assessment is to discover which business processes will be impacted.
On identifying the business risks and their impacts, well document it, elimination strategies are essential to minimize your organization’s vulnerability to these risks. Professionals should conduct both the risk assessment and risk mitigation to ensure that all likely risks are discovered and ideal strategies are taken place for reducing the impact on business.
Recovery and Continuity Strategies
Along with deploying risk mitigation strategies, you must have detailed methods on how you will recover your business from disaster-type events and will proceed to function.
Remember that communication is a key strategy. Having said that, don’t skip on the details while developing the security strategies as they are crucial to the survival of your organization.
Testing, Implementation, and Continuous Improvement
On developing the essential strategies and methods, you won’t understand how efficient they are until you carry out a few testing and implementation.
Testing will include the process of informing your team regarding the plan’s details and training them on their respective roles and liabilities.
Regular security awareness training and exercises will be needed for the various scenarios covered by your strategies to guarantee that everyone completely knows what to do.
We hope this blog post, helped you understand how to develop a business continuity plan.