Why Business Continuity?
If you had to imagine a worst-case scenario event for your business, what would it look like? It could be a major data breach, which is becoming more frequent across different industries, a malware attack, or perhaps even a natural disaster – all potentially catastrophic and certainly disruption-causing scenarios that any business owner would want to keep at bay.
The truth is that the unexpected happens all too frequently in the business world. Businesses that don't plan ahead risk facing anything ranging from operational disruption to significant financial losses, and even business closure. Therefore risk mitigation through business continuity planning isn’t optional, it must be at the core of all business operations. After all, anticipating the unforeseen and avoiding major disruptions is critical to any successful business.
Breaking Down Business Continuity Planning
Business continuity planning is the process of creating operational systems and processes that aim to prevent, recover from, and increase your business's resilience to potential threats. At its core, a business continuity plan assesses risks posed to your business by natural disasters, cyber-attacks and other threats, while ensuring that operations can be resumed within a reasonable period to mitigate losses.
A business continuity plan typically considers three key business elements: resilience, recovery, and contingency.
- Resilience: your business’s ability to anticipate and mitigate risk while continuously adapting in the face of ever-changing threats.
- Recovery: the arrangements in place that restore business function, established through detection, correction, and testing.
- Contingency: your business’s general capacity to cope with the disruption that was truly unforeseen and any final responses should resilience and recovery fail.