Cost Of Not Having A Business Continuity Plan
We went to find out.
Cost of not having a business continuity plan. Having a business continuity plan in place for these processes ensures that they can be maintained effectively during a crisis or disruption keeping the business from facing steep fines. The loss of data triggers a snowball effect from which many businesses are unable to recover. The following figure illustrates a business continuity planning process used by ibm global technology services.
A business continuity plan does what a normal backup can’t. Outsourcing your recovery planning also helps in addressing the fact that a business continuity plan isn’t static. An organization somewhere will suffer a cyber breach.
A bcp can help to: Restart operations swiftly following disruption. Depending on the size and operations of a business, the cost of a complete data loss can cost thousands or even millions of dollars.
If you have failed to plan for such an event, the impact is likely to be far more significant. Get reviews, pricing, and demos on the best business continuity software. It’s a closed loop that supports continuing iteration and improvement as the objective.
Flood insurance for home and business: Other potential crises can be just as costly. The average cost of a business interruption varies from $5.8 million due to fire or explosion and $4.4 million due to a storm.
Even a small disruption to business will cost money, so having a plan in place can mitigate revenue losses. Flu fight resources for businesses; Business continuity plans can significantly reduce the cost of disruptions.
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