The importance of a business continuity plan is often underrated. Every day, the number of threats to business keeps increasing. This has made the current operational landscape highly risk prone and volatile. But many still tend to postpone implementing a business continuity policy. Needless to say, most organizations are caught unaware when disaster strikes. The absence of a business continuity plan means that IT teams don’t know how to respond to the situation or mitigate the after effects of the crisis.
Misconceptions
Organizations don’t invest in a business continuity management solution for the wrong reasons. Some commonly encountered misconceptions have been listed below:
Damage and losses can be offset by insurance – Coverage programs do provide some amount of insulation. However, the organization is still exposed to risks such as fatalities, federal/regional law violations and reputational damage.
Enterprises can make their businesses more resilient by including public liability insurance in their business continuity strategy. This isn’t mandatory by law. But it does give companies the necessary mileage to handle the concerns of customers, stakeholders and other interest groups.
Employees know how to respond to a crisis – Employees have a cursory level of understanding of what to do during a crisis. However, individuals can never be sure of how to respond to a disaster unless they have been previously confronted with a similar situation in real life. For instance, if the office building was destroyed by a cyclone, each employee would respond differently to the situation during and after the disaster.
Business continuity plans allow organizations to deploy a consistent plan to a common problem.
There’s no time to invest in a business continuity capability – Most of an organization’s time is consumed in carrying out day to day business operations.
Fortunately, the task of creating and deploying a business continuity plan can be outsourced to experts in the field such as Stay in Business who can assist you in implementing a comprehensive BCMS capability.
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Disasters
