Partners and providers: frequently asked questions (FAQ)
1. Why Business Continuity Planning (BCP)?
- 43% of US companies never reopen after a disaster and 29% more close within 3 years.
- 93% of companies that suffer a significant data loss are out of business within 5 years.
- 20% of small to medium size businesses suffer a major disaster every 5 years.
- 78% of organizations that lacked contingency plans but suffered catastrophic loss were gone within 2 years…most had insurance, and many had business interruption coverage!
2. What is the difference between Business Continuity and Disaster Recovery?
Business Continuity Planning focuses on the restoration of business functions. Disaster Recovery focuses on the restoration of infrastructure that supports business functions.
3. What does a BCP do for me?
- It addresses actions to be taken before, during and after a disruption of business functions.
- It spells out in detail the what, who, how and when of a recovery plan.
- It reduces liability and disruption to normal business operations while assisting with the decision making process.
- It assists with a broad range of events from natural disasters to loss of staff.
4. What is a Mission Critical Function?
5. What are some guidelines for identifying mission critical functions?
6. What is an Executive BIA?
- Support primary mission statement
- Support other agencies mission critical function
- Must be recovered quickly
- Have a high dollar value
- Have a high customer or client impact
- Have political ramifications or implications
- Have legal requirements or liabilities
Business Impact analysis - A tool for helping you understand the effect of an interruption on the viability and operations of its critical business functions.
7. What have we learned?
- Business Continuity Planning is a business issue
- It is not a question if disaster will strike…but when!
- Most organizations are not prepared for a major disruption.
- 2 out of 3 companies have been forced to close due to major disruptions…but the State cannot close!
- The world is a different place now.
- Advanced planning reduces the impact of a disruption.