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Why Plan?
There are many reasons why organisations embark on the business continuity management process. The more common reasons concern the protection of:
- Company assets including data and information
- Company revenue
- Company market share
- Stakeholder interests
Recent statutory and regulatory changes now mean that organisations are finding there is a legal obligation to take precautionary measures to ensure corporate governance in terms of protection of data and company assets. Likewise, auditors and insurance companies are now expecting to see documented disaster recovery and business continuity plans in place.
In line with this, it has been estimated that the costs of a recovery from a disastrous event may be in the vicinity of 15 times greater than if a properly executed recovery plan existed. Research has also shown that an organisation stands to lose up to 60% of its productivity within a few days following a disaster, making it uncompetitive. To make matters worse, experience has shown that insurance usually covers only 30-50% of all losses in a disaster.
