In keeping with the Cyber Liability theme, let’s talk about business continuity and the items that need to be considered. This is not just in relation to Cyber Liability but more in the context of your company’s Total cost of Risk. Below is a list of considerations when thinking about business continuity.
Risk Assessment – What risks does your business face? Consider the following; natural disasters, cyber-attacks, supply chain disruption, and other potential threats that could disrupt your business.
Business Impact Analysis (BIA) – Identify critical business functions and processes. Then relate these disruptions back to the items listed in your risk assessment and think about how that would affect your business from a financial and operational perspective.
Recovery Objectives – Determine your RTO (Recovery Time Objectives) and your RPO (Recovery Point Objectives). You want to determine how quickly functions can be restored.
Documenting and Reporting – Detailed documentation of the plan, including procedures and records of drills and actual incidents.
External Support and Partnerships – consider the role of external support, including IT support, third party services, and insurance providers.
Employee Support and Welfare – Utilize strategies to support employees well being during disruptions, recognizing that they are critical to the business’s recovery.
By thinking about the above items, you can help plan for your company’s business continuity and enhance your resilience against disruptions. Stay with us, as next month we will break down the above components in greater detail, starting with Risk Assessment and how it relates to the Business Continuity Planning.
