Business continuity allows companies to get back on their feet after internal failures, cyber attacks, natural disasters or any number of disruptions. Once plans are put into place, the business can continue to operate as they did before the disruption.
Business continuity planningmay be used in case your business faces national disasters or other emergencies that makes an impact on your everyday operations. Nearly 40% of small businesses close after a disaster, so business continuity plans have increasingly become a top investment. The market for business continuity was projected to reach over $61 billion this year.
One of the biggest—and constant—dangers small businesses face is cyberattacks. In 2016, hackers broke into 14 million small businesses to gain access to their “secure” data. Recovery time from cyber attacks vary, but it may take a business up to seven weeks to remove the malwayre and resume business as usual. Seven weeks of recovery can mean seven weeks of lost revenue and customer trust. Disaster relief and business continuity strategies can cut that time down so that your business can get back on its feet quickly.
Business Continuity Matters
Disaster preparedness and security must be proactive to be effective. Many strategies put a lot of resources into preventing attacks. This is the best way to reduce your risk. But as hackers develop more complicated technologies and ways to breach data, your business is still at risk. No one is completely safe. Business continuity planning takes this risk into consideration.
Additional cybersecurity strategies can lay an “in-case-of-emergency” foundation, but they often stop once the problem is fixed. Your borders may be secure and your network may be free of the malware that caused the original problem, but that doesn’t solve the problems that you now face. Your data could be stolen, missing, or in the wrong hands. Business continuity goes beyond typical cybersecurity strategies to plan what your business will do in the aftermath. Having these plans in place can improve disaster recovery rates by 17%. Having a business continuity plan shows that you are a proactive company with the security and safety of your customers in mind.
Creating and Managing a Business Continuity Plan
Disaster recovery and business continuity planning doesn’t have to be complicated, but it should take your most important assets into consideration. Data-driven companies should take careful measures to thwart or minimize data loss. Backing up your data at an offsite location can help ensure that all information is safe in the event of a local disaster. Cyberattacks can cost your business hundreds of thousands of dollars, and the bills only increase without a business continuity plan. Small and medium business bank accounts are draining at a rate of $8,000 to $74,000 each hour they’re on downtime.
Once this plan is in place, it should be tested and assessed for its ability to get your business back on its feet after a cyberattack. Business continuity is a circular pattern of analysis, design, implementation, and validation.
Bring Business Continuity Planning to Your Business
Business continuity planning or services are crucial to your business operations. Not only does it put a system in place to fully (and frequently) back up data and applications, but replicates your data as well. With a plan in place, it’s easier to utilize remote systems or mobile workplaces to access information and keep the business flow.
Want to know how business continuity services can set your business up for success—no matter what happens?