Business continuity is the practice of ensuring that mission critical functions are not impacted, or the impact is limited, when an incident or disaster occurs.  Business continuity is achieved to a small degree through the use of industry best practices.  Unfortunately, best practices are often considered expensive and so many small business do not implement them.  Some of the repercussions can be seen in the line chart to the right.

When business is disrupted, it can cost money. Lost revenues plus extra expenses means reduced profits. Insurance does not cover all costs and cannot replace customers that defect to the competition. A business continuity plan to continue business is essential. – ready.gov

Murray IT Consulting will work with you and your team to develop a Business Impact Analysis in order to create mitigation and prevention strategies.  Simply put, we will seek to understand how the disruption, its likelihood, and its timing may impact your company and develop a solution to keep you running.

The risk assessment process below is just one of many resources available to small businesses at ready.gov.

  • No Daily Backups (GFI) 53%
  • Survival Rate w/ no Disaster Recovery Plan (Touche Ross) 9%
  • Recovery Efforts Consumed Staff Time (DRBenchmark) 25.9%
  • Organizations Who Suffered a Direct Financial Impact (DRBenchmark) 23%
  • Organizations Who Suffered Permanent Losses (DRBenchmark) 7.1%
  • Business Do Not Re-open After Major Disaster (IBHS) 25%
Hazard Identification: Hazards - Fire, Explosion, Natural Hazards, Hazardous Materials spill or release, Terrorism, Workplace violence, Pandemic disease, Utility outage, Mechanical breakdown, Supplier failure, Cyber attack - Probability & Magnitude Flows into: Vulnerability Assessment: Assets at Risk - People, Property including buildings, critical infrastructure, Supply chain, Systems/equipment, Information Technology, Business operations, Reputation of or confidence in entity, Regulatory and contractual obligations, Environment - Vulnerability Flows Into: Impact Analysis: Impacts - Casualties, Property damage, Business interruption, Loss of customers, Financial loss, Environmental contamination, Loss of confidence in the organization, Fines and penalties, lawsuits.

Sources:

  • Tangen, S., & Austin, D. (2012, June 18). Business continuity – ISO 22301 when things go seriously wrong. Retrieved August 07, 2016, from http://www.iso.org/iso/news.htm?Refid=Ref1602
  • Business Continuity Plan. (n.d.). Retrieved August 07, 2016, from https://www.ready.gov/business/implementation/continuity