According to the Institute for Business and Home Safety, an estimated 25% of businesses do not reopen following a major disaster. Gartner Inc., a leading information technology research and advisory company, further estimates that 43% of companies were immediately put out of business by a major loss of computer records, with another 51% ceasing operations within two years — for a staggering 6% survival rate after two years. How is a business owner to manage this “bet-the-company” risk? Through business continuity (BC) planning.
Fortunately, BC planning does not require “all the king’s horses and all the king’s men.” The financial services industry is ahead of the curve and provides helpful guidance on accepted practices in BC planning for all companies, whether financial or otherwise. In February 2015, the Federal Financial Institutions Examination Council (FFIEC) issued a Business Continuity Planning IT Examination Handbook. The handbook is freely available to the public through the Internet and is a must read for business owners and their executives.
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