Showing posts with label Why Business Continuity and Disaster Recovery. Show all posts
Showing posts with label Why Business Continuity and Disaster Recovery. Show all posts

Friday, March 13, 2020

Why Business Continuity and Disaster Recovery


Business impact analysis is an essential element of the business continuity planning process. This step quantifies the data and enters the real world of possible losses that can harm your business. It is used to understand the most significant impacts and how best to protect your employees, their processes, their data, their communications, their assets, and the goodwill and reputation of the organization.

Why Business Continuity - Organizations often think in terms of disaster recovery. Business continuity and business impact analysis are more focused on keeping business in business and less on disaster recovery. The business impact assessment also focuses not only on potential disasters but also on all potentially critical discontinuities. The main elements of business impact analysis are identifying essential business functions, establishing the maximum acceptable interruption time for each of these functions, and determining the impact of non-execution of these functions. This can be measured against regulatory, legal, financial, operational, or customer service requirements.

Once the suitability and security controls have been assessed and the critical functions and downtime defined, the business continuity planner must develop an understanding of the likelihood of threats based on severity or impact and start developing an analysis—benefits of more significant impact and higher possibility of risks.

It is almost impossible to create absolute value and prioritize threats and impacts. In general, a relational system is used to suppress absolute priorities. Typically, each danger is assessed based on its likelihood and receives a score of 1, 5, or 10. Then each threat is evaluated based on its impact on critical business functions and business in general. For example, a discontinuity in a crucial business function of less than one hour may be given a value of 0. A discontinuity of one to eight hours may be classified as 1. Eight to twenty-four hours may be classified as two and more from 24 hours can be sorted and rated 3. These ratings should be tailored to the company. The probability of impact taken into account creates a list of relational priorities.

This risk assessment and control approach allows management to start quantifying the risks and possible impacts on the organization judiciously and analytically. This not only translates into better decisions but also provides an audit trail that shows that management is paying attention to its risk management responsibilities. These responsibilities can be established by regulatory or legal bodies, required as a contractual commitment by customers, or simply expected by shareholders as prudent and prudent management. The main goals of the business are to protect people, protect assets, protect data, and protect the brand and reputation of the organization.