Business operators know that when it comes to business continuity, everything is about time. It doesn’t matter if you can recover your business activities if this isn’t achieved in reasonable time. But what is considered “reasonable”? This is what the business impact analysis (BIA) determines.
Many people wonder why it’s necessary to perform business impact analysis (BIA) when they’ve already invested a large amount of time on a risk assessment. The answer is simple: because the purpose of a BIA is different, and wrong results could incur unnecessary expenses or create inadequate business continuity strategies.
There is always the chance of a disaster striking your company. That's why many business owners take steps to prevent negative events from affecting their company, often by implementing a disaster recovery or continuity plan. Both of these strategies and the technology that supports them are an important part of business process and planning.
2013 saw some interesting disaster conditions around the world. From a nearly US-wide cold snap, to flooding in numerous locations, and even the super typhoon that slammed into the Philippines, there was hardly any country not affected by a disaster of some form.
It feels like the number of disasters striking around the world is growing year-on-year, or perhaps they are simply highlighted more in the media. Whatever the reality of disaster risks, many business owners and managers keep an eye on potential problems that will impact their companies, and have implemented some form of business continuity or disaster recovery plan.
Japan’s earthquake was devastating to many companies, particularly electronics manufacturers. But the losses weren’t limited to Asia; many American companies felt the aftershock. The lesson to be learned: disasters can strike unexpectedly, and can have far-reaching impact.
The impact of Japan’s earthquake wasn’t limited to Japanese businesses; the impact was felt around the world. American companies that depend on Japanese supplies, for example, also suffered. The lesson: Never get lax when it comes to having a business continuity plan.