According to IDC, on average, an infrastructure failure can cost USD $100,000 an hour and a critical application failure can cost USD $500,000 to USD $1 million per hour.
To withstand and thrive during these many threats, businesses have realized that they need to do more than create a reliable infrastructure that supports growth and protects data.
Also, digital transformation and hyper-convergence creates unintended gateways to risks, vulnerabilities, attacks and failures.
Business continuity plans are having to include a cyber resilience strategy that can help a business withstand disruptive cyber incidents.
Plans typically contain a checklist that includes supplies and equipment, data backups and backup site locations.
Plans can also identify plan administrators and include contact information for emergency responders, key personnel and backup site providers.Businesses thought beyond disaster recovery and more holistically about the entire business continuity process.Companies realized that without a thorough business continuity plan they might lose customers and their competitive advantage.Plans may provide detailed strategies on how business operations can be maintained for both short-term and long-term outages.A key component of a business continuity plan (BCP) is a disaster recovery plan that contains strategies for handling IT disruptions to networks, servers, personal computers and mobile devices.When one link in the chain breaks or comes under attack, the impact can ripple throughout the business.An organization can face revenue loss and eroded customer trust if it fails to maintain business resiliency while rapidly adapting and responding to risks and opportunities.There are three primary aspects to a business continuity plan for key applications and processes: Evolution of business continuity plans Business continuity planning emerged from disaster recovery planning in the early 1970s.Financial organizations, such as banks and insurance companies, invested in alternative sites.The 1980s saw the growth of commercial recovery sites offering computer services on a shared basis, but the emphasis was still only on IT recovery.The 1990s brought a sharp increase in corporate globalization and the pervasiveness of data access.