Contingency Plan For Business

Contingency Plan For Business-83
I commonly see perfectly viable startups that are simply unable to function due to a lack of cash flow.For businesses in the earliest stages, funding streams are often not available, which gives them little choice but to fold. Many of these businesses would be perfectly viable, but they are simply suffering from financial management issues.According to the last security breach survey [PDF] conducted by the Department for Business, Innovation and Skills (BIS) 76% of large organisations and 83% of small businesses believe security is a high or very high priority to their senior management.

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They don't normally get past the idea of backing up their server.

Contingency is more about working through the process of how to recover and how fast you will be able to recover, and the costs associated with such."So contingency planning is a vital component of how a successful business is run today.

And responding to information security breaches has a financial impact as well.

According to the BIS study, among small businesses, the average time spent on responding to an incident is six to 12 man-days, up from two to five man-days in 2012.

This will reveal any areas that need more attention.

The size of your business and the extent of its IT infrastructure could mean that a contingency plan may be as simple as initiating a more robust data backup regime to a reliable cloud storage service.Rank your risks Think about the risks that your IT faces. What steps or processes could be put in place to reduce or eliminate each risk? Write your IT contingency plan Once your business understands the IT risks it faces, writing a contingency policy document should include clear steps that should be taken if any of the events you have identified occur.5.Test your contingency plan It is critical that the plan of action your business has developed is tested.Now multiply this until you arrive at a complete system breakdown.Suddenly it becomes clear how vulnerable your IT resources can be.Indeed, a survey carried out by the Chartered Management Institute and the Cabinet Office revealed that less than half of the businesses affected by the event at Buncefield had any kind of contingency planning in place.David Fisk, sales director, Quorum EMEA, told Tech Radar Pro: "For most small businesses, it is not an area of IT contingency, but the overall concept of contingency.There are a number of events that could impact on your business' IT infrastructure including: Each of these potential threats should be mitigated with a well-designed contingency plan.If your business was flooded for instance, or suffered a major disruption of services as many businesses did at Buncefield in 2005, how would your business react?If you’re pre-launch or have only recently gone to market, a contingency plan is likely to be the last thing on your mind; after all, your efforts are focused on making your business a success, and not necessarily thinking about what could go wrong.But unexpected situations can interrupt the launch of a business and disrupt normal operations.


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