When your business is disrupted, it costs you money.
Lost revenues plus extra expenses means reduced profits. Insurance does not cover all costs and cannot replace customers that defect to the competition.
Instead, a comprehensive recovery strategy is crucial to keeping your business in business.
Where do you start?
Understanding the risks to your business involves playing “what if” in order to fully understand the exposure within their environment. Once the risks are identified, we dig deeper to understand:
What’s the risk?
That’s the primary question to ask as you define your recovery strategy. As risks are identified, you must understand:
All businesses will experience a disaster.
It might take the form of a major flood, fire, tornado, earthquake, or other natural calamity; possibly something as unlikely as a massive regional power outage, even a terrorist attack; more likely, the failure of a major IT service or loss of a key employee.
It has been estimated that companies lose an average of $85,000 for every hour of downtime.
How long can you afford having your business idle? How long can your business survive if your IT systems crashed and were inoperable? How long would you remain in business if you couldn’t provide your product or service?
Your Response & Recovery strategy is the Key.
Having a means to back up your data is not a plan and certainly not a strategy. Some risks should simply be accepted as is and really aren't worth the investment to mitigate them. Other risks are the ones that can take your operations down for multiple days. Can you survive these risks? If so, how? At what cost? With a strategy identified, a robust Incident Response plan and a comprehensive Business Continuity Plan (BCP) in place, your recovery efforts can get critical functions back available quickly. Such a plan can help minimize the negative effects of an interruption in business, prevent minor disasters from escalating to catastrophic ones, and help businesses stay in business.
Huber Advisors stands ready to lead the development of your strategy for your Incident Response, your IT Disaster Recovery and your Business Continuity Plan. Once defined and put it in place, we train your staff, and conduct drills so your business is prepared for any contingency.