Business continuity and disaster recovery are proactive strategies that help a company prepare for sudden, cataclysmic events. Both practices aim to keep a business operational despite natural disasters, wildfires and cyberattacks. As the industry continues to adapt to new realities, preparing for such events has become even more important, especially for managed services providers (MSPs).
While BC and DR are similar, they differ in their focus. While BC plans address processes, procedures and roles that are critical to an organization’s operations before, during and after a disaster occurs, DR planning focuses on restoring and recovering data following a disruption.
As a result, BCM includes a risk assessment and identifies the impact to an organization’s critical functions/processes. A plan is then created, which includes steps for maintaining operations and defines levels of response. In addition, BCM is a collaborative process, involving the entire organization from executive management to IT.
Lastly, the business continuity and disaster recovery planning process must be tested regularly to ensure its effectiveness. A test can be as simple as a tabletop exercise or more rigorous, such as an emergency simulation that mimics real-life circumstances.
Whether you’re starting from scratch or revamping your current BCDR strategy, there are several resources available to help you get started. These include standards, tools ranging from templates to software products and advisory services. In addition, many government agencies require companies to develop BCDR plans. FINRA, for example, requires broker-dealers to create and maintain such plans. business continuity and disaster recovery