The more your business relies on its IT systems, the more you need to consider how unexpected disruptions might affect your business. These disruptions could come in many forms, from fire and floods to theft or malicious attacks on your systems, such as viruses or hacking.
"Business continuity planning improves your business' ability to react to such disruptions. It describes how you will restart your operations in order to meet your business-critical requirements."
A business that can demonstrate an effective business continuity plan has a competitive advantage. For example, if you provide services to customers that are dependent upon your IT systems, like an internet service provider, then evidence of a sound plan can be used to win or retain customers. For instance, if your business is a partner in a supply chain, business continuity planning may well need to be an integral part of your quality assurance. Insurance.
Effective business continuity management can help businesses demonstrate that they are managing their business risks and so help to secure lower insurance premiums. In addition, drawing up a business continuity plan can help you assess what types of insurance you need the most.
This is because business continuity planning may help to identify potential business risks that you were previously unaware of, but which you recognise that you need to insure against. So, you may decide to opt for lower insurance cover across a broader range of risks - the original risks plus the recently identified ones - in order to remain within your budgeted insurance cost.
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