The Business Continuity Institute has published a report into the cost of common threats to organisations, including IT and telecommunications outage, data breach, cyber attacks and adverse weather conditions.
The association’s analysis of the cost of ineffective business continuity demonstrates why organisations should have a business continuity plan.
Patrick Alcantara, research associate at the BCI and author of the report, commented: "The aim of the report is drive home the message that business continuity is not the sole domain of an organisation’s business continuity professional.
"Ensuring an effective, robust business continuity programme is also the responsibility of management, budget holders and the rest of staff. In a time where cutting budgets is the norm, it is important to be reminded of the cost of being caught flat-footed in an incident. The false economy created by cutting down on business continuity may create bigger problems that may impact on organisational resilience and viability."
The report makes the case for strengthening an organisation’s business continuity programme and aims to start a conversation among organisations and budget holders using readily understood and comparable data in order to maintain business continuity.
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