According to the Institute for Business and Home Safety, an estimated 25% of businesses do not reopen after experiencing a major disaster. Yet, less than half have a business continuity plan in place. A different study by Symantec showed that many companies overestimate their preparedness — both in terms of the methods they employ to protect data and the companies they are partnered with (if anyone). The study estimated outages to cost these companies $15,000 per day on average.
As you can see, the serious ramifications of NOT having a plan in place can add up fast.
Here are four additional reasons why you should have a plan ready to go:
- Having a plan in place will help maintain employee productivity and your company’s ability to generate revenue. When your critical functions go down, being able to get your employees productive again, quickly, is very important.
- When you don’t have a plan, your company’s reputation with your customers and partners will take a hit. Having a plan will help keep their confidence in your company.
- A disaster recovery plan helps you reduce the risk of losing business to your competition because if you cannot deliver what you promised, your customers will go somewhere else.
- Backup and disaster recovery solutions help ensure compliance with industry regulations and other legal requirements. For example, HIPAA, SOX, and GLBA require you to closely safeguard and retain sensitive digital information for immediate access at all times.