As we reach the middle of Q4, we’re also reaching the time of year for planning and budgeting.
Whether you’re a small or large organization, if you have an established incident management program or are just starting out or if you have a minimal or “sky’s the limit” budget, business continuity planning should be accounted for and prioritized.
Here are a few things to keep in mind:
1. Save Funds for the Unknown: By leaving a portion of your budget to address unknown threats, you could save your company from greater financial loss in the long run.
2. Check in With Your Insurance Provider: Connecting with your provider now can help you determine if you have adequate coverage or if there are additional coverage options (i.e. cyber security insurance).
3. Focus Resources on Plan Development If you know you have limited budget dollars to spend, allocating it towards a detailed business impact analysis and incident management plan that identifies major risks can give you the most bang for your buck.
4. Increase Spend in Tech Updates and Upgrades: Allot funds towards updating and/or upgrading the technology supporting your offsite data storage, recovery facilities, day to day office equipment and systems.
5. Calculate Costs of Training and Testing: Ensuring your team and colleagues are prepared and trained to handle threats can save you recovery time and costs.
6. Allocate Funds for Helpful Software and Applications: 2018 could be a great time to start conversations around enlisting the support of a business continuity software that can increase efficiencies, eliminate data input errors, find dependency gaps and automate RTO calculations.
Get more on these tips here. Best of luck with planning!