Sifers-Grayson utilizes information technology to effectively process the data while their personnel communicates through VoIP systems and email services. To transmit information, Electronic Data Interchange is used. Personnel create, manage, and process the information using wireless devices, laptops, and desktops, while business servers store and process a vast quantity of data. Natural disasters and cyber-attacks on a company or organization can both significantly reduce efficiency and delay completion of projects for months. In that case, it could lead to disruption that harms the accessibility of the firm’s IT services, restricting the enterprise from performing its operations for a lengthy period. This underlines the value of preparing the business to respond to such business interferences by developing prescribed disaster response measures alongside a business continuity plan.
In recent years, there has been a rise in cybercrime, which has become prevalent, intricate, and capable of causing havoc on an organization. Cybercriminals are all after helpful company information, and they may violate the systems despite the best precautionary measures implemented. A malware or ransomware spasm might encrypt the firm’s valuable data, placing the entire entity in jeopardy and resulting in massive profit losses. Thus, organizations must create cyber incident response plans and update the present disaster recovery tactics to swiftly alleviate the impacts of cybercrime and avert a data leak.
Sifers-Grayson generates, maintains, and processes a high quantity of electronic data, much of which is critical to the company’s continued operation. The impact of data loss resulting from natural catastrophes, cyber threats, or even human mistakes and equipment failure could be significant, and the institution cannot afford protracted unscheduled downtime. It must be capable of recovering from such unforeseen events as quickly as possible, which necessitates implementing an appropriate backup plan and recovery plans.
Natural disasters are challenging to protect against to keep business flowing. This is due to the unpredictable nature of natural catastrophes and the lack of human interference in their conception (Harrison, 2018). Foremost, natural disasters can interrupt supply chains, restricting the movement of resources required for the development of the entity. Moreover, the calamities can disrupt communication by knocking out cellphone towers and electricity. Buildings can also be destroyed during a natural catastrophe, resulting in prolonged dangerous working conditions after the tragedy (Harrison, 2018). There is also the risk of employee and customer injury and death, which would disrupt business leading to a shortage of working personnel.
Disaster recovery procedures that are well-planned are an essential part of a company’s continuity plan. The business continuity plan implements parameters to keep every business element operational when a cyber-attack transpires or a catastrophe strikes. In contrast, the disaster recovery process emphasizes the IT systems that support an organization’s business operations in the event of a catastrophe. IT frameworks are vital to the seamless operation of the business, which is why it is essential to guarantee that these systems continue operating effectively and are not disrupted. With enterprises’ growing reliance on IT structures and an increase in the number of catastrophes reported, it’s easy to see why contingency planning is quickly becoming the topmost precedence.
In the event of a disaster, a disaster recovery plan can also help an organization gain a competitive advantage. Organizations that do not have a program in place suffer substantial economic losses, infrastructure loss, and the liability of substantial costs and time invested on maintenance (Jefferson, 2020). According to FEMA (2021), 25% of businesses fail to reopen following a significant incident. However, for those institutions that are willing to continue doing business as expected, there is the possibility of attracting more clients. The disaster recovery plan is a vital business manuscript because it can avoid significant data loss, which may have severe implications and can lead to the loss of customer loyalty, causing a company’s repute to suffer.
The contingency plan can assist an organization in developing a solid system of management and prevention from perceived attacks. It is created to safeguard personnel and assets, ensuring that they are up and running rapidly in a major catastrophic event. It is thus crucial for any corporate industry, regardless of sector. The main benefit of having a continuity plan is that it can aid in the elimination of outages. According to Jefferson (2020), 98 percent of organizations approximate that a single hour of interruption may incur losses of nearly $100,000. A contingency plan can assist the entity in performing a financial impact assessment to determine critical and time-sensitive assets, which can then be documented and implemented to facilitate the reinstatement of essential functions of the business.
Unexpected risks to an organization’s operations are a constant concern, demonstrating the importance of effective disaster recovery planning as an integrated element of the firm’s overall risk management strategy. The disaster recovery strategy outlines all of the stages for preparing for a catastrophic event and implementing a program in a position to assist restore the company’s operations while minimalizing any long-term harmful effects on the business. A regimented business continuity strategy will aid in keeping the organizational framework running during any disruptions such as natural catastrophes, power outages, cybercrime, or IT system crashes. As a result, both processes are equally important for the company, providing well-detailed techniques that assist organizations in continuing after disasters or disruptions, guaranteeing that no situations threaten the firm’s operations and presence.
FEMA. (2021). Business continuity plan. Business Continuity Plan | Ready.gov. Retrieved February 23, 2022, from https://www.ready.gov/business-continuity-plan
Harrison, L. (2018). How Natural Disasters Can Affect Businesses. Retrieved from https://www.ecomena.org/how-natural-disasters-can-affect-businesses
Jefferson, M. ( 2020). What is disaster recovery and why is it important to businesses? Retrieved February 23 2022, from https://www.businessrecovery.co.uk/business-finance