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According to Parametrix , an insurance company specialising in Cloud outages, cyber insurance policies likely cover up to 10–20% of losses only. Having a businesscontinuity plan [BCP] is invaluable, but you can’t foresee every type of event. Then there’s insurance. of its share price. And if so, how? It’s tricky.
This post is part of BCM Basics, a series of occasional, entry-level blogs on some of the key concepts in businesscontinuity management. Cyber response is not just a technical plan but the business and reputational items that should be addressed and integrated. Training and awareness.
They include process and procedural robustness and integrity; people, skills, and training; insurance and self-insurance; the supply chain, outsourcing, and inherent risk; infrastructure, systems, and telecommunications; and physical and information security. Reducing risk. Transferring risk. Accepting risk.
FFIEC in our industry is best known for providing the businesscontinuity management standard that U.S. FFIEC is, of course, one of many standards that organizations can adopt and seek to come into alignment with to strengthen their BCM programs. For this reason, it is often referred to as the Gold Standard of BCM standards.
BusinessContinuity Planning for Small and Medium-Sized Organizations Last Updated on May 31, 2020 by Alex Jankovic Reading Time: 4 minutes Readers note: Please check our recently published high-level BusinessContinuity Planning guide. There is not much time to deal with “non-essential” business problems.
BusinessContinuity Planning for Small and Medium-Sized Organizations. Readers note: Please check our recently published high-level BusinessContinuity Planning guide. . non-profits, law or accounting firms, insurance firms/brokers, professional service firms, architecture firms, etc.) Reading Time: 4 minutes.
Top reasons why BusinessContinuity Planning is ignored! The business is always busy, and because of this, it comes up with a myriad of justifications for ignoring BusinessContinuity Planning efforts. Top justifications why BusinessContinuity Plan is not implemented. Reading Time: 4 minutes.
An emerging hot topic in businesscontinuity and risk management is the software known as a risk management information system (RMIS). The connection to businesscontinuity is: according to best practice, BC should reside under the risk area. It is a product type that has been evolving rapidly in recent years.
These definitions are taken from our recent free ebook, Strong Language: The MHA Guide to Essential BusinessContinuity Terminology. There are two main types of risk transference: 1) buying insurance and 2) hiring a third-party vendor to perform an activity and passing on to them the risks associated with that activity.
There are 10 questions a businesscontinuity manager should be asking concerning staff travel abroad: 1. What insurances are in place to cover overseas events? Does your organisation’s insurance cover all likely events? Who has knowledge of the insurance so it can be used at short notice?
There are 10 questions a businesscontinuity manager should be asking concerning staff travel abroad: 1. What insurances are in place to cover overseas events? Does your organisation’s insurance cover all likely events? Who has knowledge of the insurance so it can be used at short notice?
Reducing risk is at the heart of everything we do as businesscontinuity professionals. Residual Risk There are two main kinds of risk when it comes to organizational activities and businesscontinuity: inherent risk and residual risk. Inherent risk is the danger intrinsic to any business activity or operation.
Debunking the Myths of BusinessContinuity Unlocking the Truth: Navigating 20 Myths About BusinessContinuity Introduction: In the dynamic landscape of modern business, the importance of businesscontinuity cannot be overstated. Myth 2: BusinessContinuity Plans Are Only for Large Enterprises.
This article will address the importance of the Risk Assessment as a general business tool, as well as in the context of BusinessContinuity Planning. Insurance companies assess risks to determine the insurance premiums they will charge. Average people assess risks daily to guide their actions.
This article will address the importance of the Risk Assessment as a general business tool, as well as in the context of BusinessContinuity Planning. Insurance companies assess risks to determine the insurance premiums they will charge. BusinessContinuity Management. BCM as a Service.
In businesscontinuity, testing of all types can lay claim to a rare distinction: it is simultaneously one of the most important parts of any program, and one of the most neglected. They can benefit organizations by helping keep the recovery team personnel sharp and making businesscontinuity part of the organization’s culture.
In businesscontinuity, testing of all types can lay claim to a rare distinction: it is simultaneously one of the most important parts of any program, and one of the most neglected. They can benefit organizations by helping keep the recovery team personnel sharp and making businesscontinuity part of the organization’s culture.
To build an Adaptive, Resilient Enterprise , organizations must move beyond conventional BusinessContinuity Management (BCM) approaches. Traditional BCM is often limited to tactical response plans, perceived simply as insurance policies that rarely spark high-level executive engagement.
Retained Forensic Remote Support : having access to a specialist team 24/7, 365 days of the year to provide professional, pragmatic and strategic support in the event of any type of incident, enabling organisations to focus on maintaining business as usual; 4. Or read more: The flaw in the plan: businesscontinuity management.
A company called Change Healthcare, which is the largest electronic clearinghouse for medical insurance payments in the country, was struck by hackers who stole patient data and encrypted company files, demanding payment to unlock them. health care system in American history.” Data breaches generally do not affect day-to-day operations.
The risk maturity model is a key component of businesscontinuity. In today’s post, we’ll look at how such a model can help an organization understand its risks, mitigate the risks that threaten its core services, and integrate businesscontinuity with enterprise risk management, thus boosting resilience overall.
The risk maturity model is a key component of businesscontinuity. In today’s post, we’ll look at how such a model can help an organization understand its risks, mitigate the risks that threaten its core services, and integrate businesscontinuity with enterprise risk management, thus boosting resilience overall.
When I first started in businesscontinuity twenty years ago, financial impacts were a key part of the BIA excel spreadsheet and there were a series of boxes looking at financial impact over time. This was done for every activity and served as a key justification for the cost and effort in rolling out businesscontinuity.
When I first started in businesscontinuity twenty years ago, financial impacts were a key part of the BIA excel spreadsheet and there were a series of boxes looking at financial impact over time. This was done for every activity and served as a key justification for the cost and effort in rolling out businesscontinuity.
BusinessContinuity Planning Guide for Smaller Organizations Last Updated on June 4, 2020 by Alex Jankovic Reading Time: 26 minutes We all live in an unpredictable world. We recognize that many businesscontinuity planning terms and industry-leading methodologies can be foreign to your organization.
BusinessContinuity Planning Guide for Smaller Organizations. We recognize that many businesscontinuity planning terms and industry-leading methodologies can be foreign to your organization. It can be overwhelming if your organization has never implemented a robust businesscontinuity program.
To build an Adaptive, Resilient Enterprise, organizations must move beyond conventional BusinessContinuity Management (BCM) approaches. Traditional BCM is often limited to tactical response plans, perceived simply as “insurance policies” that rarely spark high-level executive engagement.
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