An ‘unexpected business disruption’ can – as the term suggests – occur at any time and arise in different forms. This means there is a range in the severity of effects it may have on your investment firm. Your business could be subject to anything from a power outage one day, to a cyber-attack the next. Natural disasters, too, are on the increase, and can last for an indefinite period.
Earlier this year, we saw a highly reputable airline, British Airways, face a data breach which compromised the personal and financial data of over 350,000 customers. Leisure brand, Butlins, and social media giant, Facebook, were also among the many to fall victim to sophisticated breaches in 2018.
When confronted with unexpected business disruptions, investment firms need to react swiftly, methodically and successfully or else risk significant financial, regulatory, and reputational losses. This level of response requires in-depth business continuity planning to ensure all aspects of a business are evaluated and ready to recover at a moment’s notice. A Business Continuity Plan (BCP) is typically a document that illustrates how your firm will respond when confronted with unexpected business disruptions, such as natural disasters (including extreme weather), or critical software/applications going into downtime. The following seven steps aim to help you understand the key considerations for developing a BCP as well as the testing, maintenance, and training.
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