{"id":12941,"date":"2018-11-21T10:35:02","date_gmt":"2018-11-21T15:35:02","guid":{"rendered":"https:\/\/avtech.com\/articles\/?p=12941"},"modified":"2018-11-21T10:35:02","modified_gmt":"2018-11-21T15:35:02","slug":"how-much-should-you-spend-on-business-continuity-in-2019","status":"publish","type":"post","link":"https:\/\/avtech.com\/articles\/12941\/how-much-should-you-spend-on-business-continuity-in-2019\/","title":{"rendered":"How Much Should You Spend On Business Continuity In 2019?"},"content":{"rendered":"<p><a href=\"https:\/\/avtech.com\/articles\/wp-content\/uploads\/2018\/11\/ID-100642284.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"alignright size-medium wp-image-12942\" src=\"https:\/\/avtech.com\/articles\/wp-content\/uploads\/2018\/11\/ID-100642284-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/avtech.com\/articles\/wp-content\/uploads\/2018\/11\/ID-100642284-300x200.jpg 300w, https:\/\/avtech.com\/articles\/wp-content\/uploads\/2018\/11\/ID-100642284.jpg 400w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a>As business needs evolve, and technology improves, we\u2019re seeing organizations gradually shift their spending focus away from disaster recovery to business continuity.<\/p>\n<p>Disaster recovery will always be critical when events such as natural disasters occur. Sadly, extreme weather such as hurricanes and fires will drastically impact your organization, regardless of how resilient your business continuity plan is.<\/p>\n<p>However, as businesses continue to focus on cyber security and uptime, business continuity spending is gradually increasing. According to recent research <a href=\"https:\/\/betanews.com\/2018\/01\/10\/security-continuity-buisness-spending\/\" target=\"_blank\" rel=\"noopener\">47% of organizations increased spending on business continuity<\/a> in 2018 to help improve their availability and uptime.<\/p>\n<p>It\u2019s also important for organizations, especially small to mid-sized business, to remember that their business continuity plan needs to involve far more than just offsite data backups. The plan needs to include a wide range of proactive measures to help ensure data security and maximum process reliability. This helps avoid needing to implement reactive measures as part of a disaster recovery plan.<\/p>\n<p>Organizations average <a href=\"https:\/\/www.paconsulting.com\/insights\/ensuring-your-business-continuity-spend-provides-effective-company-wide-resilience-during-times-of-disruption\/\" target=\"_blank\" rel=\"noopener\">6% of their annual IT budget<\/a> on business continuity spending, however that figure should vary based on your own organization\u2019s anticipated revenue loss caused by downtime. The revenue loss of a large-scale data center won\u2019t equal that of a small professional office; likewise, a warehouse that stores perishable goods will very likely have a different downtime risk than that of a laboratory.<\/p>\n<h3><strong>Focus on what you stand to lose when considering your 2019 spending<\/strong><\/h3>\n<p>Before building your 2019 business continuity budget, you must first understand how much your organization stands to lose due to downtime.<\/p>\n<p>Some factors to consider are:<\/p>\n<ul>\n<li>How much downtime have you had in the past?<\/li>\n<li>What factors might come into play based on your location? Are you in the path of storms, are you near large bodies of water, etc?<\/li>\n<li>If your facility is not accessible, can your employees work remotely? Or are their positions based on access to your facility?<\/li>\n<li>Do your cyber security plans also focus on physical loss of data and hardware, rather than just outside intrusion?<\/li>\n<\/ul>\n<p>Thinking about all these factors will help you to determine how much your organization needs to spend on business continuity in 2019. By considering your <a href=\"https:\/\/www.datafoundry.com\/blog\/business-continuity-and-disaster-recovery-plan-budget\" target=\"_blank\" rel=\"noopener\">actual cost of downtime<\/a>, you\u2019ll be able to determine how much availability you require, and the costs needed to ensure that availability.<\/p>\n<h3><strong>Reviewing is just as important as spending<\/strong><\/h3>\n<p><a href=\"https:\/\/avtech.com\/articles\/wp-content\/uploads\/2018\/11\/workplace-1245776_1920-1.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-medium wp-image-12944\" src=\"https:\/\/avtech.com\/articles\/wp-content\/uploads\/2018\/11\/workplace-1245776_1920-1-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/avtech.com\/articles\/wp-content\/uploads\/2018\/11\/workplace-1245776_1920-1-300x200.jpg 300w, https:\/\/avtech.com\/articles\/wp-content\/uploads\/2018\/11\/workplace-1245776_1920-1-768x512.jpg 768w, https:\/\/avtech.com\/articles\/wp-content\/uploads\/2018\/11\/workplace-1245776_1920-1-1024x683.jpg 1024w, https:\/\/avtech.com\/articles\/wp-content\/uploads\/2018\/11\/workplace-1245776_1920-1.jpg 1920w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a>Installing business continuity components such as firewalls, environment monitors, offsite data backups, and cloud-based software are important, however the simple truth is that many organizations don\u2019t actually review their business continuity plan with any regularity. <a href=\"https:\/\/www.continuitycentral.com\/index.php\/news\/business-continuity-news\/2563-business-continuity-trends-and-challenges-2018\" target=\"_blank\" rel=\"noopener\">34% of organizations that have an active business continuity plan<\/a> don\u2019t regularly review it or test its individual components to ensure they\u2019re working at maximum capacity.<\/p>\n<p>Once your 2019 business continuity plan is in place it\u2019s crucial to have planned reviews and audits of the steps you\u2019ve put into place to ensure your uptime. Updating licenses, subscriptions, and firmware for firewalls and environment monitors, and software updates are crucial to avoid gaps in your security. Likewise, it\u2019s important to review any proactive alerts you\u2019ve created to make sure they\u2019re being sent to the appropriate employees and departments.<\/p>\n<p>Employees should also play an active role in your business continuity plan, so they understand the organizational steps and personal steps required to ensure maximum uptime. When your staff understands the steps and goals of your business continuity plan, you\u2019ll have more buy-in from everyone which leads to a more alert staff when it comes to identifying potential downtime causes.<\/p>\n<h3><strong>Prepare for a profitable 2019<\/strong><\/h3>\n<p>Downtime for any organization means lost revenue, reduced employee confidence, and the potential loss of client and vendor relationships. Many instances of downtime can be prevented with a thorough, updated, and well-funded business continuity plan. If your organization hasn\u2019t started addressing business continuity in 2019, now is the time to do so.<\/p>\n<p>Always remember that it costs far less to proactively prepare than it does to recover from revenue-losing downtime. With a well-documented and funded business continuity plan, your organization can look forward to a profitable 2019 and years to come.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As business needs evolve, and technology improves, we\u2019re seeing organizations gradually shift their spending focus away from disaster recovery to business continuity. Disaster recovery will always be critical when events such as natural disasters occur. Sadly, extreme weather such as hurricanes and fires will drastically impact your organization, regardless of how resilient your business continuity [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0},"categories":[20],"tags":[37,50,130],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<meta name=\"description\" content=\"Organizations should research their history of downtime and data loss, along with possible future causes of downtime, before determining how much they should spend on business continuity next year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/avtech.com\/articles\/12941\/how-much-should-you-spend-on-business-continuity-in-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Much Should You Spend On Business Continuity In 2019? 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