By: Donald Makhafola
The Institute of Risk Management South Africa held a breakfast session for risk managers to look at Business Continuity Management. See Photo’s from the event here
According to the NTT America Survey on Disaster Recovery and Business Continuity Readiness 90% of the executives surveyed agreed that they need recovery plan for business outages, hardware failures, security and data breaches.
This was revealed by Michael Davies from Continuity SA during the Institute of Risk Management South Africa (IRMSA) breakfast session on Business Continuity Management held at the Johannesburg Country Club in Woodmead. Davies said the study shows that 50% of the executives they only have recovery plan for data breaches and 55% surveyed indicated that they do not test their recovery plan regularly.
He said the average cost of a data centre outages rose to $740,357 in 2015, an increase of 38% since 2010. Davies said the IT department has become a critical component of risk management in a business. He explained to audience the organisational resilience and why the world is becoming a more volatile, uncertain, complex and ambiguous (VUCA) place for businesses.
“Business resilience is the capability of the organisation to adapt to disruption and changing environment predefined levels following a disruptive incident.” He further explained to audience the three phases of Business Continuity, namely: Response; Crisis Phase and Business Recovery Plan.
Zanorashe Bwakura, Mondial Consulting Risk Management Consultant said a good risk management should be able to tell you what things to do, how to do them and what to prioritise and it also looks beyond where you are but focus on where you would like to be. Bwakura explained to audience Incident Response Process.
“The incident occurs, the incident is responded to, the incident is controlled, the incident is resolved, the incident responders stand down and standby for another incident.”