July doesn’t only bear witness to National Disaster Consciousness Month, but also pays tribute to Philippine Business Week. So in the spirit of raising awareness of the two, we at COCOGEN have decided to hit two birds with one stone and talk about business AND disasters; that is, in the form of a Business Continuity and Disaster Recovery Plan.
Business Continuity and Disaster Recovery (BCDR) plan is a process organizations follow to prepare for any unforeseen risks. This is usually a single, agreed term planned together by key personnel in a company as a preparation plan in the event of natural disasters, cyber attacks, data loss, or human errors that may affect continuity of business operations.
No matter the size of your business, having a BCDR plan is highly recommended, especially with the fact that the Philippines is ranked second in the list of countries most prone to natural disasters. So if you take your business seriously, pay attention and take note of these advantages of having a BCDR plan:
It prepares the company against natural disasters.
The Philippines lies on the Pacific Ring of Fire which makes the country vulnerable to earthquakes, and volcanic eruptions. Also, being near the Pacific Ocean where most of the weather disturbances form, the country is frequently visited by thunderstorms and typhoons. With these much circumstances out of your control, having a BCDR plan is exactly what you can rely on. It might not prevent natural disasters from happening but it can save your company from losing valuable business data and assets.
It keeps sensitive client data secure.
This is true especially for companies who keep a lot of client data on a daily basis. Whether it’s basic client information or sensitive data like credit card details, there is no way you could take the risk of losing such data or letting it fall into the wrong hands. With a BCDR plan in check, you will know not just how to prevent it from occurring but also how to act in case it does happen; after all, you can’t afford to let down your clients and damage your reputation at the same time, right?
It saves you from hardware system fails.
Speaking of data, a BCDR plan can also save you a lot of time, money, and effort in the event of hardware failure. Remember, systems and machines are man-made and these are subject to breakdown which can affect business operations. With BCDR plan, you will be able to account for any risks related to these.
It lessens cyber attack impacts.
The world is fully going digital and although that means more opportunities for you as an entrepreneur, it also opens your business to a lot of vulnerabilities online. Cyber criminals are out there and BCDR is the perfect backup plan to have in the event of a cyber attack. This may come in malware detection software or monthly automated backups.
A mark of a smart entrepreneur not just lies in how one can successfully start a business but also how one can continue the ride despite inevitable bumps in the road. A BCDR plan is very much like getting insurance; it’s better to have it and not need it than need it and not have it. Speaking of business insurance, you can add our Pro-Biz Excel Plus as part of your BCDR plan.
You can also read our previous blogs to know how your household can stay prepared in case of fire and typhoon.
Keep safe, everyone!
The author of this article contributed in their own personal capacity. The views expressed are their own and do not necessarily reflect the views of COCOGEN Insurance.