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Companies caught unprepared for operational outages in 2003 know they must focus on business continuity this year
January 15, 2004
2 Min Read
Companies caught unprepared for operational outages in 2003 know they must focus on business continuity this year. Disasters such as the Northeast blackout and the California wildfires wreaked havoc with U.S. business. Blackout losses to workers and investors were estimated to be $4.2 billion by Anderson Economic Group, while Safeco Corp. estimates business wildfire claims at $3 million. A surge in virus attacks also hurt productivity and bumped up dollar losses.
A recent InformationWeek Research survey shows an increased interest in disaster-recovery efforts. Of the 400 business-technology executives interviewed about company priorities and spending plans for InformationWeek's annual Outlook study, three-quarters report that business-continuity planning and improved disaster-recovery procedures are a company priority. This is up significantly compared with 2003, when only two-thirds of executives reported that business continuity was a key objective. A plan alone won't guarantee operational availability, as new challenges can surface. However, certain management basics are essential to reduce the chance of downtime. According to InformationWeek Research's Outlook 2004: Priorities 1Q report, most companies have the basics covered. Nearly 80% of respondents say they plan to improve information security in 2004. Almost 70% expect to work more closely with suppliers and business partners to address business risks. And 60% will initiate risk-management assessments to identify and remedy vulnerabilities within their companies. How will your company approach business continuity in 2004? Let us know. Helen D'Antoni
Senior Editor, Research
Widespread Focus Will your group implement or support business-continuity planning or disaster preparedness? Business-continuity implementation is an equal priority for companies of all sizes. Most expect to involve IT professionals in business-continuity planning campaigns. Seventy-five percent of sites with annual revenue up to $1 billion in InformationWeek Research's Outlook 2004 study plan to execute or support business-continuity strategies this year, while 80% of $1 billion-plus businesses expect to use internal tech resources, too.
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