A Business Continuity & Disaster Recovery (BCDR) Policy is a crucial policy for small and medium-sized businesses (SMBs) that ensures resilience in the face of unforeseen events or disasters that could disrupt their operations. In this blog post, we’ll outline the benefits of a BCDR policy and provide some insight into how our team of Virtual Chief Information Officers (vCIOs) can help.
SMBs often have limited IT resources; many cannot employ a full-time Chief Information Officer and therefore do not have the IT maturity to prepare for the disruptions of a successful cyber-attack. This is where the guidance of a vCIO is valuable; with a well-designed BCDR policy a business can mitigate the risks of common disasters, such as:
74% of all breaches include the human element, with people being involved either via error, privilege misuse, use of stolen credentials or social engineering. -Verizon 2023 Data Breach Investigations Report
What is a BCDR Policy?
A BCDR Policy is a set of procedures and protocols that an organization implements to ensure that essential business functions can continue to operate during and after a disaster or unexpected event. The policy outlines the steps the organization will take to minimize the disruption's impact, recover critical data and systems, and resume normal operations as quickly as possible. Here are just some of the benefits of having a BCDR policy:
Nucleus vCIO Services: BCDR Policy
Our team of vCIOs will guide the plan and implementation of a BCDR policy. All BCDR policies are completely customized based on the unique needs of the client. A BCDR project typically involves two phases:
1. Development of a BCDR Policy and Standard Operation Procedures: The BCDR Policy outlines how management and staff should manage a business impacting event. This guidance includes steps to be taken to identify and validate the impact of the event, responsible parties to initiate and manage the BCDR plan, and the process to respond, document, resolve and take action to close any gaps exposed by the event.
2. Development of the BCDR Playbook and Scenario Template: The BCDR Playbook is a catalog of identified potential business-impacting events or scenarios with procedures for each scenario that include:
• Scenario identification
• Assigned roles to take action
• Steps for root-cause analysis and validation
• Expected impacts or losses
• Plan of action to meet RPOs and RTOs, including an expected timeline
• Recovery specialists and/or external consultants that may be required
• Expected involvement of the Insurance provider
• Lawyers recommendation for public disclosure, if required
The vCIO team will help assemble a BCDR working group - including key client employees and managers to identify and document BCDR scenarios for the Playbook. These scenarios are largely identified through the existing Risk Matrix as part of an ongoing Governance, Risk and Compliance program. Once developed, the BCDR policy and first draft of the BCDR Playbook is presented to management or a formally established internal audit committee. Initial meetings include tabletop exercises, and documentation of BCDR scenarios into the playbook.
A BCDR policy is an essential tool for SMBs to proactively address potential disruptions, protect critical assets, and ensure the long-term sustainability of their operations. The Playbook is a living document and should be reviewed and updated at least annually by the management or a formally established internal audit committee. If your business is operating without a well-designed BCDR policy, reach out to us to learn how our vCIOs can help.