- American Management Association
That statistic by itself is enough to get one’s attention, but then factor in all the regulations, laws, and mandates that require recovery planning:
| - Sarbanes-Oxley act - IRS Procedure 86-19 - Consumer Credit Protection Act Section 2001 Title 1X - Foreign Corrupt Practices Act - Expedited Funds Availability Act - Gramm-Leach-Bliley Act - Federal Financial Institutions Examination Council - BASEL II, BASEL Committee on Banking Supervision - HIPAA |
- FDA Code of Federal Regulation - FEMA FRPG 01-94 - FISMA Act - NIST SP800-34 - NERC P6T3 - NERC Urgent Action Standard 1216 - Rural Utilities Standard 7 - Presidential Decision Directive 63 - Presidential Decision Directive 13010 - ISO Standards 9000, 22301, 27001, 31000 - GAO/IMTEC-91-56 Financial Markets - FFIEC Inter-Agency Policy |
Failing to comply with these standards and regulations for your industry/organization can directly impact your ability to compete in the marketplace, obtain funding, and even bid on certain projects.
As Ben Franklin put it, "An ounce of prevention is worth a pound of cure." Having a comprehensive recovery strategy helps prevent catastrophic events, well worth the time and effort as opposed to rebuilding your business from a total loss.
Side note - Franklin's quote is the result of him trying to convince the colonial Philadelphians that creating a group committed to firefighting was a good idea. His agrument was that prevention of a catastrophic city-wide fire was preferable to rebuilding the city from scratch.