Disaster Recovery (DR) is one of those topics that businesses, including financial institutions, don’t like to talk about with much of a recurring frequency, although recent events show that this topic should be discussed with much greater regularity. Here in my part of the country, there’s a series of TV commercials airing for a regional insurance company that provides auto, home, and life insurance. The 60-second commercials run through a flurry of activities in the character’s life, showing you just how much things can change over a couple of decades, and that hopefully, you have (or the character has) kept all insurance policies up-to-date to stay in sync with all of life’s happenings. And, it just so happens that this insurance company offers an annual review to make sure that their coverage is keeping up with your life.
For a lot of you, your DR program is viewed as insurance. In case something happens, there’s a program in place to bail you out when that bad thing happens. In today’s world, it’s really more of a question of when, not if, that bad thing will happen. (Ransomware, anyone?) But, is your insurance (DR program) potentially as outdated as an insurance policy that hasn’t been examined over the past decade?
In order for a DR program to be truly effective, it has to be looked at as more than insurance. The program should be reviewed anytime there is a change that potentially impacts any element of the program, and this doesn’t have to be a technology change. This could be as simple as you’ve decided to make a product you’re already using “more strategic” to your FI. An increase in marketing of a specific product or service should bring more customers to the infrastructure supporting that product. This may require a change to your DR program. And, any change in technology definitely facilities a change.
I suspect the likelihood is very high that you’re driving a car that is covered, and you’re living in a house that is covered. If your money is where you work, I’m sure you hope that your DR program has everything covered as well. If you can’t positively answer all five questions, then it’s time for your DR program to be reviewed.
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