Business Continuity Mnagement Essay Example | Topics and Well Written Essays - 1500 words

Business Continuity Mnagement - Essay Example This study will evaluate the events or the reasons, which led to the businesses seeking more than recovery of data; it will highlight the key elements that differentiate BCM from Disaster Recovery. Recovery implies to recover something that has been lost; the recovery may be in part or in full. Continuity, on the other hand suggests business carries on as usual and the impact of failure may be minimal, if at all. BCM deals with the threats that confront any business. Insurance may cover the cost of the fixed assets but cannot cover the opportunity loss or the market share that any business may lose (Smith 2002). The September 11 terrorist attack on the US, the cases of Anthrax virus infiltrations, frequent hackers breaking into the corporate systems, and natural disasters like Tsunami and Hurricane Katrina, may capture the headlines, but almost 90% of the crises are â€Å"quiet catastrophes† according to Smith. It is these catastrophes that damage the organization’s brand and reputation. Research too indicates that the shareholder price value increased of those companies who managed to successfully handle the crises compared to those who could not handle the situ ation well. In 1989, a large volume of case studies were published, covering mostly crises that had occurred in the 1970s and 1980s. Throughout this period, as the two fields gradually consolidated, the formation of three mindsets was developed. Namely, the technology mindset during the 1970s, which was limited to assuming that crisis, was initiated solely to computer systems and facilities. Moreover, in the 1980s organizations adopted an auditing approach which was broader in scope but did not comprehend the full picture. The inauguration of the following decade saw the development of the value based mindset, which is concerned less with compliance, regulations, or technology failure than with the needs of the business itself. The success of a company lies in its ability to continue business