In the event of a disaster such as a technological failure or cyber-attack, it’s critical to have a business continuity plan (BCP) that outlines the procedures your company must follow in order to continue operating and recover from the disruption. A business impact analysis (BIA) should also be part of your BCP, which evaluates the effects of a disruption on critical business functions.
Potential future waves and spikes in COVID-19 cases into 2021 could lead to repeated shutdowns and business disruptions. While the FCA have always been clear that regulated firms must take all reasonable steps to have a BCP in place, in 2020 the SEC added a list of BCP and COVID-19-related questions to their exams and the U.S. Securities and Exchange Commission’s (SEC) Division of Examinations (previously OCIE) issued a Risk Alert reporting that regulators do not believe firms are doing enough for cyber and compliance.
Update your BCP based on lessons learned from the first wave of the pandemic and to account for future disruptions.
