What is Business Impact Analysis and how to implement it in times of crisis

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seonajmulislam00
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What is Business Impact Analysis and how to implement it in times of crisis

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In a highly competitive business context, the choice of one planning process or another can mean the decisive competitive advantage in the sector operated. Risk assessments provided the basis for this logic, and digital transformation has allowed Business Impact Analysis to continue it.

Always in terms of investment, this technique, known by its acronym — BIA —, has enabled companies to delve deeper into their operating protocols , responding to the specific needs of departments and processes.

The emergence of more precise measurement systems now offers the democratization that many startups and SMEs have needed for years. At MÁSMÓVIL Negocios we want to exalt this equanimity in times of economic crisis , dissecting the Business Impact Analysis .

What is Business Impact Analysis?: a step beyond evaluation
According to Gartner 's definition , " BIA is the process of switzerland number data determining the criticality of economic activities and related resource needs to ensure operational resilience and business continuity during and after an economic disruption ."

That is to say, Business Impact Analysis , unlike a risk assessment —focused on the how—, serves to identify the 'what', discriminate the types of impacts and know the particular effects on the affected areas.

" The BIA quantifies the impacts of disruptions on service delivery, risks to service delivery, and recovery time objectives (RTOs) and recovery point objectives (RPOs ). These recovery requirements are then used to develop strategies, solutions, and plans ."

It pushes us towards consequences and reactions that can be cooked up during the development of a Disaster Recovery Plan (DRP), and in turn, parallel to a Business Continuity Plan (BCP).



Basic terminology to know
Studies on business crisis situations are extensive, and a broad range of terminology has been derived from them, consisting of technical terms that are important to know. They relate to both the measurement and classification of information .

RTO ( Recovery Time Objective ) : is the recovery time required by the activities affected by the simulation carried out. It is imperative to know this data in order to deploy the appropriate strategies based on the time available.

MTD ( Maximum Tolerable Downtime ) : Using medical analogies, a process can end up being unrecoverable if it remains damaged for too long. In a stroke, the damage varies depending on the delay between the event and the surgical measures. In the case of excessive damage, the preventive measure would no longer be optional.

RPO ( Recovery Point Objective ) : This variable measures the amount of damage that can be caused if the impact exceeds the maximum recovery time. For example, the amount of unrecoverable information after a cyber attack on a company's servers.



Cooking a BIA
Although the ISO 22301 standard on Business Continuity Management Systems already contemplates, at an international level, a series of standard measures to follow, the Business Impact Analysis process contemplates certain particularities.

Every BIA is made up of an exploratory phase , in which a reflective analysis is carried out to identify vulnerabilities, and a planning phase , in which preventive strategies are developed to minimize risk.

This can only be achieved if the company maintains a systemic approach that understands the functioning of each element as a priority for the viability of the other components of the organization.
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