It's important to have a business continuity plan in place that considers any potential disruptions to operations. The plan should enable the organization to keep running at least at a minimal level during a crisis.

Why would you need a business continuity plan?

Business continuity planning (BCP) is the process a company undergoes to create a prevention and recovery system from potential threats such as natural disasters or cyber-attacks. BCP is designed to protect personnel and assets and make sure they can function quickly when disaster strikes.

What is the risk of not having a business continuity plan?

Financial loss

Possibly one of the biggest consequences of not having a business continuity plan would be the financial impact on the company. Something like a fire at the premises can result in losses leading up to millions, and this is without the liability costs that can arise from damages claims.