IRM: Disaster recovery plans 'crucial' for firms

A disaster recovery plan is "crucial" to the survival of any business, regardless of size, so that firms can deal with unexpected crises that may affect business continuity, the Institute of Risk Management (IRM) has advised.

Ian Fraser, marketing manager at the IRM, said: "When things have gone wrong it is usually too late to make business continuity arrangements, or at best they will take longer and cost more, but all too often businesses do not survive if they haven't prepared.

He added that training in good risk management processes can help a business prepare to deal with the most likely problems.

According to Disaster Recovery Solutions, 20 per cent of all companies will suffer fire, theft, flood or storm damage, power failures, terrorism or hardware/software disaster.

It is estimated that out of those without a business continuity plan, 43 per cent will never reopen and 80 per cent will fail without 13 months.

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