Do you have a Business Continuity Plan?

Have you made the preparations to ensure you have business continuity in the event of an emergency?

Do you have a business continuity plan?

 

On Thursday 11 July 2019, a five hour Telstra network outage effected some of the Australia’s biggest companies and organisations preventing the use of ‘electronic funds transfer at point of sale’ or more commonly known, EFTPOS.

 

The following day on Friday 12 July 2019, the Australian Government’s MyGov website went offline preventing thousands of Australians from filing their tax returns, accessing Medicare, Centrelink and other online government services.

 

In reference to the impact on business as a result of Telstra’s EFTPOS outage, National Retail Association chief executive Dominique Lamb said, "The amount in lost sales could be as high as $100 million for the day."

 

Australian Financial Review spoke with RMIT University associate professor Mark Gregory who said such a network failure was "entirely preventable".

 

"Telstra runs on a centralised network, which is the cheapest way to run a telecommunications network but means if there's a problem with one part of the network, the entire system fails."

 

Ask yourself, in the same way Telstra’s system failed after a single fault, could your business operations collapse if a specific problem occurred?

 

These large-scale unplanned outages are a timely prompt for businesses to consider reviewing or creating a business continuity plan.

 

A business continuity plan documents the steps you need to take in an emergency to get your business up and running as soon as possible.

 

Business Victoria have prepared templates and checklists to for businesses to review or create a business continuity plan tailored to your business and highlights elements that present the most risk to your reputation.

 

In an emergency, businesses with a strategy will be quicker to respond, faster to can get cash flowing back into their business and prevent any interruption to fund wages and other overheads.

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