The webinar, entitled Business Impact Analysis -- How to Get it Right, debuts Aug. 5.
Hurricane Katrina, the September 11th terrorist attacks, and the Northeast Blackout of 2003 were all disasters in their own right. Business for many financial institutions was interrupted to the point that they were unable to complete customer transactions long taken for granted - like processing loans or even delivering account activity information. They simply weren't prepared to weather disasters of that magnitude.
Now many institutions are assessing their own preparedness. Will business continue through catastrophes the likes of Hurricane Katrina? What impact would such an event have on business processes? How much potential revenue could be at stake?
A BIA is crucial for that needed readiness, evaluating the consequences that could result from an interruption in core elements of an institution's infrastructure. The Federal Financial Institutions Examination Council (FFIEC) has even released guidelines stipulating that a BIA must: include a workflow analysis of business functions; identify the potential impact of events; and estimate maximum allowable downtime - all while also considering the impact of legal and regulatory requirements.
"Getting BIA right is not to be taken lightly," says Mike D'Agostino, Marketing Manager at Information Security Media Group. "After all, finding out about the deficiencies in one's BIA process in the midst of a disaster or during a regulatory exam is simply too little, too late. Just ask those institutions hit by the worst of Katrina."
Despite clear guidance on this issue, many institutions still struggle with Business Impact Analysis. Now, in this in-depth webinar, Matthew Speare details what it takes to get BIA right. A veteran of the banking industry who oversees security for M & T Bank Corporation, Speare reviews updated regulatory requirements and explores how to conduct an effective BIA as well as how to improve business continuity planning through the BIA process.