Results of Continuity Insights and KPMG LLP Business Continuity Management Program Benchmarking Study published
According to a new survey report released by Continuity Insights and sponsored by KPMG LLP there are varied levels of business continuity management (BCM) program maturity across organizations as well as significant opportunities for improvement through more effective governance and deeper integration with other disciplines.
The 2013-2014 Continuity Insights and KPMG LLP Global Business Continuity Management Program Benchmarking Study, which surveyed 434 executives from over 22 countries, is a comprehensive analysis of the current state of BCM programs and the drivers for further program development. The 2013-2014 survey revealed that organizations have increased oversight of BCM activities with 71 percent of respondents indicating they have a senior management advisory or steering committee in place, up from 65 percent in the 2011-2012 survey. While that is an improvement from the past study, approximately 30 percent of the respondents indicated that no such governance capability is currently in place in their organization.
"Having a formal oversight function, like a steering committee, that is visible and provides guidance in the development and maturity of the BCM Program, is a key success factor for organizations that get BCM right," said Tony Buffomante, Principal, Information Protection and Business Resilience, KPMG. "More frequently than ever before, organizations are experiencing incidents or interruptions that require activation of one or more business continuity plans, particularly around IT or cyber security, social media and data privacy, requiring they remain vigilant in the development, maintenance and monitoring of their business continuity programs."
The survey showed there is a significantly higher level of BCM program integration with key functional organizations, third parties and public authorities where a steering committee is in place. The survey revealed that those with this oversight in place reported higher success rates in a number of business continuity facets, including an increase in conducting periodic business impact analyses (BIAs), achieving recovery time objectives, an increased rate of adopting global standards such as ISO 22301 and a noticeable rise in addressing cyber security in their BCM programs and related business continuity plans.
Despite a rise in cyber-related threats, 36 percent of organizations reported that they do not address cyber terrorism in their BCM program and related plans. Study results revealed that organizations with steering committees are more likely to include cyber terrorism in their BCM program and related plans - 46 percent of those respondents versus 32 percent for those without steering committees.
"Cyber threats are a concern for many respondents, but more than a third still do not include them in [business continuity] planning," said Mike Janko, Manager, Global Business Continuity, The Goodyear Tire & Rubber Co. "Since cyber threats are reported by government officials as a top threat in 2014, those who choose not to include them in their strategy will need to be prepared to defend themselves if there is a loss of intellectual property, privacy issues and other related incidents."
Other highlights include:
Read the full report (PDF).
•Date: 29th April 2014 • World •Type: Article • Topic: BC statistics