Regulations and compliance are significantly influencing the development of business continuity plans. Whereas it used to be primarily big businesses in the market for business continuity plans, an increase in legislation and regulations governing data protection has meant that smaller businesses are now also in need of them in order to ensure they’re compliant with all relevant regulations.
For example, SOX mandates that any publicly traded company that receives more than 18 percent of finished goods or 22 percent of raw material have a continuity plan in place. Furthermore, the Civil Contingencies Act 2004 requires category one responders, such as local councils, health authorities, police, and fire, to ensure that their suppliers all have business continuity plans in place.
Ultimately, there will be an increase in legislation governing data integrity, so companies need to be mindful of any new legislation in their sectors so that they can comply. Failure to comply not only puts your customers and your business at risk; it could also incur costly penalties. Make sure you’ve researched the regulations in your sector and take the steps necessary to ensure compliance.