Business Continuity Management Statistics


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Business Continuity Management Statistics 2023: Facts about Business Continuity Management are important because they give you more context about what’s going on in the World in terms of Business Continuity Management.

LLCBuddy editorial team scanned the web and collected all important Business Continuity Management Statistics on this page. We proofread the data to make these as accurate as possible. We believe you don’t need to check any other resource on the web for Business Continuity Management Facts; All are here only 🙂

Are you planning to form an LLC? Thus you need to know more about Business Continuity Management? Maybe for study projects or business research or personal curiosity only, whatever it is – it’s always a good idea to know more about the most important Business Continuity Management Statistics of 2023.

How much of an impact will Business Continuity Management Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your Business Continuity Management related questions here.

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Top Business Continuity Management Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 75 Business Continuity Management Statistics on this page 🙂

Business Continuity Management “Latest” Statistics

  • According to a 2020 poll, 51% of businesses worldwide do not have a business continuity strategy.[1]
  • According to the most recent data on business continuity, 84% of companies now store data and backups on the cloud, and another 8% aim to do so in the next 12 months.[1]
  • 44% of businesses want to update or increase their current use of GRC or risk management software.[2]
  • 56% of businesses do not have a defined procedure for evaluating third parties’ BC preparedness.[2]
  • One of the goals of financial institutions is a collaboration between the risk management function and business units (66%).[2]
  • According to Databarracks, just 30% of small firms have a business continuity strategy in place, compared to 54% of medium-sized companies and 73% of major corporations.[3]
  • Only 56% of organizations in the U.S. and Canada that were surveyed had a business continuity strategy that takes international risks into account.[3]
  • 57% of businesses claim that semiannual or quarterly regular testing encourages buy-in across the board, increasing the likelihood that they will be ready for an interruption.[4]
  • 58% of businesses have disclosed at least one supplier of cloud storage services to the public.[4]
  • 70% of businesses want to boost their spending on resilience building.[4]
  • According to BC Benchmark Study in 2019, 80% of businesses put a high value on employee safety.[4]
  • 84% of businesses have spoken about the importance of organizational resilience source global crisis survey according to PWC Global Crisis Survey in 2021.[4]
  • 75% of agility customers implemented their business continuity plans according to Agility Statistics in 2021.[4]
  • Global supply chain interruptions cost major businesses, on average, $184 million each year.[4]
  • Due to supply chain disruptions, 83% of businesses have experienced reputational impact.[4]
  • 32.1% claimed to have a strategy that lists the precise apps and other business-critical elements that must be retrieved.[5]
  • By 2019, Gartner forecasts that 35% of enterprises with immature BCM strategies will have significant issues recovering one or more crucial business operations.[5]
  • 52% of corporate executives said their organizations intended to devote greater resources to solutions for business continuity and catastrophe recovery.[5]
  • Only 13% of businesses at level 1 without a BCM framework in place were able to restore all mission-critical functions in accordance with established recovery goals.[5]
  • Around 50% of businesses would want their current backup solutions to be quicker or more effective.[5]
  • Programs for business continuity management as a whole increase catastrophe recovery rates by up to 17%.[5]
  • After a significant data loss, 70% of businesses fail.[6]
  • After a big calamity, 80% of businesses without thoughtful data protection and recovery plans fail within two years.[6]
  • Without disaster recovery procedures, 80% of companies experiencing computer disasters go out of business.[6]
  • Within a year following a catastrophe, 93% of businesses that lost their data center for ten days or longer declared bankruptcy.[6]
  • 90% of businesses that suffer data loss fail within two years, according to a recent Gartner, Inc. research.[6]
  • According to Aveco, 20% of businesses will experience a hardware or software catastrophe, a fire, a flood, a power outage, or acts of terrorism.[6]
  • Statistics from the labor department show that more than 40% of businesses that endure disasters never reopen, and more than 25% of those that do shut down within two years.[6]
  • The survival rate for businesses without a catastrophe recovery strategy is less than 10%, according to a recent Touche Ross research.[6]
  • In the past, organizations without a successful business continuity strategy had a 50% failure rate after a significant interruption.[6]
  • It was discovered that 90% of data-dependent businesses would collapse after a severe loss or interruption of the EDP system.[6]
  • If they couldn’t access their data, small to medium firms with less than 500 users on the site had a 50% chance of going out of business.[6]
  • About 80% of businesses that experience a catastrophic tragedy and don’t have any kind of backup plan go out of business within 18 months.[6]
  • In the last five years, more than 50% of businesses have encountered a downtime event that lasted a full workday.[7]
  • 96% of the businesses affected by a large data catastrophe had a disaster recovery strategy, whereas 93% of those without one went out of business within a year.[7]
  • According to a 2018 assessment of businesses that have been hacked, 68% of breaches weren’t discovered for months or longer.[8]
  • In a 2014 research, 28% of businesses lost access to a data center for more than a week, and 78% of businesses said they had lost one or more mission-critical applications at some time.[9]
  • In a recent survey, IBM discovered that business continuity experts believed just approximately 60% of their staff would be prepared for a catastrophe.[9]
  • 93% of businesses that experience a significant data catastrophe without disaster recovery go out of business within a year.[10]
  • According to Datto, a small company’s hour of downtime costs £6,038, on average £528,325 for a major corporation, and £ 55,851 for a medium.[10]

Business Continuity Management “Other” Statistics

  • Nearly all firms struggle with data breaches, and 45% of them experience a breach as a result of a successful attack.[1]
  • 24% of respondents that are victims of data breaches believe their data will be retrieved in less than 10 minutes after a tragedy.[1]
  • Small firms were impacted by 28% of breaches in 2020, according to Verizon’s Data Breach investigations report.[1]
  • In a poll cited by DataCore, 54% of companies claimed they had downtime incidents lasting at least eight hours in the previous five years.[1]
  • According to Datto, ransomware has emerged as one of the major reasons for an operational interruption, impacting 1 in 5 small enterprises.[1]
  • According to data from 2020, 70% of assaults on small enterprises were carried out by outside forces.[1]
  • The cumulative yearly regulatory expenditures for 15 credit unions in the U.S. are $6.1 billion, or 15% of operational costs.[2]
  • According to COBIT maturity level standards, only 27% of firms rate their bc program maturity as a 4 or 5 measured or optimized out of 5.[2]
  • Without a DR strategy, 60% of small firms that lose access to their operating systems and data shut down permanently.[3]
  • 20% of activities that were completely recovered by firms having a disaster recovery solution in place were ransomware attacks.[3]
  • Hardware issues, according to Dynamic Technologies, account for 45% of all unexpected downtime.[3]
  • According to the most recent study, cybercrime increased from 2% of outages in 2010, to 18% in 2013, and 22% in the latest study.[3]
  • According to a poll conducted in October, 90% of companies in all sectors anticipate long-term effects from the disruption of global supply chains on their operations.[3]
  • 52% of security and data breaches are caused by human mistakes, which is the most common reason.[3]
  • In a poll, 70% of companies acknowledged that even one data loss might have a big, expensive effect on the company.[3]
  • 30% of crimes are committed by inside staff or outside parties with permission to access systems.[3]
  • Hurricanes or tropical storm-related floods are considered by 34% of companies to be the most dangerous natural hazard for which to be ready.[4]
  • Mission-critical activities and operations are identified and prioritized by 43% of firms using BCPs.[4]
  • During the epidemic, 62% of organizations adopted a crisis response strategy.[4]
  • Business Continuity is a high or medium priority for their firms, according to 76% of CEOs.[4]
  • 25% of respondents from across the globe said the cost of their servers’ average hourly downtime ranged between $301,000 to $400,000.[4]
  • Corporations incur expenditures related to 13.8% of recovery that were not anticipated in the budget.[5]
  • A secondary location that is different from their main disaster recovery site is used by 20.4% of firms.[5]
  • Based on the volume of data they had, 23% of IT administrators said that doing regular backups was either unneeded or unjustified.[5]
  • 32% of IT administrators said that their companies don’t routinely verify their backup solutions.[5]
  • 33% of respondents said that when they used their disaster recovery plan in response to an outage, it was ineffective.[5]
  • By industry, the healthcare sector is one of the most neglectful, according to an alarming 66% of respondents.[5]
  • According to Emerson research, the length of all unexpected outages in 2016 was 130 minutes, which is 9% longer than in 2013.[5]
  • In contrast, 10% of IT administrators said that they don’t do daily backups because they have too much data.[5]
  • In accordance with the association of records managers and administration, two years after a big calamity like a fire, around 60% of enterprises close.[6]
  • 52% of small firms estimate it would take at least three months to recover after a catastrophe, while 75% of them claim they do not have a disaster plan in place.[11]
  • According to research, 40% of small firms never fully recover after a crisis.[8]
  • The failure rate for hard drives in Q1 2020 was 1.07%, according to Backblaze, the lowest rate ever.[10]
  • According to the 2019 Global Data Risk Report by Varonis, global data risk report states that 22% of all files utilized by an organization are public.[10]
  • Cybersecurity attacks on the UK financial services industry have surged by 50% only in the last year.[10]

Also Read

How Useful is Business Continuity Management

One of the primary reasons why BCM is so crucial is its ability to mitigate risks and minimize potential losses during times of crisis. Whether it is a natural disaster, cyber-attack, or a global pandemic like we are currently experiencing, having a robust BCM strategy in place can help organizations navigate through disruptions and maintain business operations with minimal downtime. By identifying potential threats and vulnerabilities, developing contingency plans, and regularly testing and updating these plans, companies can better prepare themselves to respond effectively in times of crisis.

Furthermore, BCM promotes organizational resilience by fostering a proactive and strategic approach to risk management. Rather than simply reacting to emergencies as they occur, BCM encourages organizations to plan ahead and develop strategies to prevent, prepare for, respond to, and recover from potential disruptions. This proactive mindset not only helps companies minimize the impact of unexpected events but also enables them to adapt and thrive in the face of adversity.

Additionally, BCM enhances a company’s reputation and credibility in the eyes of stakeholders. Customers, partners, investors, and regulators are increasingly looking at an organization’s ability to maintain continuity and stability in times of crisis as a key indicator of its overall performance and reliability. By demonstrating a commitment to BCM, companies can build trust with their stakeholders and differentiate themselves from competitors who may not have similar measures in place.

Moreover, BCM is a critical part of regulatory compliance and sustainability efforts. Many industries are subject to strict regulations and standards related to business continuity and disaster recovery, such as the ISO 22301 standard for BCM systems. Compliance with these requirements not only helps companies avoid potential legal and financial penalties but also enables them to uphold their commitments to environmental, social, and governance (ESG) standards.

In conclusion, the value of BCM cannot be understated when it comes to ensuring the long-term success and survival of organizations in today’s complex and interconnected business world. By investing in BCM, companies can better prepare themselves for emergencies, enhance their resilience, protect their reputation, and reduce risks associated with disruptions. Ultimately, BCM is not just a cost but an investment in the future sustainability and competitiveness of a business.

Reference

  1. invenioit – https://invenioit.com/continuity/business-continuity-statistics/
  2. quantivate – https://quantivate.com/grc-risk-compliance-statistics/
  3. webinarcare – https://webinarcare.com/best-business-continuity-management-software/business-continuity-management-statistics/
  4. agilityrecovery – https://www.agilityrecovery.com/agility-numbers-statistics-and-research
  5. arcserve – https://www.arcserve.com/blog/business-continuity-statistics-it-pros-storagecraft
  6. continuitycentral – https://www.continuitycentral.com/feature0660.html
  7. fssi-ca – https://www.fssi-ca.com/disaster-recovery-planning-business-continuity-plan/
  8. ricoh-usa – https://www.ricoh-usa.com/en/insights/articles/5-reasons-your-business-needs-a-business-continuity-plan
  9. rockdovesolutions – https://www.rockdovesolutions.com/blog/risk-costs-of-not-having-a-business-continuity-management-program
  10. sysgroup – https://www.sysgroup.com/resources/blog/business-continuity-to-make-you-change-for-the-better
  11. dewittguam – https://www.dewittguam.com/9-fast-facts-you-need-to-know-about-business-continuity-plans/

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