Nearly 50 percent of Indian businesses unprepared for disasters
While Indian businesses are galloping in the wake of economic liberalization contributing significantly to the country’s growth, sadly they fall short of planning for a disaster recovery (DR), finds a study from Regus, a provider of workplace solutions.
Nearly 50 percent businesses in India do not have a DR plan in place for their IT infrastructure and even more 60 per cent have no business continuity for their workplace requirements, the survey revealed.
In India 400 companies participated in the Regus survey, conducted in metro cities of Mumbai, Delhi, Bangalore and Chennai.
The catastrophic spate of disasters that occurred in 2011 has driven the issue of DR to the top of boardroom agendas highlighting the huge cost to businesses that natural disasters and their aftermath can cause. Although these are extreme examples, the consequences of common events such as fires and vandalism can also seriously damage a business.
While Indian businesses have shown remarkable resilience in the wake of natural disasters like earthquake and tsunami and terrorist attacks in the past, the Regus survey shows that Indian businesses lack a conscious DR plan. Nearly 43.5 percent of companies from India believe that cost of DR prohibits their planning.
However, a significant 63.5 percent companies in India were ready to buy a workplace DR facility if the option is priced affordably.
In order to take the pulse of global business preparedness, the survey canvassed the opinions of over 12,000 business people in 85 countries and found that a significant proportion of firms are taking a huge risk with their shareholder’s assets and failing to take proper precautions.
Compared to India, nearly 45 percent of businesses globally do not have a DR plan in place for their IT and 55 percent have no business continuity for their workspace requirements.
The research reveals that across the globe around half of firms have no formal business continuity strategy for their IT or their workforce. With reports indicating that the average incident can cost up to US$500,000 this lack of planning could spell disaster for many firms.
Most businesses appear to run this risk due to the high perceived cost of DR, but also report that they would be willing to pay a monthly fee to access a workplace DR facility in case of emergency.
“This is an important indication that although too many businesses are taking a gamble, their mentality is changing. As affordable products and services become available around the globe, it is likely that more businesses will finally stop hoping for the best and seriously start planning to prepare for the worst,” said Madhusudan Thakur, Regional Vice-President, South Asia, Regus.
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