Is your business prepared for a disaster?

If not, then you’re among the 40% of Singapore firms that do not have an IT disaster recovery plan to ensure systems are up and running within 24 hours.

In addition, 59% have no business continuity for their workplace requirements, according to a study by Regus.

Regus said, “The catastrophic spate of disasters that occurred in 2011, including the recent flash floods in the republic caused by heavy rain, created a standstill in many areas including the central shopping district, resulting in heavy losses of business and hindering human traffic. This 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.”

The latest survey by Regus 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. Key findings include:

• 40% of Singapore firms compared to 45% globally do not have an IT DR plan in place ensuring systems are up and running within 24 hours;
• Globally 55% of firms have no workplace recovery that could be available within 24 hours, and Singapore follows this trend with 59% of firms lacking workplace DR;
• Singapore businesses are more likely to perceive the cost of DR as prohibitive (37%) than average (33%);
• Over two thirds of Singapore respondents (67%) compared to 55% globally declared that they would invest in workplace recovery if the service were suitably priced;
• Globally, although larger firms are better prepared for disaster recovery than smaller companies, 26% of larger corporates still remain without a DR facility for their IT systems, and 40% have no workplace DR facility;
• Globally, financial services (71%) and ICT businesses (66%) were more likely to have a business continuity plan although more than 40% of firms in these sectors have no workplace recovery arrangement.

William Willems, Regional Vice-President for Australia, New Zealand and South-east Asia, Regus, said, “The research reveals that, in spite of reports indicating that the average incident can cost up to US$500,000 disaster recovery among Singapore businesses is not as wide-spread as imagined, particularly when it comes to workplace.”