The Importance of a Business Impact Analysis being Cyber-Aware (cBIA)

The #1 issue we see most in our HIPAA and IT Assessments – Lack of a BIA! This is especially true for a BIA not being “Cyber-Aware”, which evaluates and documents both Internal and External business applications, processes, and endpoints.

Why Conduct A BIA that is Cyber-Aware?

A Cyber-Aware BIA quantifies the business impacts of disruptions across four key areas: Revenue, Reputation, Regulatory/Legal and Operational. A cBIA is the foundation or a strong business continuity and disaster recovery (BCDR) strategy as well as a data security and compliance program. A well-developed cBIA should reflect how business operations are impacted overall and how time affects such impact, as this is rarely a linear function. A 10-minute service interruption may have a negligible impact while the same service interruption extended over three days may prove catastrophic to the business.

• For BCDR
  A Cyber-Aware BIA identifies interdependent internal and external systems and business applications and guides department staff in developing alternative procedures for use during interruptions. A cBIA also provides a precise point of reference for IT managers who must develop recovery strategies for business operations.

• For Compliance Programs
  A Cyber-Aware BIA helps find gaps in your current compliance program. A cBIA provides critical underwriting information to cyber insurance carriers, helping your organization maintain coverage against malware and other cyber threats.

• For Data Security
  A Cyber-Aware BIA tracks the flow of sensitive data and identifies external connections where privacy could be compromised and where exposure to cyber threats could happen.

• For Risk Management
  The key elements that must be supplied to management on a consistent basis regarding information security risk are likelihood and impact related to the identified risk.  Likelihood (or probability) is determined by the risk analysis process and impact by a BIA.  This information provides the basis for management to make prudent decisions.
  (ISACA – CISM Review Manual 15^th Edition)

A Cyber-Aware BIA isn’t a one-and-done process. Business processes change frequently along with business software applications and third-party service providers. It is important to update your cBIA whenever changes occur and conduct an overall review at least annually.

Partner for Success

If the idea of being responsible for your business’s Cyber-Aware BIA is intimidating, don’t worry. With our team in your corner, you don’t have to go through the process alone.

Our team of experts can lead the project, work with your department staff to collect the data, and create the necessary reports and documents. Contact us now for an estimate of time and a no-obligation proposal.

Business Impact Analysis – Why You Should Partner With Specialists

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