The importance of disaster recovery plans Disaster recovery (DR) is one component of contingency planning (Whitman & Mattford, 2017). Specifically, disaster recovery refers to all the activities when preparing, detecting, reacting and recovering from a disaster. A disaster is defined as an unexpected event that affects the organization’s ability to perform mission-critical tasks (SANS, 2003). To recover (return to normal operations) from such an event, the organization needs to have a tested DR plan and policy in place. Such plans should be supported by senior management and support the vision and mission of the organization. According to SANS (2003), key elements to a disaster recovery plan are: •Establishing a planning group •Risk assessments •Prioritization of information assets (inclusive of applications and networks) •Recovery strategies •Plan documentation •Verification criteria and procedures •Implementation Other import...
According to Higgins (2010) “Risk appetite is the amount of risk an organization is willing to take on or is prepared to accept in pursuing its strategic objectives”, (p.16). This willingness is influenced factors such as financial resources, objectives, risk capacity, existing risk profile, risk tolerance and risk attitude (Wendell, 2012) and (COSO, 2012). Conducting it is important as it provides a vital piece of information; it can provide bounds (upper and lower) on the strategies and decisions that are utilized to pursue the organization's objectives. According to COSO (2012), risk tolerance is The acceptable level of variation relative to achievement of a specific objective, and often is best measured in the same units as those used to measure the related objective. In setting risk tolerance, management considers the relative importance of the related objective and aligns risk tolerances with risk appetite. Operating within risk tolerances helps ensure that the entity ...