U.S. Regulators Issue BDR, Business Continuity Recommendations

U.S. regulators issued recommendations earlier this month for futures and securities firms to review and update their internal data backup and disaster recovery plans and business continuity strategies. The goal is to improve responsiveness to disruptions and reduce recovery time.  That’s something that many managed service providers (MSPs) already provide to end customers, but knowing the new government recommendations can help you in your practice.

You can read all the recommendations here, but we’ve put together a summary of what you need to know about these recommendations, which can be applied to any kind of business.

Widespread Disruption Considerations

• Consider the possibility of a disruption in telecommunications, transportation, electricity, office space, fuel and water in customer business continuity plans (BCP) and prepare for it. Consider redundant services.
• Create remote access plans for employees so they can work from home.
• When considering alternative worksites, consider the effects of regional disruptions and plan accordingly.
• Consider making pre-arrangements for reserving space at remote locations such as hotels or other office space and contemplate moving staff to the alternative location in advance of a significant BCP event.

Vendor Relationships

• Consider critical vendor relationships such as those with providers of clearance and settlement, banking , fuel, telecommunications, electricity and other utilities. Do these providers also have business continuity plans?

Telecommunications Services and Technology Considerations

• Consider contracting with multiple telecommunications carriers to provide a failover for services.
• You may also want to evaluate your telecommunication provider’s contingency plans and how they will affect your company.

Communication Plans

• Plan for providing customers with contact information so that business can continue. Take measures to keep your website up-to-date with information about the your company’s operational status and contact information during a disruption.

Review and Testing

• Conduct full BCP tests to evaluate whether all day-to-day functions can be performed regardless of staff location.