What is business continuity plan? Why is it important ?

Business Continuity Plan (BCP) is a formal plan, or integrated set of plans, designed to enable key business processes to continue in operation following a major system failure or disaster. Essential ingredients include the identification of key business processes, adequate system backups and a workable continuity strategy. BCP not only covers systems/processes but may also include people who are a part of the process and have key insights to keep the business process functioning. Business Continuity Planning (BCP) is a very important aspect of Information Systems (IS). It encompasses all aspects that can result in usage discontinuity. It is important as it: Ensures continuity of operations and service delivery Ensures supply chain security and order fulfillment Helps mitigate business risks and financial exposures Provides compliance benefits Helps the organization / business to be more resilient.