Interest in business continuity management (BCM) has risen sharply in the aftermath of the pandemic. As of 2022, the worldwide business continuity management market, to cite but one salient datapoint, generated revenues of USD 536 million. This contrasts with revenues of USD 360 million in 2018.
Of course, COVID alone isn’t behind the surge in interest and market share. Analysts also attribute the rise in BCM to the growing dependence of companies on digitalization, increased IT expenditure, as well as emergence of operational risks.
Faced with this threat picture, organizations have been opting for business continuity management programs, projects, and solutions as the best ways to maintain optimum operations or quickly restart functioning after a disaster. To this end, mainstay BCM exercises, such as the business continuity plan (BCP) and the business impact analysis (BIA), have been trending, as well, both among large enterprises and SMEs.
Reading just below the headlines, though, there’s reason to believe that this surge in interest is yielding more, not deeper BCM programs. For instance, organizations, instead of retooling their business continuity program to adjust to the new resilience threat picture, are often just re-fighting the last war, i.e., simply updating BCPs to include the public health threat scenario.
Why does it matter?
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