Hurricanes Lessons to Financial Institutions About Business Continuity
Business Continuity taught financial institutions many lessons.
After the Sandy and Katrina disaster, financial institutions immediately began taking action. Once they were able to get their systems back online, it was time to challenge themselves to come up with better plans for disaster recovery. Here are some of the major business continuity challenges financial institutions found themselves facing:
- The communications outages in local areas made it almost impossible to find missing personnel.
- Power outages left computer systems inoperable, so there was no access to data.
- Multiple locations were damaged or completely destroyed.
- Flood waters kept many ATMs and branch location underwater for long periods of time.
- Mail service was unreliable in some areas for months.
Many financial institutions had disaster recovery plans. But, no one had predicted the magnitude the hurricane would have on the business communities. More importantly, no one planned for the levees to break, causing the disaster recovery process to take even longer. The unprecedented event known as Hurricane Katrina caused many financial institutions and other business enterprises to adjust their plans to ensure that the recovery process goes much smoother in the event of a future disaster.