Having a Disaster Recovery Plan

Having a Disaster Recovery Plan

The COVID-19 pandemic prompted many organizations to review their plans for handling various types of emergencies. Being prepared for any type of natural or man-made disaster can ultimately save your business.

Here are some ideas to consider for handling business needs in an emergency:

Important Files

• Store a copy of all computer operating system and important files off-site.
• Back-up critical data on a regular basis and rotate flash drives to an off-site location.
• Be sure to keep a list of computer passwords. With many programs having a "remember this password" feature, it is often easy to lose track of all the passwords (and IDs) you use. Too many passwords to remember? Sites such as Lastpass offer a safe and secure place to store your passwords.
• For important financial records, like balance sheets, income statements and tax returns, keep a copy in a secure location.
• Be sure to keep copies of critical contracts, licenses and operating agreements off-site. You may want to update the off-site materials quarterly.
• Validate that files and other important information are accessible on a quarterly basis from remote locations.

Physical Assets

• Keep a regularly updated inventory of all your firm's equipment and other fixed assets. This should include information such as identification numbers, costs and locations.
• Make sure your physical assets are adequately insured.

Supplies

Keep a supply of your usual office supplies off-site in case you can't reach your business location. This includes stationery, envelopes, business cards and frequently used brochures.

Useful Information

Keep a file of contacts, phone numbers and email addresses off-site. Backing up your contact management software files can be easily handled. Using a hand held device makes this easy and convenient. In an emergency, being able to contact employees, vendors and customers is critical. Be sure to include pager and cell phone numbers.

Communication Plan

Be sure to have a plan on how to contact critical parties. Specific people should be assigned to handle specific contacts - employees, vendors, customers and others. You may also want to have a designated media contact. In the confusion of a disaster, it is critical that accurate and consistent information is made available, preferably from a single source.

A well thought-out plan and remaining calm are some of the key ingredients for dealing with an emergency. Make sure you and your business are ready for whatever the future holds. Part of our commitment to you is keeping your financial information safe and secure. Explore how we are working to keep your information private and confidential by visiting our Security Center.

These opinions are those of its author and not Provident Bank. You should consult a professional regarding your specific business needs.