Identifying your business continuity plan objectives is an important first step in creating a comprehensive plan that helps your organization recover from disruptions. To ensure resilience and continuity, organizations must have a well-structured Business Continuity Management System (BCMS).
A key component of an effective BCMS is setting clear goals and objectives for your Business Continuity Plan (BCP). These provide direction, establish priorities, and ensure alignment with the organization’s overall risk management strategy.
The Importance of Defining Goals and Objectives
Setting clear goals and objectives before starting the business continuity planning process helps establish direction and focus, increasing the likelihood of achieving your plan’s core goal: preparing the business for a disaster scenario so you can minimize downtime when such an event occurs.
Prioritization and Resource Allocation
Goals help identify critical business functions and resources that need immediate protection.
Safeguard Protection
Preparedness helps reduce the financial losses associated with business interruptions.
Business Resilience
A well-defined BCP ensures your organization can continue operating during and after a crisis.
How to Set Effective Goals and Objectives
To make your BCP actionable, objectives should the following framework:
Applying the SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) criteria helps create well-defined and effective goals for your BCP.
- Specific – Clearly define what the objective aims to achieve.
- Measurable – Establish metrics to track progress.
- Achievable – Set realistic and attainable targets.
- Relevant – Align with the organization’s business continuity goals.
- Time-bound – Assign deadlines for implementation and review.
A Business Impact Analysis (BIA) helps determine the consequences of business disruptions and identifies critical functions that must be restored quickly. The BIA process includes:
- Evaluating financial, operational, and reputational impacts of different types of disruptions.
- Identifying Recovery Time Objectives (RTO) and Recovery Point Objectives (RPO) to guide the continuity planning process.
- Prioritizing essential processes, systems, and resources to maintain business operations.
A comprehensive risk assessment is necessary to identify potential threats, vulnerabilities, and weaknesses within the organization. This step involves:
- Identifying risks such as cyberattacks, natural disasters, supply chain disruptions, and operational failures.
- Assessing the likelihood and severity of each risk.
- Prioritizing risks based on their potential impact on business continuity.
Effective goal-setting in business continuity planning requires collaboration with key stakeholders, including:
- Senior management, who provide strategic direction and allocate resources.
- IT and operations teams, who implement technical and logistical solutions.
- Risk management and compliance officers, who ensure alignment with regulations and standards.
- Employees, suppliers, and customers, whose needs and expectations must be considered.
Example of BCP and Cybersecurity Response in Bybit Hack Case Studies
Bybit’s recent $1.48 billion hack shook the crypto market, triggering panic and a drop in BTC prices. However, the exchange’s swift and effective response showcased exemplary cybersecurity breach management, business continuity planning (BCP), and liquidity management.
Rapid Cybersecurity Response
Bybit quickly identified the unauthorized transfers through real-time monitoring, allowing them to isolate affected wallets and contain the breach. Their proactive detection tools prevented further losses, demonstrating the importance of real-time cybersecurity measures for financial platforms.
Strong Business Continuity Planning (BCP)
Bybit’s transparent communication reassured clients and regulators, emphasizing that customer funds remained safe due to their insurance and reserve funds. This decisive response stabilized market sentiment and reinforced the importance of well-structured BCP strategies.
Effective Liquidity and Risk Management
Despite the financial impact, Bybit assured users of its strong liquidity reserves, preventing panic and potential bank runs. Their ability to absorb the loss without affecting user funds highlights the value of robust financial risk management.
Bybit’s handling of the crisis serves as a key lesson in cybersecurity readiness, business continuity, and financial resilience for the crypto industry.
Following the Bybit attack, the exchange has introduced a reward initiative, offering a 10% incentive for any assets successfully frozen or recovered. This approach seeks to engage blockchain experts and independent analysts in tracking illicit transactions, making it more challenging for criminals to move stolen funds. The initiative reflects a broader industry shift where financial incentives are increasingly used to support investigative efforts and strengthen real-time monitoring of suspicious activities.
This incident highlights the growing urgency for stronger cybersecurity measures, real-time transaction monitoring, and enhanced cross-border intelligence sharing.
How Our BCMS Services Can Help
At InterRisk Asia (Thailand), we help businesses build resilience and prepare for the unexpected.
Comprehensive risk assessments and business impact analysis.
Tailored business continuity strategies that align with industry best practices.
Training and Exerxcise programs.
Compliance support for ISO 22301 and other regulatory requirements.
Contact us today to learn how we can support your business continuity efforts and safeguard your operations against disruptions.
