Improve Your Cloud's Resilience With Business Impact Analysis
A successful Business Impact Analysis allows us to ensure the resilience and sustainability of cloud operations during and after an interruption, which is also known as Disaster Recovery (DR) and Business Continuity (BC). In this blog, we will discuss major business impact analysis issues in the cloud. Let’s start by defining what a BIA is.
What is a business impact analysis?
The business impact analysis (BIA) is an evaluation of the importance assigned to every item and activity inside the business. A good analysis should take into account the effect that any damage or loss per asset may have on the business.
Importance of BIA
When shifting to a cloud service model, you should assess the current business impact analysis (BIA) and discuss creating a new one. Alternatively, you may wish to do at least a preliminary evaluation of cloud-based problems as well as the potential vulnerabilities and possibilities presented by the cloud provider. Several of the possible effects should have been addressed in your first BIA, but they may be quite important and take on new shapes in the cloud.
You must also calculate the cost of compliance, which are the regulations and restrictions arising from contracts imposed on your firm. Many factors will influence your organization’s regulatory limits, including the countries in which it works, the sector in which it operates, and the types and locations of your clients.
BIA considerations in the cloud
Some of the possible major BIA problems are as follows:
Following the migration, your data and business will be completely dependent on multiple vendors. You will have to rely on the cloud provider to fulfill your company’s demands, as well as all of the provider’s dependencies on the distributed or produced materials related to manufacturers, and customers. The BIA should consider the possibility of the vendor’s failure to satisfy business obligations, as well as equivalent deficiencies of vendor-related third parties.
The cloud’s effectiveness and accessibility in the distribution of data increase the likelihood of regulatory breaches as users generate and distribute data innovatively. Even if your company is completely compliant internally, the vendor may be incapable or reluctant to follow your regulations. Legislative failings might include inadequate security for PII/ePHI material to satisfy legal obligations such as GDPR, GLBA, HIPAA, FERPA, or SOX. Some other failures are property license breaches. The new BIA should contain an assessment of the potential consequences of this situation.
Data Breach, Intentional or Unintentional
Internal employees and remote accessibility are two existing concerns with cloud computing. Furthermore, you cannot pass the entire legal accountability for a breach to the vendor. This means you must reconsider the possible effects and consequences of unauthorized disclosure. In the updated BIA, you should additionally discuss the negative consequences of potential violations.
Lock-In/Lock-Out of Providers
The BIA should consider these risks while migrating infrastructure to the cloud. You should complete the report related to provider lock-in and lock-out as part of the cost-benefit analysis. It should also be easily available.
By the completion of this blog page, you have learned what a BIA is, why it is important, and what issues you need to address in your new BIA effectively.
Are you interested in learning more practical Cloud skills? Enroll in MCSF - Cloud Services Fundamentals.