According to a survey conducted by The Hartford, most midsize firms have business continuity plans, but few have actually tested them.
The Hartford surveyed more than 500 midsize business owners and C-level executives in the U.S. with annual revenues of $10 million to $1 billion in its report, and says that 59% of respondents have a formal, documented continuity plan; 33% have an informal, verbal plan; and 8% don't have a plan at all. Of those with plans, only 19% of businesses had tested their plans.
The survey found that 36% of midsize businesses had been unable to meet a client need due to an interruption in operations. Of those businesses, 9% lost clients that did not return.
According to The Hartford, 84% of businesses surveyed rely on suppliers, vendors or consultants. Four in 10 had suffered a supplier interruption, and 32% had lost revenue due to a supplier problem.
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