Check your insurance policies

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Check your insurance policies

Jane Dudman

IT managers have been urged to double-check their insurance policies to ensure they are fully covered in the event of war or a terrorist attack.

As the threat of retaliation for any attack on Iraq increases, John Sharp, chief executive of the British Continuity Institute, warned that businesses need to review their disaster recovery plans.

"Following 11 September, insurance companies have tightened up their policies and the cost of business interruption cover has increased considerably," he said. "IT managers need to ensure the terms of their insurance have not been changed at renewal to exclude acts of terrorism and of war."

Sharp said smaller companies, in particular, should review their disaster recovery plans. "Most major UK organisations have revisited their business continuity requirements because of the changing nature of potential threats, including a review of where to locate their crisis command centre and their disaster recovery site," he said. "Smaller organisations tend to feel they may not be so affected, but now is the time for all organisations to review their requirements."

  • In January, the US government dropped a proposal requiring Wall Street firms to move their disaster recovery sites 200 to 300 miles away from primary datacentres.

  • The UK Financial Services Authority, the Treasury and the Bank of England have developed a website to raise business continuity standards. Their aim is to ensure that authorities can communicate with key firms in an emergency.

www.financialsectorcontinuity.gov.uk/home


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