business impact analysis (BIA)
Business Impact Analysis (BIA) is a process for assessing the damage caused by interruptions to critical business processes.
Impact assessment in the event of system failure, disaster or business interruption is part of continuity management and vulnerability management. The analyses are recorded in corresponding reports that list the potential risks to the company. Business Impact Analysis is part of the Disaster Recovery Plan( DRP) and identifies the costs incurred due to failure and interruption for cash flow, replacement equipment, wages, loss incurred and more.
The BIA process is relevant to the disaster recovery( DR) strategy and determines the recovery point objective ( RPO) and recovery time objective ( RTO) after an IT system failure.