Simply put, vendor continuity is ensuring third parties have plans to recover in the event of a disaster in place, and that those companies are sufficiently prepared for the unexpected. It is critical that your top business partners have the technology, people, facilities and processes for a speedy, efficient recovery so their crises don't become your crises.
Some companies go to great lengths to build strong continuity programs so that when the unexpected occurs, they are ready. But what happens when they are ready and key vendors are not?
Vendor Continuity is an enormous-and vexing-issue for organizations that rely on third parties. According to a report by Deloitte, 87 percent of responding companies have faced a disruptive incident with vendors over the past three years. Twenty-eight percent of those disruptions were classified as "major" and another 11 percent resulted in "complete third-party failure.
As much as companies don't want to admit it, vendor continuity is an important element of your own continuity initiatives. All the efforts you put into ensuring data can be recovered, for example, won't make a difference if the cloud provider you trusted for backup can't deliver when needed. Here are four things most companies get wrong with supply chain resilience and vendor continuity.