Business continuity planning has always been a significant issue for businesses to consider in order to protect against unforeseen circumstances.
You may be familiar with some of the following headlines recognising the rising importance of IT business continuity and how managing that risk is now becoming a board level issue.
“Why Risk is Becoming a Boardroom Issue: Dominic Casserley and John Haley at RIMS”
“IT is now a boardroom issue, says Fujitsu’s Gilbert”
“From Backroom to Boardroom: Procurement goes strategic”
We are not suggesting that your board of directors should sit down and discuss IT risk mitigation strategies such as Escrow in minute detail. Often, those best placed to advise on the specifics of DR planning remain those who are directly using the applications and would be most affected by any interruption of service.
However, given the gravity of the potential impact of the loss of a critical application, we would encourage the board of any organisation to take an active role in securing company-wide risk mitigation strategies and ensuring the required investment is available to properly protect the business.
Setting up an Escrow agreement enables you to mitigate these risks and protect your financial and time investments in third party developed software applications, providing your business with the mechanism to legally access a copy of your applications source code in the event your third party software developer is unable to continue with development and support of your application.
If you are interested in finding out more about setting up an Escrow agreement to protect your business in the event of vendor failure, please get in touch and one of our specialists will get back to you within one business day.
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