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Risk

Risk is the chance of something adverse happening which has negative consequences on the organization and in the context of this book on information security.

Incident

Any event of consequence to the organization where the organization faces potential loss or is exposed to potential loss can be considered as an incident. Loss can be monetary, business, reputation or loss of customers.

Disaster

Any grave situation which brings down the business partially or fully and which is of serious consequence to the organization can be considered as a disaster. These often may be on account of natural disasters but sometimes these may be on account of manmade activities like terrorism or at other times, they can be on account of severe security incidents like a severe infection of malware crashing all the critical servers. In a way, disasters can be considered more severe than an incident.

Disaster Recovery

Businesses are ongoing and they are meant to be ongoing or continuous entities. Businesses have competitors who always want to take away others' customers or the market share. Businesses hence have to recover their businesses from each disaster speedily so that they are able to service their customers effectively before they plan to switch over to the competitor. Even though disaster recovery can mean any recovery from any disaster, many times it is referred to in the parlance of recovery of IT infrastructure and systems, which in today's context performs a lead role in any business.

Business Continuity

All businesses are ongoing entities. It may be acceptable for a business which is non-critical to its customers to be shut down for a few days but a critical business like banking, health care, telecommunications, e-commerce, and others cannot be shut down for more than a few minutes to more than a few days depending on the business. Hence, they need to continue to sustain the continuity of the critical business may be at a lower scale or volume than the normal scale or volume. Business continuity assures that the plans and systems are in place to continue the business in spite of incidents or disasters. Business continuity includes business recovery post any disaster and is one of the important components as the speed at which you recover from downtime or disruption or disaster and continue business is critical for the success of any organization.

 
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