An appraisal of IT disaster recovery planning and organizational resilience: A case study of financial institutions in Niger State
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Background of the Study
In today's digital era, financial institutions are highly reliant on information technology (IT) to carry out day-to-day operations. From transaction processing to customer relationship management, IT systems are integral to the smooth functioning of financial services. However, these systems are vulnerable to a wide range of disruptions, including hardware failure, cyber-attacks, natural disasters, and human error. As a result, IT disaster recovery planning (ITDRP) has become a critical component of organizational resilience. ITDRP refers to the strategies and processes put in place to restore IT systems and operations after a disruption, ensuring that the organization can continue functioning with minimal downtime and loss of data.
Financial institutions in Niger State, like their counterparts globally, face the growing threat of cybersecurity incidents, power outages, and other disruptions. The resilience of these institutions, therefore, hinges on the robustness of their IT disaster recovery plans. A strong ITDRP not only minimizes the impact of disruptions but also ensures that the financial institution can resume operations quickly and securely. This study aims to appraise the IT disaster recovery planning practices in financial institutions in Niger State and evaluate how these plans contribute to their overall resilience and ability to recover from disasters.
Statement of the Problem
Despite the critical nature of IT disaster recovery planning, many financial institutions in Niger State still lack comprehensive recovery plans or fail to implement them effectively. This inadequacy in disaster recovery preparedness can result in significant operational losses, decreased customer trust, and potential regulatory penalties. While financial institutions are aware of the risks posed by IT disruptions, the lack of formalized and tested disaster recovery procedures may leave them vulnerable. This study seeks to appraise the state of IT disaster recovery planning in these institutions and explore its relationship with organizational resilience.
Objectives of the Study
1. To evaluate the effectiveness of IT disaster recovery planning in enhancing organizational resilience among financial institutions in Niger State.
2. To identify the key factors that contribute to successful disaster recovery planning in financial institutions.
3. To assess the challenges faced by financial institutions in Niger State in implementing effective IT disaster recovery plans.
Research Questions
1. How does IT disaster recovery planning influence organizational resilience in financial institutions in Niger State?
2. What are the key factors that determine the effectiveness of IT disaster recovery plans in financial institutions?
3. What challenges do financial institutions in Niger State face in implementing disaster recovery plans?
Research Hypotheses
1. Effective IT disaster recovery planning significantly improves the organizational resilience of financial institutions in Niger State.
2. Factors such as resource availability, staff training, and plan testing are crucial to the success of IT disaster recovery planning in financial institutions.
3. Financial institutions in Niger State face significant challenges in implementing and maintaining comprehensive IT disaster recovery plans.
Scope and Limitations of the Study
This study will focus on financial institutions in Niger State that have implemented IT disaster recovery plans. It will assess how these plans contribute to organizational resilience in the face of various disruptions. Limitations of the study may include the limited availability of data regarding disaster recovery events and the potential reluctance of institutions to disclose details about their recovery practices.
Definitions of Terms
• IT Disaster Recovery Planning (ITDRP): A set of processes and strategies designed to restore IT systems and operations after a disaster, ensuring continuity of business functions.
• Organizational Resilience: The ability of an organization to adapt to and recover from disruptions, ensuring the continuation of essential operations.
• Disaster Recovery Plan: A formalized strategy that outlines the steps and resources needed to restore IT systems and operations after a disruption.
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