contingency plan - Computer Definition
A plan involving suitable backups, immediate actions and longer term measures for responding to computer emergencies such as attacks or accidental disasters. Contingency plans are part of business continuity planning. The process of developing such a plan involves convening a team representing all sectors of the organization, identifying critical resources and functions and establishing a plan for recovery based on how long the enterprise can function without specific functions. The plan must be documented and tested until it works effectively. Also called a "disaster plan," a contingency plan must be updated periodically. See business continuity, disaster recovery and backup types.
contingency plan - Investment & Finance Definition
A plan a business has for continuing to operate in the event of a disaster such as a fire, severe weather, terrorist attack, or any other dire situation. A contingency plan includes an emergency plan with offsite offices and a management structure if senior management can’t be located. Back-up procedures should be in place for telephone and computer systems. Important company data should be kept in a separate place that is accessible no matter what happens. A contingency plan also may be referred to as a continuity plan, although that term also has the additional connotation of planning for corporate succession in the event that one or more senior executives is no longer able to fulfill his or her duties.