
292 Operational Risk Control
14.2 Business disruption resulting from 9/11
The concept of business disruption and the risks it represents were introduced in
Chapter 5 in connection to technology. During the events of 9/11 at the World Trade
Center, the worst losses were suffered by financial services companies like Cantor
Fitzgerald, which lost 700 of its people. Morgan Stanley had more than 3000 staff at
work in the south tower, but was able to evacuate all but just under 40 before the
tower collapsed.
Communications companies, too, lost staff. In spite of that, they struggled with the
feat of keeping their networks running, while coping with destroyed ...