From BCMpedia. A Wiki Glossary for Business Continuity Management (BCM) and Disaster Recovery (DR).
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1. The interruption of automated processing systems, infrastructure, support services, or essential business operations, which may result, in the organizations inability to provide services for some period of time.

(Source: Business Continuity Management Institute - BCM Institute)

2. Period of time that a service, system, method or business function is expected to be unusable or inaccessible which has a high impact on the organisation, compromising the achievement of the organisation's business objectives. An outage is different to 'downtime' where method or system failures happen as a part of normal operations, and where the impact merely reduces the short-term effectiveness of processes.

(Source: Business Continuity Institute - BCI)