From BCMpedia. A Wiki Glossary for Business Continuity Management (BCM) and Disaster Recovery (DR).
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1. Failover is a failure mode where, if a hardware or software failure is detected, the system automatically transfers processing to a hot backup component, such as a clustered server.

Related Terms: Application Failover, Manual Failover and Remote Failover.

BCMBoK Competency Level
BCMBoK 4: Business Continuity Strategy CL 2D: Intermediate (DR)

(Source: Business Continuity Management Institute - BCM Institute)