Overreaction of that type is common, as executives look beyond an immediate problem to the legal fallout that will inevitably follow, Sheffi said.

"CEOs might overreact so that nobody could second guess them after the event -- question whether they were downplaying the threat because of greed," Sheffi said.

Disaster preparedness also means forging relationships in local communities where your company operates so that you know who to reach in an emergency, according to Sheffi.

"Get to know your congressman so that they'll take your call and it won't be just a piece of paper on their desk," Sheffi said. "Develop relationships with the local fire chief or hospital administrator. Go to lunch with local hotel managers so that if you have to put your people up in an emergency, you'll have a relationship with them."

But even the best laid contingency plans will go out the window should a true global pandemic -- of H5N1 or some other disease -- really erupt, Sheffi said.