What is the definition for Priority 1 (P1) and Priority (P2) incidents?

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CTO in Bankinga year ago
It usually comes down to impact and urgency of the incident. 

Depending on the framework: P1 is critical, P2 is high. 

Examples:

P1 may mean full organisation impact (or entire user / clientbase). 
P2 may mean multiple departments within an organisation (or severe degradation of services).

1
Managing Director in Softwarea year ago
Similar to other respondents here, but this is how I look at it...basically how does the incident affect the business/organization.  
P1 - Urgent/Critical; affecting several users or the full enterprise; or, negatively affecting the ability to transact time-sensitive business that would have substantial bottom-line impact to the business.
P2 - High/Very Important; affecting one or more users that prevents or negatively impacts business operations.  
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CEO in Softwarea year ago

Agreed with

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CEO in Services (non-Government)a year ago
I think the P1 and P2 have been defined very well by my peers. So I am not going to do this again. However, I will add that in most organizations P1 and P2 are treated the same way. They are together called Major Incidences. A Major Change Incident Manager gets involved to manage the changes and do a RCA
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Director of Information Security in IT Services3 months ago

I will say though that doing RCAs on P2s can be a resource drain

Director IT in Educationa year ago
P1 incidents are the most critical incidents that require immediate action to contain and resolve the issue and prevent further damage or loss.

P2 incidents are significant incidents that require prompt attention to mitigate the risk of data loss or disruption to business operations.

Both P1 and P2 incidents follow established incident management procedures to prioritize resources, coordinate efforts among different teams, and communicate updates to stakeholders until the incident is resolved.
VP of Engineering in Bankinga year ago
You can define them pretty much you want based on your context. There is no one-size-fits-all definition.

The classification is usually based on business impact/severity and the urgency of the issue. P1 has higher severity & urgency than P2. In some companies, they can also have P0.

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