Centerpoint IT’s mission is to make IT simple for our clients, a goal we hope to achieve though education and awareness. During our recent webinar, we discussed a threat that businesses seem to underestimate; data loss. Whether the cause is hardware failure, human error, a malware infection, power failure, or another unforeseen cause, without a reliable recovery plan in place you risk losing everything.
Here are a few quick statistics to give you an idea of the damage data loss can cause:
Major data loss will cost your business 25% of its daily revenue in the first six days, and up to 40% if the situation lasts up to 24 days
The average cost per record lost is $136
The cost of a ransomware demand is $500 or more
The average total cost to a small or mid-sized business due to a data disaster is $38,000
93% of businesses that lose data for more than 10 days file for bankruptcy within a year
50% of businesses file for bankruptcy immediately
Business Continuity Planning is the key to overcoming data loss. More than just backing up your important data and applications, it’s crucial that your business has protocols in place to restore regular operations as quickly as possible. This includes both onsite and offsite backups, as well as backups of your OS, software, applications, and settings.
Different disaster scenarios require different responses. Having options available to fit each situation that allow you to get back on track with minimal downtime can make or break your business, which is why it’s important to discuss your Data Backup and Disaster Recovery plans with your IT provider. You need to have a clear idea of what your recovery timeline needs to look like to avoid finding yourself facing a worst case scenario.
Your Backup and Disaster Recovery Plan is your business’ last line of defence against a crisis situation. It’s what allows your business to move forward when something goes terribly wrong. Taking the necessary steps today could be the only thing ensuring that your business will still be there tomorrow.