Letting data backup fall through the cracks of normal operational duties can leave devastating consequences for your organization. Manual backup, such as with tapes, can be easily forgotten or ignored because the consequences of data loss haven’t quite processed yet. A managed IT services provider can supply real-life examples of why data backup cannot be passed up because of the very real associated losses your organization can face with data loss from a disaster (natural or unnatural) – including costs, reputation loss, productivity loss, and possibly even business closure.
Data Loss and Disaster Statistics
IBM released a study stating that the average cost of a data breach has grown to $4 million, a 30% increase since 2013. Let’s break that down even farther – The average cost of a lost or stolen data record increased 12% to $154 from the 2015 average. Take this number multiplied by the millions of data records your organization stores and imagine the cost you could be dealing with in the case of a disaster.
A single data breach can severely damage or close your organization – 80% of businesses that suffered data loss will close within 3 years. However, the smaller percentage that manages to stay afloat still suffers serious consequences – especially if the loss was because of a security issue. The ultimate price for neglecting your data backups though – going out of business.
CONSEQUENCES OF A DISASTER GOES BEYOND MONETARY LOSS OF PROFITS, REMEDIATION, AND PRODUCTIVITY. HERE ARE A FEW OTHER LOSSES YOU CAN EXPERIENCE DURING A DISASTER:
During a disaster there is always a chance of lawsuits by partners or clients if the loss of data affects their business operations in some way.
Loss of Clients
Data loss incidents reflect poorly on the marketplace, no matter the consequences. Unfortunately, when an incident like this happens there will almost always be clients lost.
Damage to Reputation
Your business reputation is something that you hold tightly too – always making sure that nothing happens to adversely affect your reputation in the eyes of customers and market. When you undergo scrutiny for data loss, your reputation is usually one of the first things to go.
Violation of Privacy Laws or Regulation
When an organization loses sensitive customer data and it cannot be recovered from backups, you may be violating regulation, compliance or data privacy laws. The state and federal government enact these laws to ensure the safety of medical records, financial data, social security numbers, payment card information, etc. while certain organizations replicate and store this sensitive data. When these laws are broken you can be facing hefty fines on top of other remediation costs.
The information above can frighten many IT pros and business owners – but there are many options available to fight disastrous occurrences. The first step to protect yourself from huge costs, reputation loss, and other consequences is to ensure your organization is covered with a holistic approach to cloud data backup and disaster recovery. With a 24/7/365 managed data backup solution that includes a clear pathway to disaster recovery, your organization can minimize downtime by the support of a managed IT services provider. You will be able to achieve peace of mind that your data is secure and backed by a leading-edge NOC that can monitor and verify backups, provide scheduling and testing support, and will troubleshoot and respond to alerts for flexible and secure backups. With today’s complex threats, spending money on a responsive solution is much better than all the associated costs of a disaster.
NetServe365 is a Managed IT Services Provider that specializes in Pittsburgh data backup and disaster recovery cloud computing services. NetServe365’s solution is backed with 24/7/365 support and certified engineers that will be there to help you through the thick and thin – carrying the heavy weight and making sure that you can achieve your cloud data backup goals. To learn more about our data backup and disaster recovery solution – contact us today!
You may also be interested in…..