The Contingency Planning and Strategic Research reports that only 4% of all corporate workstations are effectively backed-up. This worrying statistic aligns with the belief among most business executives that a data loss disaster may never hit their doors. Whether as an act of nature, a cyber-breach, or human error, it may take days to recover the data lost.
The Real Costs of Data Loss and Downtime
A recent survey by ICC360 shows that 58% of small businesses are unprepared in case a data breach or loss occurs. The National Achieves and Records Administration reports that 93% of companies that are unable to recover data within the first ten days file for bankruptcy within the next year. 43% of companies that suffer catastrophic data loss never reopen, with 51% of the rest winding down in two years.
With the average cost of downtime per hour standing at $50,000 you may need a Managed IT services provider to establish a well-tested data recovery strategy for your business. Here are some consequences of ignoring IT disaster recovery services.
1. Loss of Productivity
Easy access to data networks and systems is a crucial component to the running of most organizations. Hours may quickly turn to days before a managed IT services provider can fully retrieve all the lost corporate data. The downtime diverts your focus from revenue-generating activities to recover the lost files.
2. Damage to Your Brand Reputation
The first casualty of the data loss is your business reputation. Brand building may take years to master, and demands even more effort to maintain. A single data breach can erode all the work done instantly as your company suffers the brunt of negative media attention. It may take years before the business name can recover from the data loss event.
3. Risk of Business Failure
An extended downtime period may bring your business to its knees. Consumers are increasingly wary of the use of their private information. A cyber-attack may result in increased cases of identity theft. Customers may shun your business, grinding your operations to a halt. Most small and medium enterprises may not survive the loss of a loyal customer base.
4. Fines and Penalties
Data loss through cyber criminal activities may attract punitive fines that can affect your organization’s bottom-line. Regulators continue to push business executives to improve their data-privacy firewalls by establishing fines and penalties for companies without effective data security policies. With trillions of dollars paid out every year in breach payouts, you may need to protect your business by consulting a managed IT services provider.
What Will a Managed IT Services Provider Do for You?
You may need an organization that offers Disaster Recovery as a Service (DRaaS) to cushion against the impacts of a data loss. The cyber security consulting service can help establish firewalls and encryptions to protect your networks and systems from hacking and phishing.
Most Managed IT security services providers offer off-site data center solutions that create a cloud backup copy for your information. It allows your company to access critical data as the recovery process continues on-premise. You also benefit from a detailed reporting on the source of the data loss and measures taken to prevent it from happening in the future.