Updated: Apr 8, 2020
Data, an organization’s most valuable asset, is also its most vulnerable weakness. Loss of data can have serious financial and, in some cases, legal implications. Downtime can occur at any time. Something as basic as an employee opening an infected e-mail to a natural disaster can result in significant data loss. Yet, 75% of companies in the United States have no disaster recovery plan in place.
According to the latest numbers from the U.S Bureau of Labor, 93% of companies without a functional Disaster Recovery Plan who suffer a catastrophic data disaster are out of business within one year. And more than 50% of companies experienced a downtime event in the past five years that lasted longer than a full workday.
These statistics represent historical events. The evolving matrix of external threat due to cybercrime and data loss is even more alarming. Cryptojacking attacks are increasing by over 8000% as miners exploit the computing power of unsuspecting victims. It is estimated that by 2021, cybercrimes will cost $6 trillion per year worldwide.
Recovering from Data Loss is Expensive
When your organization experiences downtime, there is substantial cost associated with it. Quantitatively this cost can be pinned down to device replacement and recovery labour, however, the qualitative cost resulting from lost business opportunity is much higher.
Estimate are that unplanned downtime can cost a business anywhere between $926 per minute to $17,244 per minute. On an average, businesses lose over $100,000 per ransomware incident due to downtime and recovery costs. More than 50% of businesses don’t have the budget to recover from the attack. 40-60% of small businesses who lose access to operational systems and data without a Disaster Recovery Plan in place close their doors forever.
Don’t Become a Disaster Recovery Statistic. Backing up and securing your systems and data along with possessing the capability to maintain business functions operational in the face of a disaster is no longer a luxury, it is a necessity. Understanding how to put a disaster recovery plan in place is imperative.
If your company is without a Disaster Recovery Plan, or your current strategy is redundant, contact the Disaster Recovery experts at CSG Technologies today. We will assist you with the tools you need to keep your systems online and keep your business operational in the event of a disaster.