Backup & Disaster Recovery – by the numbers

Posted On April 6, 2021 By Olivia Bushong

Is your business protected?

No matter what your business’ size, location or industry, data and information assets are critical to your business’ operation and success. Despite this…

  • Only 41% of businesses back up their data at least once a day
  • Last year, 80% of data breaches affected customer Personally Identifiable Information (PII)

What are the Common Causes of Data Loss?

 

The Consequences of Data Loss

  1. Severe Downtime: For SMBs, per-hour downtime costs vary from $10,000 – $50,000. Downtime kills productivity, scars your reputation, causes data loss and leads to financial troubles.
  2. Damage to Reputation: 1/3 of customers will end their association with a business following a major breach or data loss.
  3. Penalties and Lawsuits: In 2020, the OCC fined Morgan Stanley $60M for failing to comply with standards and secure sensitive data.
  4. Closure: Irrecoverable data loss can lead to a business owner’s biggest nightmare – permanent closure.

Cost of a Data Loss

  • The most expensive component of a cyberattack is information loss, which represents 43% of costs.
  • The average cost per lost record in 2020 was $146.
  • Organizations without a formal back up and disaster recovery plan faced an average of 201 hours per year of downtime.

 

 

Do You Have a Backup & Disaster Recovery Plan in Place?

A disaster recovery plan ensures that a disaster or unpredicted event does not critically affect operations and core business functions or assets.

A successful strategy would include the following components:

  • Operational Continuity: A strategic plan would go beyond basic backups and can help you achieve seamless operational continuity during an accident, breach or disaster.
  • Defense Against Ransomware: With cybercrime rates going through the roof, downtime and irrecoverable data loss have become a common occurrence. Through the deployment of a proper backup and disaster recovery plan, effective defense against ransomware is possible.
  • Data Protection: A robust strategy can help you protect sensitive data during uncertainties.

Almost 60% of organizations in the US have faced a data breach. You need a strong backup strategy to protect your valuable data against unexpected breaches. Rely on Advance to help you build a resilient backup strategy and give you the much-needed peace of mind in the event of a disaster.

Request a Free Dark Web Scan for Your Business

Did you know that your company’s data could be for sale on the Dark Web? Click this link to request a complementary dark web scan for your business. And don’t worry – if your data is for sale on any of its 600,000 sites, Advance will be there to support you. Request a Free Dark Web Scan >>

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