Data Backups. Every company could use them, but not every company takes advantage of them, despite the growing amount of evidence that supports their necessity. But consider this: just one hour of company time lost to system downtime can cost an enterprise an average of $70.9k in efforts recovering just mission-critical data. Multiply this by an average of 13 downtime instances per year, the average a single company experiences, and you’re looking at an expensive and time-consuming problem. In an era where data is king, it’s integral for enterprises and technology leaders to integrate a strong data backup plan into their business continuity models.
Data loss can be attributed to many causes. Operational errors are the forerunner of system downtime and cause about 45% of all downtime instances. Natural disasters – things like floods and fires – cause 36% of system downtime. Finally, human errors like accidentally deleting indispensable files, make up about 19% of data loss situations. This is not to mention malicious attempts to hack and steal company data: with the rise of big data leaks, the next few years could be big for IT in terms of keeping hackers at bay. If an enterprise does not prepare for these issues in advance, they’re exposing a technical vulnerability that could cost them hundreds of thousands of dollars.
It’s critical to have both a backup plan in place in order to protect sensitive data and ensure a business can bounce back from any system downtime. Many IT leaders agree that maintaining a redundant data backup plan in both on-site and off-site locations can mitigate the damages of data loss. 64% of all IT leaders already have implemented an effective off-site storage plan in the cloud and 78% of all leaders plan on updating their protection plan in the next two years to accommodate for the changes in technology.