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What is the true cost of lost data to business?

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Have you ever had this sinking feeling in your stomach when you lost something valuable like your wallet or your phone? The exact same feeling occurs when you realise you have just lost your valuable digital data. The cause of data loss can be many, anything from human error and system failures, to lost devices and ransomware attacks.

The cost of losing your data can be detrimental to your business.In fact, a study conducted by the British Chambers of Commerce found that 93 percent of businesses that suffer data loss for more than 10 days file for bankruptcy within one year. This is supported by The Diffusion Group who found that 72% of businesses suffering a major data loss disappear within 24 months.

The financial costs

The cost of losing data has been increasing over the last few years. The value of data has increased because we are relying on it more, and hackers are therefore demanding more money. Additionally, new regulation laws have been implemented, and if you don’t comply with those, you could be liable to pay massive fines.

According to recent research conducted by Symantec and Ponemon Institute, UK firms will be forced to pay an average of £1.9 million a year, or £71 per record, for every instance of data loss they experience and this has increased year-on-year for the third year running.

The non-financial costs

As well as taking a severe financial hit, the reputation of the company suffers as well. GDPR has brought more transparency which means consumers become more aware of data breach incidents. Additionally, GDPR gives consumers the right to be deleted from your database, which means they can easily switch to another brand they consider more secure. An example is the case of TalkTalk, where the company lost around 100,000 customers after a data breach.

The Solution

The best way of dealing with these issues, is ensuring that you can quickly restore all the files and data that was lost during an attack or incident. This is where backups come in. A data backup is the process of copying computer data or files, so they can be restored to the original state even after that data has been lost. Backups have two distinct purposes; to recover data after its lost and to recover data from an earlier time.

Looking for a reliable business back up provider?

Backup Systems have provided specialist backup solutions to multi-national companies for over 10 years and are one of the UK’s leading backup companies. We were recently awarded an ISO 27001 certification, which is an international standard with global recognition used for an information security management system (ISMS). The certification demonstrates that the company has identified the risks and put the systemised controls in place to keep confidential information secure.

Learn more about our managed services and how we can develop a cost-effective, personalised and secure solution for your company.

 

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Topics: Outsourcing Backup and Disaster Recovery, ISO Certification, Cloud Storage