Business continuity: understand your risks from data loss

Does your small business backup strategy enable business continuity if you are hit with unexpected data loss?

If employees can’t access their files, productivity grinds to a halt – a costly disruption to business.

That’s one reason business risk mitigation planning – or business continuity planning – is emerging as a top priority in the wake of rising cyber attacks targeting small businesses.

Small business backup plans often aren’t built to protect productivity.

Businesses of all sizes know access to files and data is critical to day-to-day workflows, collaboration, innovation and customer service. Yet, small business backup strategies often lack an endpoint cloud backup solution, which means these organizations are not prepared to prevent a disruption to employee productivity.

In your small business, your files are your work and the access to those files is critical to perform your day-to-day workflows, collaborative productivity, customer service and creating new value and innovation.

When your employees can’t access their files productivity grinds to a halt and downtime devastates business. One hour of downtime could cost a small business up to $8,600.1 One full day could cost a small business up to $68,800.2

A single significant downtime incident kills three in five small businesses within just six months.

Top causes of business disruption:

  • Hardware failure: 140,000 hard drives fail every week.3
  • User error: Simple employee mistakes—from errant clicks to lost laptops—accounted for 1 in 7 data breach incidents in 2016.4
  • Natural disaster: Coffee spilled, building fires, floods and other unexpected disasters have hit CrashPlan for Small Business® customers – and we helped them recover with limited downtime.
  • Cybercrime: Small businesses are prime targets of cybercrime. Half of small businesses have already been hit with ransomware5 and 43% are prime targets for malware attacks.6

The devastating costs of losing data

Losing critical data like customer information, financial account information or intellectual property – or even temporarily losing access to that data – leads to devastating costs.

  • Downtime: Losing data/files that are essential to your business can mean complete downtime. For example, most small businesses hit with ransomware are down for two full days. Unplanned downtime costs a small business as much as $8,600 an hour.1
  • Lost productivity: Almost 80 percent of downtime costs come from lost employee productivity.2 Your employees can’t do their day-to-day work because they can’t access their files.
  • Recreating lost work: If files can’t be recovered, you’re stuck with the cost of recreating them.
  • Missed sales opportunities: It’s a fast paced, no-apologies world. If your sales team can’t give a presentation because the pitch deck is lost, that opportunity might be gone for good.
  • Lost revenue: Downtime, lost productivity, missed sales opportunities—these all hit your bottom line, hard.

Brand/customer loyalty damage: For smaller companies, downtime and reduced service levels can deliver a hit to customer loyalty and brand reputation—something many never recover from

1 http://www.aberdeen.com/login/?doc=/launch/report/research_report/9311-RR-SMB-cloud-backup.asp
2 https://www.prnewswire.com/news-releases/report-identifies-ransomwares-biggest-cost-to-be-business-downtime-300236505.html
3 https://www.symantec.com/security-center/threat
4 https://signup.keepersecurity.com/state
5 https://www.ponemon.org/local/upload/file/Ransomware
6 https://cofense.com/malware

 

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