Data loss is disastrous for businesses and this shows in the way big companies suffered from this incident, too. Surprisingly, though, many businesses still don’t have a proper data backup and recovery plan established. If you’re one of these businesses, you might change your mind after knowing about these data loss statistics. You’ll see how critical it is for you to have a data backup in Edina and a disaster recovery plan.
The 2019 Global Data Risk Report showed that 22% of company folders are left accessible to everyone. This poses a high risk to confidential data when anyone can open the files in the unsecured folders. It came as a surprise how employees can easily get their hands on 1.21 million folders and 17 million files, with over a million of these files being sensitive. The right thing to do would have been to secure these data and protect them using a backup service in case of a breach.
What’s worrying is that hackers are quite quick on hunting for unsecured folders. If every employee can access them, this opens the door to cybercriminals. If you do get attacked, you’re going to need data backup and recovery.
Missing Incident Response Plan
According to the 2019 Global State of Cybersecurity in Small and Medium-Sized Enterprises by Ponemon Institute, 39% of SMEs have not developed an incident response plan. This is necessary for preparing for potential cyberattacks and data breaches. The figure is surprising, given how 60% of the research participants suffered from theft or loss of sensitive files in the past year.
If you don’t want to pay a steep cost for this mistake and further prolong the resumption of normal business operations, start with preparing a data backup in Edina, then continue with the rest of the response plan.
Hard Drive Failure
Hard drives fail, too. The concrete proof showed in a 2019 study, which indicated that hard drives failed 1.73% of the time in the third quarter of 2019. This is a bit lower than the average hard drive failure in 2019, which was 1.89%.
Fortunately, you can avoid data loss by establishing a backup and recovery plan. This might include having a cloud backup service and storage at a physical location with proper protection.
Cost of Downtime
A study showed that a small company could bleed as much as $8,000 per hour of downtime, while it’s $74,000 for a medium-sized company. It is much higher for a large enterprise at $700,000. This should emphasize the importance of having a reliable data backup and recovery plan. Otherwise, you might continue missing sales opportunities and ruin your reputation further.
Causes of Data Breaches
The 2019 Data Breach Investigations Report by Verizon indicated that malware caused around 28% of data breaches. About 52% are due to hacking, 33% due to social engineering attacks, and 15% due to misuse of authority. Aside from using data backup in Edina, you should invest in training your employees about the best practices in maintaining cyber hygiene and using up-to-date anti-virus protection.
Downtime Due to Ransomware
A 2019 Coverware study in the last quarter of the year reported that ransomware attacks have led to 16.2 days of downtime on the average for victims. This was a leap compared to the 12.1 days in the third quarter of the same year. This could be due to the increased attacks against large companies, whose networks, systems, and data are bigger in volume and more complicated in features, delaying the backup and recovery process.
It has been reported that 97% of ransomware victims received real decryption keys after paying the ransom. But you cannot be sure exactly how the attackers used your files and whether they really deleted the copies.
The 2019 LogicMonitor report showed that 96% of companies have admitted suffering from an outage at least once since 2016, with 8% of these companies saying that they have experienced it more than 50 times. About 95% of the companies also reported having experienced brownout at least once in the past three years. Even if you experience outages or brownouts, you can count on your backup service for help.
You should consider the following statistics too to convince you even more about the value of a data backup in Edina:
Data loss can be devastating for any company. It’s a good thing you can reduce the possibility of this happening by hiring the backup and recovery services of a managed service provider like Network Medics. Contact us today at 612.315.7160 for a quick assessment with our IT specialists!
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