Technology has always had an awkward habit of going wrong at the least convenient times. From data breaches to human error to ransomware epidemics to hardware failures, there’s no shortage of things that can lead to unexpected downtime and data loss. In today’s technology-driven business environment, customers expect reliability and performance that were simply unachievable before. For all these reasons, not having a robust disaster recovery (DR) plan is asking for trouble.
Here are five DR statistics that every business leader should know about:
The average cost of IT downtime is $5,600 per minute
As the world becomes more reliant on technology, the cost of downtime continues to rise. According to Gartner, the average cost of downtime across all industry sectors is $5,600 per minute.
This staggering figure comes down to the fact that a compromised computer system can keep employees from doing their jobs and customers from getting help. People expect instant gratification, so if potential customers stumble upon an unresponsive website, they’ll start looking elsewhere without hesitation.
93% of companies without DR are out of business after a data breach
Digital data has surpassed oil as the most valuable commodity in the world, which means it’s popular for cybercriminals. A single ransomware attack, for example, can destroy years of data and bring an organization to its knees in no time.
Worse still are cases in which confidential data ends up in the wrong hands. If you don’t have a proper remediation and response strategy in place, you may end up facing crippling reputational damage. According to Touche Ross, the overwhelming majority of businesses close their doors for good after a breach, unless they have a sufficiently robust DR plan.
52% of data loss incidents are down to human error
A bad workman always blames his tools, as the age-old saying goes. This is especially true in the world of IT, where technology often gets the blame. However, human error is behind at least half of data loss incidents, either intentionally or by accident.
This figure is even higher in the case of cybersecurity incidents. For example, it’s easy to blame an outdated and vulnerable operating system for a data breach, even though it’s someone’s fault for not implementing an efficient patch management process in the first place.
A ransomware incident costs an average of $100,000
2017 was the year ransomware came to global infamy; and although the number of attacks has dropped in favor of other forms of malware, the ransoms demanded have increased. Also, criminals are adopting evermore effective social engineering tactics to target specific victims, particularly within the finance and healthcare sectors.
Healthcare, for example, is a popular target. Saving their patient data is a matter of life and death, so hackers often perceive that they won’t think twice about paying the ransom. Some attacks have even commanded seven-figure sums, as was the case when hackers attacked a major South Korean web provider in 2017.
96% of businesses with DR can fully recover from an attack
Let’s finish on a positive note. Although bad things happen and always will, there is hope if you have a disaster recovery plan that’s regularly tested and continuously updated based on your ever-evolving business technology environment.
According to Datto, almost all businesses can recover from a disaster if they have a sufficient DR plan. What really matters is adopting a culture of accountability through ongoing staff training, combined with a clearly documented DR policy and proactive support for your technology infrastructure.
Don’t become a statistic. Cyber Shift Technologies helps organizations in Massillon, Canton, and Akron transform their IT from a costly liability into an invaluable asset. Call us today to find out how.