One universal fact of technology is the potential of data loss. Whether the cause is due to aging technology, human error, or a natural disaster, each can result in the loss of critical business data.
Losing data can be disastrous and often brings a business to its knees, costing time, money, and customer trust. Unfortunately, while the lack of a business continuity strategy should spark fear in every executive, the numbers say something else. A recent survey by The Wall Street Journal reported that 70% of companies believed that having a data backup and recovery strategy was neither a business nor a regulatory requirement.
Luckily, the news isn’t all bad. According to Transparency Market Research, the data backup and recovery market is expected to grow 36% annually through 2022. Additional market data confirms increasing demand for business continuity solutions over the next three years.
What do these numbers ultimately mean for service providers in the cloud? For those looking to expand their cloud practice, the future is a bright one.
In today’s blog post, we’ll highlight three key reasons you should consider a data backup and recovery strategy.
- Data loss is very expensive
Organizational data loss can be financially catastrophic, especially for small businesses. Surveys conducted by analyst firm IDC indicate the average cost of downtime for most small businesses to be at least $20,000 or more per hour. Included in this cost is the time and resources required to recover the data, and any technology implementations needed to prevent future occurrences. Developing a solid business continuity plan requires an upfront investment of time and money, but the cost is far less than the burdensome task of recreating data for which no backup exists.
- Nature is unpredictable
The unpredictability of nature can directly, and often unexpectedly, impact business continuity. When Hurricane Sandy hit New England in 2012, data centers were flooded throughout the region, leaving hundreds of businesses without power and forcing a suspension of operations for weeks. Direct revenue impact, productivity loss, and dissatisfied customers are just a few areas that can severely hinder a business during unplanned downtime. Regular backups are vital insurance against a data-loss catastrophe.
- Accountability for human error
Finally, we’re all only human. Data loss due to human error happens more often than you might think. All it takes is an accidental deletion of a highly sensitive file, or an errant keystroke to create irreparable damage. According to cloud research company Databarracks, mistakes by humans are responsible for one in five data loss errors, more than those which occur in hardware and software. When such simple errors have the potential to shut down an organization, having a business continuity strategy to bring operations back online quickly is a critical asset.
Looking for more backup?
Ingram Micro has you covered. With leading solutions on our Cloud Marketplace, your customers can be confident their data is protected. Check out our data backup solutions today and simplify your success in the cloud.