After having consulted with many business owners, I realized that when software experts mention the words “business disaster” or “disaster recovery”, many top business people think about natural, or weather, events, such as floods, hurricanes, fires, ice storms, earthquakes, tsunamis, wind storms, etc. These disasters can of course occur at a company and can have devastating repercussions, such as prolonged downtime, property damage, injuries and more. The likelihood, however, of such weather events are much less likely than technological and man-made events.
Technological and man-made disasters, including hardware failures, software malfunctions, user errors, security breaches, etc., can also have devastating effects on a business’ operations, causing downtime, data loss, lost productivity, lost revenue, delayed sales, increased expenses and more. One hour of downtime can cost companies anywhere between tens of thousands of dollars for small businesses to hundreds of thousands of dollars for large organizations! Calculate what your downtime would cost your business with our calculator. It’s critical to know your Recovery Time Objective (RTO), which is your company’s maximum allowable downtime. How long can you go down and survive? If your RTO is seconds or minutes, then you better make sure you have a business continuity solution with off-site data storage.
Many businesses, without a proper business continuity and disaster recovery plan and solution, don’t recover from some disasters. So before you think to yourself, “well we have beautiful weather here or we hardly ever get power outages, why should I pay for a Business Continuity Service?” – remember that your company is much more likely of falling victim to a ransomware attack, having an employee accidentally delete an important file or dealing with a malfunctioning server. No matter what sudden disastrous event occurs, you want to be protected. Ask yourself, is my company’s data worth risking? You may have gone the last 10 years disaster-free but can you truly guarantee that the next 10 years will also be free of crisis? Your employees are only human, they can make mistakes. Ransomware attackers don’t care who you are or how large your business is, they go after everyone. We can never be too sure when a server will fail. There are no certainties which is why it’s important to have a disaster recovery plan and a business continuity service working for you to ensure that you get TOTAL data protection and that you can get up and running quickly and easily. It’s not worth risking your company’s reputation and operations.
In our previous blog, we mentioned the term “data insurance”. This is how our customers view their Business Continuity solution and service. They see it as an insurance policy in place to protect their company’s most important asset – their data! Companies are more and more willing to pay a monthly Business Continuity service fee to ensure that their data is 100% protected as well as easily and quickly recoverable. It’s useless to simply backup your data only to realize after a disaster struck that it takes DAYS to recover it all! Now that companies are using full management systems rather than keeping important information on paper, they realize the need for such a backup solution. They are also relying less on those unreliable, old-fashioned tapes and drives to backup their data and more on hybrid cloud backup.
Lately, all we keep hearing about is “Ransomware”. This type of security breach is currently a big problem for businesses, even individuals, all over the world. The likelihood of a company experiencing a ransomware attack is very high. In 2016, the United States and Canada jointly issued an alert, warning companies and individuals of a “recent surge in extortion attacks that infect computers with viruses know as ransomware”. This virus not only encrypts a company’s data but also demands payment for it to be unlocked. (Reuters, 2016).
The alert advised people that some of the consequences of ransomware attacks include “loss of information, disruption of regular operations, expenses to restore access to company systems and harm to a victim’s reputation”. The governments also discouraged victims from paying hackers since paying the ransom does not guarantee the release of their files. All it guarantees is that the hacker receives the victim’s money, and in some cases, their banking information. (Reuters, 2016)
There are many ways a company can fall victim to such a cyber attack. The most common are when computer users click on a bad link or download an encrypted email attachment. Other scams include phishing, baiting, quid pro quo, pretexting and tailgating. To learn more about these effective and common social engineering scams, download our Business Guide to Ransomware.
It’s important to understand why total data protection is essential in today’s business world. Businesses are now run and managed with software systems so it’s important to ensure no downtime is incurred if something unexpected happens. Companies must not only protect themselves from natural disasters but also from technological and man-made events, which are much more likely of occurring. Reduce your risks with a Business Continuity solution and a solid disaster recovery plan. Contact us today!