We all have a natural tendency to avoid negative topics, which could explain why so few organizations do any real disaster planning. They discount the fact that the cost of downtime is extremely high, and growing. In its most recent cost of data breach study, Ponemon Institute found that the cost of a data breach rose to $158 per record in 2016, up from $154 per record in 2015. The average cost per organization rose to $4 million, up from $3.79 in 2015.
To estimate the cost of a data breach for your organization, consider how many sensitive files (such as financial, medical, or identification records) your organization has stored in its database. Multiply the number of records by $158, the current average cost per record, and that will give you an idea of the potential cost of a data breach to your organization. Ask yourself, how much would your organization lose if 50% of the records in your database were compromised. What about 70%? 80%?
Now consider this. With each passing year, small businesses are increasingly targeted by cyber criminals. The rate of cyberattacks focused on small businesses rose from 18% in 2011 to 43% in 2015. In addition, the U.S. National Security Alliance found more than half of all small businesses (60%) do not survive a cyberattack.
While these are some sobering statistics, there is no reason to despair. There are some simple and affordable steps you can take to protect your data and your business. At Oxford Networks, we love the topic of disaster recovery. Here are four good reasons why we think you should love it too.
An Ounce of Prevention Could Save Your Business from Disaster
While a cyberattack could be disastrous, or even fatal, to your business, there is an easy and affordable solution that can protect your organization’s valuable data and help your business survive a cyberattack (or any other kind of business disruption) – a disaster recovery plan.
Every business should have a solid disaster recovery plan that includes:
- Strong security policy
- Reliable security solution
- Off-site backup location
The threat of cyberattack has grown significantly over the past 5 years, and will continue to grow in both sophistication and volume. Traditional disaster recovery methods cannot fully protect your business from modern cyber threats.
Disaster Recovery as a Service (DRaaS) is a solution that has the capabilities you need to protect your organization’s data, like remote backup locations, 24/7/365 monitoring, and intelligent threat response software.
Peace of Mind
One of the biggest benefits of DRaaS is the peace of mind it offers. Whether it’s the weekend, a holiday, or the middle of the night, your service provider will be actively monitoring your network. If there is any threat, disruption, disaster, or equipment failure, your service provider will begin mitigating the problem.
In case of a threat, you will be alerted and provided with information regarding the situation and the steps that your service provider is taking to rectify it. Your service provider’s response will be spelled out and governed by your Service Level Agreement (SLA).
Without the support of a managed service provider, you are responsible to solve any issues or problems you have with your network or your data. However, a managed service provider can restore your infrastructure in a matter of minutes, as opposed to hours or days, for a typical internal disaster recovery response.
It’s a Smart Business Decision
In a recent survey study, the National Security Alliance found that 83% of small businesseslack a formal disaster recovery plan. Because most small businesses go out of business following a cyberattack, it seems tragic that the vast majority is not prepared for a disaster.
The creation of a disaster recovery plan is a simple, affordable step you can take to protect your business from cyberattack, natural disaster, or other disruption. It could make the difference between closing up shop or continuing operations, if your business was ever compromised.
DR Protects Your Profit Sources
In a recent study, IHS Markit found that network downtime can cost more than $9,000 per minute, even for small businesses. If your business does any portion of its sales online, then downtime could have a significant impact on your profit margin. DRaaS can offer your business protection of your ecommerce properties and protect your profit sources from disruption and data loss.
Find the Right Security Partner
The National Cyber Security Alliance offers several pieces of security advice for small businesses. One of their recommendations is to fully protect your information with a robust security solution, such as DRaaS. Oxford Networks offers a full range of managed services, including Disaster Recovery as a Service.