There’s a commonly heard quote that says that after data loss, 80% of businesses go under and are no longer able to continue trading. Now, that is a scary statistic, isn’t it? Especially as an increasing number of businesses – particularly smaller businesses – are run mainly online, which means that there is a higher risk of data loss due to hacking or malware.
Have you ever stopped to think about what would happen to your business if your computers were hacked or crashed and you lost most of your key data? A recent study has shown that there are significant gaps in terms of how small and mid-sized businesses protect themselves from these issues, and cope with them should they occur, in comparison to larger corporations.
Bearing that in mind, below is a guide to what the impacts of data loss for smaller businesses can be and how you can ensure that your company doesn’t go under as a result.
Major ramifications for income may occur
Studies have shown that nearly 90% of businesses have reported that in the past 12 months, they’ve had some sort of major IT failure. This could have been hacking, a malware attack, or simply the servers crashing, but regardless of this, most of these businesses took steps to adapt and improve how they function as a result.
That being said, out of all the businesses that suffered an IT failure in the past year, only just under 10% believe that they could have their systems back up and running within an hour. While just over a quarter of these businesses believe that it would take around a day to get their systems back up and running. This suggests that they aren’t utilizing all of the suitable technology that helps to make disaster recovery after data loss more simple, such as Raid recovery provided by data recovery experts.
Have you ever wondered what would happen if your business was down for a day – what would the impact be? If this was a day when a large client order was due or you had a presentation to present, then the ramifications could be severe. This is especially true when it comes to new clients, as people tend to think things like, if you can’t handle running your business, how can you support theirs, for instance. This could mean that downtime may lose you a client.
Whereas, if it was a day where you had little on the schedule, it could be annoying but not have any serious consequences. Except, of course, that any clients that tried to visit your website and place an order may be unable to, which could lead to them going elsewhere to place their order, and you losing a client.
When it comes to data loss, the impact can be severe. However, that being said, if you take steps to ensure that all of your essential data is backed up, and do everything that you can do to keep your business running efficiently, no matter what, then a data loss doesn’t have to cause your business to fall to its knees.