Unexpected data loss can result from a variety of mistakes or disasters, including hardware or software malfunctions, human error, computer viruses and natural disasters, among others. No one is ever completely ready to lose their valuable company data, but would you be prepared to quickly recover from an event that destroys or takes your data out of reach?
How Important is Your Data?
Prepared businesses understand the value of their data and what it means to daily operations, revenue and company reputation. As you evaluate your data strategy, consider the following ways that lost data could cripple your business.
Reconstructing Lost Data
It doesn't matter the size of your business is or how much data your organization collects and stores. The fact is, every type and size company will have serious difficulty in reconstructing lost data "manually." Attempting to reconstruct lost data from old paper files, websites or human memory is a painful and unsuccessful strategy for data recovery.
According to CloudBackup's Facts About Data Loss, 20% of small to medium businesses will suffer a major disaster causing loss of critical data every 5 years. (Source: Richmond House Group). Every business needs a reliable plan to deal with a data disaster, with recommended regular onsite backup of data files and offsite storage as well, in case of physical damage to onsite storage.
Today, companies rely on electronic data to support the regulatory requirements they must meet annually and periodically throughout the year. Even a short time without access to your data could make it nearly impossible to have the necessary, complete data available for events like an audit, taxes and other regulatory and compliance requirements.
Loss of Confidence
Customers, donors and employees trust you with their personal information. From credit and debit card numbers to medical insurance information, if your company collects information, you have an obligation to your business constituency to safeguard those personal details. Companies large and small have suffered not only a loss of confidence and revenue, but also have made themselves vulnerable to legal action when they experience data loss or breach involving personal information.
Don't Be a Victim of Lost Data
According to the Boston Computing Network's Data Loss Statistics, 60% of companies that lost their data will shut down within six months of the disaster. As a responsible organization, it's in your long-term best interest to avoid becoming a statistic due to unprotected data.
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