"You only miss it when it's gone"
"By failing to prepare, you are preparing to fail"
"Expect the unexpected"
You might be thinking, why are SysGroup dabbling with cheesy motivational quotes? Well, cheesy as they might be, if anything has to be learned from this year, it's that preparation is key. Many businesses struggled with the onset of Covid and the lockdown, although it's not just pandemics that serve difficulties to businesses; cyber attacks, natural disasters, human error all regularly contribute to a tumultuous business landscape.
For businesses, being prepared means continuity. Keeping afloat and still thriving when the going gets tough. Knowing you can rely on your systems and your people as support. Downtime helps nobody and as an MSP, we wanted to share with you some stats to show how business continuity and disaster recovery can change your business for the better.
- 75% of small businesses have no disaster recovery plan objective in place.
- Hardware failures cause 45% of total unplanned downtime. This is followed by the loss of power (35%), software failure (34%), data corruption (24%), external security breaches (23%), and accidental user error (20%).
- 96% of companies with a trusted backup and disaster recovery plan were able to survive ransomware attacks.
- 93% of companies without Disaster Recovery who suffer a major data disaster are out of business within one year.
- 22% of folders are not protected in any way. According to the 2019 Global Data Risk Report by Varonis, 22% of all folders used by a company are open to everyone. The bigger the company, the more files that can potentially be compromised. E.g. 80% of companies with 1 million+ folders have 50,000+ folders open to everyone.
- As many of us have found to our cost, hard drives can and do fail. According to Backblaze, the failure rate for hard drives in Q1 of 2020 was 1.07%, the lowest figures on record. You can protect yourself from losing data in such an event by having a reliable data backup solution. For many, this may entail having a backup hard drive in a physical off-site location or storing files on the cloud.
- According to Datto: “An hour of downtime costs £6,038 for a small company, £55,851 for a medium company and £528,325 for a large enterprise.” For large enterprises, this equates to around £8,755 per minute.
- 51% of companies have no plans for how to address this type of emergency (pandemic)
- At £1.71m per incident, regulatory change costs organisations the most in terms of cost per incident with the financial services sector the one which is hit most by this category of disruption.
- ISO certification helps organisations to increase their resilience, but also positively affects the balance sheet: Whilst 85.0% of respondents report ISO certification increased their organisation's resilience, over a quarter (27.5%) claim it had reduced their insurance premiums.