How Important is Backing Up Data?

The rate at which data breaches are occurring is alarming. Statistics reveal that in the first half of 2021 alone, there were more than 1700 reported breaches, which exposed around 18.8 billion records. This is why you can't afford to neglect data backups for your business!

One of the main mistakes that small and medium-sized businesses make is assuming that they are safe from hackers. However, even though the data of large corporations is a treasure trove in the eyes of malicious hackers, you can still be targeted as well. The worst part about data breaches is that you don't know when they'll happen. You can, however, ensure your business is protected by regularly conducting backups.

Here are 5 main reasons why your business should include data backups as part of its disaster recovery plan.

1. It Prevents Loss of Data

If you were to lose all of your data today, would your business survive? Data loss is far more common than you think, and more than 65% of businesses have reported losing data either due to software/ hardware failure or accidental deletion.

The last decade has brought about massive changes in technology, and almost all businesses have gone digital. Important documents are stored locally, sensitive information is kept on laptops, and online transactions are the norm. However, equipment fails at some point; a power surge could blow out your storage device, and your laptop could stop working or get infected with ransomware. Seeing as most businesses are highly dependent on data, having a backup ensures that you can recover the lost information with ease.

2. It Reduces Downtime

The impact of an IT downtime can have catastrophic effects on your business. Think about it; your clients rely on your continuity, and any disruptions not only translate to lost revenue but also low customer satisfaction rates. The time you lose trying to get your systems running is more than a mere inconvenience and can take you out of business altogether.

In fact, according to Gartner Research, the average cost of downtime per minute is around $5,600, depending on the size of your corporation. If your data is backed up, you’ll effectively keep the downtime to a minimum, ultimately reducing the impact it has on your bottom line.

3. It Gives You a Competitive Advantage

The business arena can be cutthroat, and few businesses look out for each other. What do you think would happen if you lost critical information and your competitors got wind of it? They would probably take advantage of your misfortunes to win new business and increase their market share!

Having data backups ensures your business is always running, giving you a cutting edge. It also assures your customers that they can always access your products or services at any time, without any interference.

4. Some Disasters Are Unforeseeable

Data breaches happen when you least expect them to, which is why their impact is always fatal. Unfortunately, preventive measures don't always work, so you should start taking a proactive approach. Most businesses focus on cybersecurity and get strong firewall configurations, & install network security solutions. However, few of them consider solutions that could help them mitigate data loss.

Your business is not immune to ransomware attacks or having its data stolen. A CNN report revealed that in 2017, small businesses that were hit with a ransomware attack lost an average of $100,000. This figure has risen since then, especially because hackers are now using more sophisticated tools.

Don't wait until you lose your data to consider information backup tools. Protect your business so that even if a natural disaster occurred, your operations wouldn't be impacted.

5. It Protects Your Brand’s Reputation

Data loss often results in loss of customer trust, which ultimately translates to lost business. Your client relationships are the foundation of your retention rates, and they are highly dependent on the trust you cultivate. When your customers give you their information, they are confident that the data will be safe. If you experience a data loss, then your credibility also plummets, and you lose clients as a result.

Your damaged reputation also impacts your ability to hire highly qualified employees as they will be hesitant to join your company.

Is Your Data Well Protected?

Data loss is more than a minor disturbance. It could be the difference between making it in the business world or shutting down. A recent study revealed that over 60% of small businesses that experience data loss close their businesses within half a year. It's not hard to see why. The digital revolution brought about heavy reliance on data. Businesses depend on information for decision-making and to craft marketing strategies. When this data is lost, and they have nothing to fall back on, they have no way of surviving.

We’d love to help you protect your business with reliable backup solutions. Contact us today for a free consultation.