How much could a disaster cost your business?

Chris Jones
By Chris Jones
We hear time and time again about devastating malware in the media; WannaCry, Spectre, Locky, Petya, the list goes on…
How much could a disaster cost your business?
Threats like these are encouraging businesses to prioritise disaster recovery, but it’s not always cybercrime that can pose a threat to your business. Unfortunately, the simple fact remains that if your company data backups are located in one central area, such as an office, there is a high risk that you could lose everything due to a disaster out of your control, such as a fire or a flood. Just think back to the Boxing Day floods of 2015, where the total economic impact to the Leeds region alone acquainted to over £500 million.

The first thing you should consider is ‘what would downtime, or failure of an application cost us as a business?'

You are likely to suffer costs such as:
  • Loss of revenue – most businesses would struggle to generate substantial revenue whilst being offline
  • Operational costs – your systems might be inoperable, and you might not be generating any revenue, but your staff will still need paying and you’ll still have overheads to cover
  • Additional expense – without a disaster recovery plan in place, you may need to pay over the odds for new equipment or an engineer to rectify the issues
These costs vary hugely from business to business, but most companies can expect to pay thousands of pounds to rectify a disaster such as a flood. Have a look below at what a typical disaster that lasts 1.5 days could cost a small business.

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And yet, many organisations still adopt the ‘it won’t happen to me’ approach, even though research from PwC suggests that 70% of businesses who experience a major data loss tend to buckle under the pressure of losing data and are likely to go out of business within a year of suffering a disaster.

Backups are just the start

Backups are a crucial element of a comprehensive disaster recovery plan, and moving data backups to the cloud gives your business a ‘ready to run’ disaster recovery plan, but there are still a lot of other components to consider to make sure you can get back on your feet, fast. Our disaster recovery services are bespoke to each individual client, and are determined by your tolerance to losing data or downtime as a business. Some firms may need to be back up and running within an hour, others may require their data and systems back within a day.

We offer a range of solutions, from offsite, cloud storage and offsite replication as well as more traditional methods. However you choose to tackle it, disaster recovery planning must be built into your overall IT strategy so that should disaster strike, we are here to get you up and running as quickly as possible, with minimal disruption to your business. Get in touch today for more information.

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