Data Loss Costs Australian Businesses $65.5 billion

Blog Author: Aaron Smith | August 9th, 2016

Are you one of the businesses that put data backup aside and put it off for a later date?

In most cases, you probably hope that you won’t lose your data or just haven’t quite thought about the consequences of data loss to your business. While it’s easy to put these things off, taking this approach to your data can have a detrimental impact to the longevity and success of your business.

Data Loss Can Impact Any Business

Data loss can happen anytime due to staff error, ransomware attacks, fires, floods or thefts.

A recent study has indicated that data loss and its resulting downtime has cost Australian organisations around $65.5 billion (US$55 billion) in the last 12 months.

Almost two-thirds (64 per cent) of the 125 Australian companies surveyed as part of the EMC Global Data Protection Index – researched by Vanson Bourne – experienced some form of data loss or downtime during the period.

The survey results indicate that the average organisation experiences more than 3 working days of unforeseen downtime. The majority of those surveyed (78%) were not fully confident in their ability to recover from a disruption.

More Than Just Financial Costs

The cost of downtime as a result of data loss goes above and beyond the financial impact.

A major security breach could result in customer’s losing trust in the business and as a result switching to a competitor.

It’s also possible to experience legal consequences. For example, if your business loses private customer data and are unable to recover the information through backups, your customers could attempt to take legal action against you.

Have you considered your business’s data? Is it secure and backed up?

If not, you could be placing your business at a significant risk.

If you’d like to find out more about data backup, drop us a line on 02 8831 8200.

 

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