Businesses, no matter what size they are, will always need to secure their data. In the past this was done physically—valuable company information was stored in locked cabinets or in safes. Today, owners must account for electronic data. You might be secured from fires and natural calamities, but how sure are you that your business can survive a network disaster?
In 2019 alone, U.S. companies suffered more than 3,800 data breaches across different industries. Backing up your data ensures that your business has what it needs to run in case you lose connection to your main servers or hard drives.
You can get operations back up quickly even if you get hit by data loss, a hack, or if a natural disaster like a hurricane damages your electric supply. Here are more reasons why you should have a plan for backing up your data.
Natural disasters can affect electronic data
Some businesses never make it through a natural disaster. According to FEMA, 40 to 60 percent of stores don’t manage to reopen after a calamity, and 90 percent do not make it past the one-year mark. Most of this stems from small businesses being unable to recover data and digital information after a disaster. Essentially, this means that they have to start from scratch.
Despite these statistics, surprisingly, many businesses have a cavalier attitude toward securing their data. A study shows that 60 percent of the companies surveyed don’t perform daily backups of their business data. Some even don’t have any backups at all.
You might fall prey to ransomware
Many data breaches today are from ransomware. When you are attacked with this type of malware, you lose access to your entire network; the attacker holds your data hostage and refuses access unless you pay a ransom. This is usually through cryptocurrencies like Bitcoin, which is independent of government-regulated and monitored financial systems.
You’d think that SMEs will not be a target for ransomware attacks; however, the opposite is true. Since small businesses don’t prioritize network security, they are often the first choice for attackers. If you have a secure backup of your system, you can avoid paying the ransom and restore your data to just before you were hit.
It can be costly to not backup your data
Network downtime can greatly affect your business’ bottom line. According to IT experts interviewed for a report by Security Week, there has been a combined loss of $1.7 trillion worldwide due to data loss over the last two years. Security breaches of any size can also have a great impact on business revenue.
A small breach—one that involves 100 files or less—can cost a company anywhere from $18,120 to $35,730, according to Verizon. If your company does not have the funds to cushion a blow like that, you should invest in data protection strategies.
You could lose valuable client and customer information
Sometimes the data loss is not from a breach of security but file corruption. When a computer virus strikes your network, you might lose financial records, product information, mailing lists, payroll details, and other important documents.
You could also see your customers’ details wiped out, or your client contracts disappear. Avoid this by scheduling regular backups. Having another copy of your system gives you peace of mind and lets you concentrate on growing your business.
Backing up your data lets you carry on with business operations without worrying about losing your progress. There are plenty of options available—you can have your information stored in the cloud, encrypted in transit, stored in a server not linked to the internet, or a combination of all of these. To implement an effective system, you should consult IT professionals who are knowledgeable about network security.
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