Data Loss, Explained by A Managed Cloud Service Provider

 

Backing up your data can seem trivial when everything is going smoothly. However, if a system crashed or the power went out in the middle of a project, it can become a very big problem. Especially for startups, backing up your data is an essential part of your network.

According to a 2019 study, 1 in 5 small businesses close when they experience an attack by malware. When a cyberattack happens to a startup or small to medium businesses (SMBS), the recovery is very costly in time and money. Read on as we explain what the real cost is of not having data backed up and how you can utilize managed cloud service providers to prevent shutdowns.

What is the financial cost of data loss?

The average cost of data loss fluctuates by the year. A study done in 2018 by IBM shows that in 2018, the average global cost per data breach incident was around $3.9 million. Recovery costs can be significantly higher or lower depending on the amount of time passed between the initial breach and resecuring your network.

In 2021, the average cost rose almost 10% from $3.9 million to $4.2 million. This is the highest average cost of data breaches in 17 years.

Downtime due to data loss can, also, provide financial loss. When your network has been breached, the company’s normal operations come to a complete stop. Depending on the company’s size, there can be a loss of thousands of dollars per hour if the network is offline.

What is the non-financial cost?

Losing data can cause a major loss in money; however, there can be additional non-financial consequences as well, such as in the case of a network halt. There can be a stop in production which can affect productivity, reputation, and push out of product.

Service interruptions can cause users to be irritated and can damage loyalty. The reputation of the business is vital. Especially with social media these days, a small negative interaction can cause a large pushback.

What factors can cause the loss of data?

Several different factors can cause the loss of data. Every business is different and there will not be the same cause across each business. Here are a few common causes:

-        Failed Power

-     Accidental / Intentional Data Removal

-    Network Malfunction

-      Natural Disasters

-      Hacking / Malware

-       Theft

What can be done to prevent data loss?

Data loss can be prevented by having backup services in place. Many companies benefit from using managed cloud service providers to set up a cloud to back up data. These services can provide cybersecurity as well as extra storage just in case your companies network shutdown or is compromised. This is what we provide with our Bright Cloud Private Cloud Hosting Service. Contact us today to learn how to secure your data. 

Nonprofit IT Consulting: Is Your Business Prepared for When Disaster Strikes?

Disastrous events are more common than you may think. Natural disasters like floods or wildfires affect everyone, and businesses are certainly not immune to Mother Nature’s ways. To add insult to injury, organizations must also be aware of less natural problems, such as ransomware attacks or even a busted pipe above the server room. Because businesses are keepers of sensitive data, the potential issues that may arise due to a disaster could prove to be catastrophic. This is why having a backup plan is an essential aspect of running any company.

NONPROFITS AND DISASTER RECOVERY

When examining the significance of disaster recovery for nonprofits specifically, the importance of having a backup plan increases exponentially. This can be attributed to the fact that during many crises (like natural disasters), nonprofits are typically called on to facilitate relief efforts. The resiliency of a community post-disaster is often directly correlated with the resiliency of their nonprofit organizations. Nonprofit IT consulting can actually help your organization to bounce back quickly. Continue reading to learn how backup and disaster recovery solutions can help your organization to better prepare for when disaster strikes.

STEPS FOR GETTING PREPARED

We get it – preparing your nonprofit for a disaster is overwhelming and something that is surprisingly easy to put off. A good way to approach disaster planning is to tackle each part of the plan in smaller chunks. The ultimate goal is to create a strategy that allows for continuity of your business’ operations, and the steps to get there are outlined below.  

    1. Create a “go-bag” for your organization. 

This bag should contain all of the information required to continue business operations. Its purpose is to be grabbed in case of an emergency. The contents of the bag should include organizational documents, program administration documents, communications and contact information, and technology and facility information. All of the documents you place in your go-bag should be copies of the original files. 

    2. Develop a communications plan.

Having technology and organizational practices that allow for simpler and more accessible forms of communication is key. This is because employees are better able to work and respond to items via whatever device they choose, which cuts down on lag time and encourages both internal and external communication. Integrating VOIP solutions into your organization is a great way to facilitate this. 

 

    3. Take advantage of nonprofit IT consulting. 

Ensuring that your data is regularly backed up in a different location (such as the cloud) can prove to be very beneficial for your nonprofit when a catastrophe hits. This reduces downtime and helps to keep your organization’s information safe. Hiring a third-party IT service provider that specializes in disaster recovery is a good way to begin the process of backing up critical files.  

Don’t let natural disasters like an earthquake shake up your plans and cause your organization to crumble. At TXSG, we are proud that our success has given us the ability to participate in charitable events and assist nonprofits at little to no cost. Contact us today to get started on preparing your business for whatever may come.