We don’t live in a utopia. Disasters happen. That’s why business owners take measures such as buying insurance to minimize the effects of disasters. While an insurance policy can protect your business against numerous disasters, it won’t protect it against data loss. That’s why whether your business is large or small, it needs a disaster recovery plan to safeguard data. That said, here are six key reasons why your business needs a disaster recovery plan:
1. Security Threats
While you may take various internal measures to protect your business’s data, your business is still vulnerable to external threats. Phishing attacks, malware attacks, and ransomware are just some of the external security threats that can compromise your data security. If any of these threats strike, your business should have measures in place to guarantee security.
2. Machine and Hardware Failure
Unlike human beings, machines can work almost tirelessly. Unfortunately, they aren’t infallible. Things such as power surges can cause machines and hardware to fail, resulting in data loss. While you can take measures such as installing power surge protectors to protect machines and hardware, you should have your data backed up regularly. Cloud storage solutions are one excellent way to backup your data and promote data security.
3. Human Errors
People aren’t perfect. They make mistakes. Mistakes such as failing to save changes or pressing the wrong switch can result in significant data loss for your business. You can minimize data loss due to human error by training employees on how to handle data appropriately. However, to totally protect your business from data loss due to human error, ensure you have a robust disaster recovery plan.
4. Customer Service
Most customers expect nothing but perfection. If your business operations are adversely affected due to data loss, you could lose clients to your competitors. A disaster recovery plan can ensure your business can quickly resume operations if there is a data loss and keep clients satisfied.
5. Prevent Financial Loss
Downtime can affect your business’s reputation. Additionally, it can cost lead to significant financial loss. In fact, it is estimated that businesses lose about $26.5 billion annually due to downtime. Ensuring your business has a disaster recovery plan can prevent revenue loss due to downtime.
6. Prevent Dissolution
The consequences of data loss can be dire for your business. According to a study by the University of Texas, 94% of companies that suffer from a catastrophic data loss do not survive, 43% never reopen, and 51% dissolve within two years. You certainly don’t want years of hard work to go down the drain due to a data loss. Therefore, safeguard your business’s data security with a disaster recovery plan.
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The cost of downtime can be devastating. In today’s competitive business environment, it doesn’t take long for companies who suffer from even short periods of downtime to lose business, customers and revenue. Companies who don’t pay attention to disaster recovery planning may find themselves losing a lot of revenue.
No business is invincible against disasters. 75% of businesses test their disaster recovery system, and yours should too. If your business doesn’t have a disaster recovery plan, you should consider developing one immediately. Get in touch with us to learn more about how you can develop a robust disaster recovery plan for your business and enhance data security.