An increasing number of companies are relying on SaaS solutions to run their business-critical applications. In many cases, these become an integrated part of the daily operations of organizations. They often contain mission-critical knowledge that’s necessary for the day-to-day and overall operations of the business.

It’s important to understand how critical data loss can be and how the right cloud backup solution can provide security and business continuity.

The Effects of Data Loss

Consider some of these statistics on the effects of data loss:

Attacks Can Last Days

Forrester reports a ransomware attack with a business that employs 5000 people and lasts five days can cost over $5 million.

Data Breaches Can Cost Millions

The Ponemon Institute reports that the average cost of a data breach last year was $3.86 million. The Cost of The Data Breach report also states that certain industries carry more risk like healthcare and financial services. The financial risk for the former averaged $6.54 million.

Verizons Data Breach Investigations lends even more credence to the argument for a cloud-based solution. They report that with breaches where 100 million records or more are lost, the costs could reach as high as $200 million USD.

A properly configured cloud backup solution enables employees to reliably and quickly restore critical data.

The Impacts of NOT Implementing a Cloud Backup Solution

There are some large financial impacts of not implementing one of these innovative tools. They include: 

The Costs of Archiving

The more data gets handled the more risk there is that something can get lost. Companies that are investing in data archiving repositories depend on separate tools to move active critical data to these long-term storage facilities. Investing in a separate archiving tool leaves room for data loss with the possibility of error. A cloud backup storage provider is a seamless solution that should offer unlimited retention and storage.

IT Administration

There’s a significant amount of time needed to offboard ex-employees and recover any deleted documents. It doesn’t matter whether they were lost intentionally or by accident. The Bureau of Labor Statistics reports that the average hourly rate in the US is approximately $33 an hour.  With a cloud backup solution, the off-boarding process goes from an average hour to just one minute. That in turn can save the company thousands of dollars yearly. Estimates say without the cloud, this process can take over $16,000 a year compared to just under $300 using this innovative technology.

Contributed by Central Data Storage

Central Data Storage, is dedicated to providing exceptional managed backup and disaster recovery solutions. Central Data Storage offers several cloud-based product plans that will backup your data and protect it.

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