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The Global Cost of Data Loss

The Global Cost of Data Loss

Data loss is an on-going problem for companies around the world. It is easy for data to be lost, and surprisingly few companies are able to recover data or even have a backup recovery plan.

Kathy Gibson of Futurewave BusinessIT took a look at the trends of data loss and its cost in global business.

“The good news, however, is that South African organisations are ahead of the curve, coming in seventh overall in terms of data protection maturity. EMC has announced the findings of a new global data protection study that reveals that data loss and downtime cost enterprises $1 ,7-trillion in the last 12 months, or the equivalent of nearly 50% of Germany’s GDP. Data loss is up by 400% since 2012, while 71% of organisations are still not fully confident in their ability to recover after a disruption.”

These statistics are staggering. With the use of electronic data on the rise and almost three quarters of businesses unsure of data recovery after the fact, it’s not surprising how high the cost of loss is.

“New business trends, such as big data, mobile and hybrid cloud, create new challenges for data protection, with 51% of businesses lacking a disaster recovery plan for any of these environments and just 6% having a plan for all three. In fact, 62% rated big data, mobile and hybrid cloud as “difficult” to protect. With 30% of all primary data located in some form of cloud storage, this could result in substantial loss.”

While many companies are adopting advanced data protection technologies to decrease the likelihood of disruption, many enterprises still use a siloed approach with multiple vendors. This segmented strategy means these businesses are twice as likely to suffer data loss as those that with a unified data protection strategy using a single vendor.

 “Despite the major investment protecting data, 50% of organisations are not fully confident that they can recover systems/data today from all platforms. 33% from the private healthcare sector are very confident, while retail is most confident at 60%. The larger the organisation, the more confident they are of their ability to recover.”

Looking at these statistics, many organisations are being forced to realise that they need to do more to protect their data and improve their recovery strategies. The trend is moving towards backup as a services, with single vendors offering a unified backup and recovery strategy that can be deployed with minimal loss and downtime should the need arise.

If you would like to know more about protecting your business data, or want to look at a comprehensive backup and recovery plan for your organisation, please contact BSF to discuss your options.

Source: http://www.business-it.co.za/