What is the Cost of Data Loss?

More than half of businesses will experience a major technology or network disaster that will cost them thousands of dollars in restoration and repair costs.  And this number still doesn’t include any lost sales, productivity, or even client goodwill that can tarnish the company’s reputation due to the company being unable to fulfill its promises.

It’s difficult to estimate the actual cost of these damages, but they do have a massive negative impact. So here are some statistics for you to consider.

• Businesses experience an average of more than 500 hours of network downtime each year.
• More than 90 percent of the firms that lost their data center for at least ten days due to any disaster filed for bankruptcy within a year, and more than 50 percent filed for the same right away.
• Over 20 percent of small to mid-sized businesses will suffer a major problem that can cause loss of important data every five years.
• In 2019, 43 percent of data breaches occurred at small businesses, and more than 50 percent of these have no way to detect an attack.
• Of the companies that participated in a Contingency Planning & Management Cost of Downtime survey, more than 45 percent mentioned that any downtimes cost them USD 50,000 hourly.

More than 25 percent mentioned that the cost of such downtime is around USD 51,000 to USD 250,000 and more than 15 percent mentioned that the costs range from USD 250,000 to USD 1 Million.

These failures can end up costing your business a lot of money and productivity. Apart from that, you can jeopardize your company’s public image if you cannot meet your promises, or commitments with your stakeholders.

SynchroNet is here to help you protect your data. We can help educate you and put protections in place for the safety of your clients, your employees, and you.