Every organization generates and collects data in the course of business, and it isn't just the traditional financial or transactional information anymore. Digital transformation has allowed companies to take advantage of data generated on smartphones and IoT devices, as well as Internet searches and website activity. Experts have predicted that we will soon have 40 times more bytes in our digital universe than there are stars in the sky.
How that data is stored and managed differs widely, depending on each company's business needs and the applicable regulations. Complicating matters is the fact that much of this business data is unstructured, making it more difficult for the company to control. Despite the technical challenges that this can present, that data can bring value to the business and should be factored into any data protection plan.
Data loss can be devastating for a business, and no company is immune from the risk of losing access to their data. Data stored in the cloud can be accidentally deleted or compromised if the system is not secured. Even the most resilient hardware can be damaged by a natural disaster or other catastrophic events. Cloud migrations and other network changes can leave some data completely unprotected simply because of human error.
What happens to companies when their data is lost? Many companies experience downtime, which creates lost revenues and productivity for the business. Companies without comprehensive backups usually get hit the hardest when it comes to downtime. There may also be costs for hardware replacement, data recovery services, etc., depending on the incident.
Downtime is especially painful when it has a direct impact on a customer or a community service. A loss of consumer confidence and trust can lead to lost opportunities and long-term brand damage. Other costs may come into play if a compliance issue was involved. Regulatory fines, legal expenses, and consumer remediation efforts can add up quickly.
The worst-case scenario — going out of business — is also one of the most common: 40% of businesses fail to reopen after a disaster, and another 25% fail within one year. Over 90% of companies fail within two years of a disaster.
Reliable data protection is a must-have in any business. Barracuda Backup and Barracuda Cloud-to-Cloud Backup are powerful solutions that can protect your data on-premises and in the cloud. With our wide range of data restore options, including LiveBoot and Instant Replacement, Barracuda can help you minimize downtime and keep your company in business.
Christine Barry is Senior Chief Blogger and Social Media Manager at Barracuda. Prior to joining Barracuda, Christine was a field engineer and project manager for K12 and SMB clients for over 15 years. She holds several technology and project management credentials, a Bachelor of Arts, and a Master of Business Administration. She is a graduate of the University of Michigan.
Connect with Christine on LinkedIn here.