Data Loss

The Consequences of Corporate Data Loss

Data loss can occur at any time to any size organisation and it can be disastrous for your business. Data loss is an event that results in data being compromised, deleted or made inaccessible by a user or malicious software. This is why maintaining backups and security are important in keeping your business running smoothly. Below are some of the consequences of data loss to a business.

 

  1. Financial costs

Data loss = downtime. This means your business isn’t making any money. Coupled with the cost of rectifying a data breach scenario where little to no backup exists, the loss of revenue can be huge.

Data sources: PWC – Global Economic Crime Survey 2014. ABS – Count of Australian Businesses 2014. ABS – Business use of Information Technology – 2014. Ponemon Institute – Cyber Security Report 2014. Symantec – Internet Security Threat Report 2015.

 

  1. Legal consequences

 

A 2015 study of Australian businesses found that of all the businesses affected by some sort of cyber data incident and only 33% actually reported the incident. Because of this, the introduction of the Notifiable Data Breach in February now requires Australian businesses to report data breaches to protect the privacy of customers sensitive information.
Read more about the Notifiable Data Breach scheme here.

 

  1. Productivity Consequences

Productivity is the first thing to suffer in the wake of a data breach. If the data is recoverable it could take days to restore and get your business up and running again. If the data is unrecoverable, important documents and records that are essential to business operation can decrease productivity. For instance, a study by the Ponemon Institute found that the average time to resolve a data breach is 23 days. This figure increases to 51 days if the attack is from a malicious insider, employee or contractor).

 

How Milnsbridge can help prevent data loss

Lots of businesses choose to do their own physical backups, however, 50% of backup tapes fail to restore[1]. Above all, can your business afford the risk and potential downtime?
Milnsbridge Managed Services offers a number of Managed Backup Solutions to help keep your corporate data safe in the long run.

  • Our 24×7 Monitoring and Managed Backup Solutions check the integrity of your backup every day. This means if the unexpected happens, the highly trained Milnsbridge IT Service Desk team will look into and fix the issue as quickly as possible
  • We store encrypted and secure backup recovery points in the Milnsbridge Private Cloud facility located near the Sydney CBD. In the event of a complete disaster (such as a fire or flood) or loss of all equipment, we can restore your data online providing business continuity with minimal downtime.
  • Similarly, using Advanced Snapshot Imaging, backup recovery points are stored on a supplied storage device (NAS) allowing for quick and seamless data restoration. Recovery points are also replicated to removable media such as external hard discs which we recommend are stored securely offsite.

 

 

Call Milnsbridge TODAY! on 1300 300 293 to discuss how to future-proof your business.

[1] 2015 Ponemon Institute & ACCC study

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