The Real Cost of Skipping Out On a Disaster Recovery Plan
Business disruption is going to happen.
And there are two ways a business can pay for it: now or later. The first requires time and money, yes, but the second option may cost a business owner his business. The financial drain of a major disaster is often too much for a small company to endure.
We’ve heard all of the excuses for not planning for disaster recovery:
- “We’re too small.”
- “All of our data is in the cloud and not in physical infrastructure.”
- “It’s too expensive and time-consuming.”
- “We don’t have the manpower right now to implement a disaster recovery plan, even if we did create it.”
- “There are more pressing matters, like sales and hiring, that demand my attention right now.”
- “I don’t even know where to begin.”
While some business owners like to test their luck when it comes to disaster recovery the cost of doing nothing is too high. Just ask those who’ve been there before.
Did you know?
- 71 percent of cyber attacks occur at businesses with fewer than 100 employees.
- On average, small businesses lose $2,976 per day or $29,760 over 10 days in disaster situations.
- 70-90 percent of organizations that suffer a disaster go out of business within two years.
- Twenty percent of small to medium businesses suffer a major disaster causing loss of critical data every five years.
- During Nashville’s flood in 2010, 2,773 businesses were forced to temporarily or permanently close, affecting 14,499 employees and costing $3.6 billion in lost annual revenue.
- It is estimated that over 18,000 businesses closed as a result of Hurricanes Katrina and Rita.
Planning for disasters is different for every company. It’s important to consider what’s mission critical to an organization. If operations can only proceed if payment processes are up, then special attention should be placed on protecting those related assets. If communication between employees is paramount, determine ways to keep lines open in the event of a disaster.
For companies in Nashville, disaster recovery planning looks different than for a company in California. While there may not be earthquakes, there are most certainly other threats like floods, fires, theft and cyber attacks.
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