Data backup solutions provide a safety net for lost or compromised data due to human error, malicious deletion, cyberattack or even a natural disaster. This "always-on" protection is a must to keep your business moving forward, no matter what. The risks that small- to mid-size businesses (SMBs) take in not utilizing data backup solutions puts customers, employees and their entire business in danger. Whether it's rising cyberattacks, ransomware demands or the cost it will take to rebuild your brand, are you willing to just hope and pray that your business doesn't fall prey to these attacks? Check out these compelling reasons why, sadly, your business may be in danger.
- Microsoft recommends it! Did you know that Microsoft does not guarantee your business data against data loss, and your Microsoft 365 account can be hacked? Microsoft is very forthcoming and honest about this, recommending third-party backup services clearly in the Services Agreement.
"We strive to keep the Services up and running; however, all online services suffer occasional disruptions and outages, and Microsoft is not liable for any disruption or loss you may suffer as a result. In the event of an outage, you may not be able to retrieve Your Content or Data that you've stored. We recommend that you regularly backup your Content and Data that you store on the Services or store using Third-Party Apps and Services."
- Cyber attacks are on the rise. According to a Poneman Institute study, in 2019, 66% of SMBs experienced a cyber attack, and 63% experienced a data breach. Bouncing back from these incidents isn't as easy as you'd think. Did you know that 60% of small businesses hit with a cyberattack or data breach go out of business within just six months! Attacks continue to rise with COVID-19 forcing employers to move to work from home plans quickly. 46% of SMBs report being targeted by ransomware, while spear phishing attacks have doubled. Effective data backup solutions can help ease this predator and prey scenario. With a comprehensive platform of tools that not only allow you to recover quickly from an attack but also work to prevent attacks before they happen, you can keep your company protected. It is not a question of if you'll be a victim, but WHEN!
- Risky remote work practices. While COVID-19 moved many in-office workers to work from home, remote work has been increasing for a while. The relaxed atmosphere of working on the couch or at the family dinner table lends itself to unsafe business practices that put your company at risk. Whether accessing work-related data from personal devices, sharing your computer with family members, unclear data sharing and work-from-home practices or being unaware of Microsoft 365 file configurations and potential cyber attacks, are all opportunities for a business to lose data. Access anywhere tools like Microsoft 365 are necessary for remote work, but they don't back up your data. Complete backup and restore of Exchange Online, OneDrive, SharePoint and Teams - including all files, folders and document libraries, is necessary to ensure human error or malicious intent don't stop your business from moving forward.
- Downtime kills revenue. No brainer here. A company cannot generate revenue if you can't conduct business. No matter the industry, if you can't take customer orders, receive and reply to emails, access critical data or all of the above, you aren't making money. When data is compromised, business stops, and the costs of that can be disastrous. Google the costs of downtime for a business, and you'll find a range of answers from $20,000 to more than $540,000. It truly depends upon your business operations. While ransomware can be a huge headache for businesses, human error is the most likely cause for downtime. A data backup solution that provides near-instant recovery is critical to minimize your costs and consequences of downtime.
- Regulatory compliance. If your business falls into a regulated industry, the consequences of downtime can be particularly severe. With regulations like HIPAA, GDPR, SOX and GLBA, businesses must closely safeguard and retain sensitive digital information or face steep penalties. The maximum penalty for each HIPAA violation is $59,522 and capped for a calendar year at $1,785,651. GDPR violations can lead to fines of nearly $12,000, or 2% of the business's annual revenue, and can double for more severe breaches! With so much on the line with compliance, having a SOC 2 compliant data backup solution ensures you can securely manage your data to protect your business and the valued customers' data.
When you aren't actively backing up your data and have no disaster recovery plan in place, you risk hundreds of thousands of dollars in downtime costs and noncompliance penalties. Add to that an average ransom demand of $116,234 if you fall victim to one of these cyber attacks. Finally, if a data breach occurs, you will need to manage the fallout of reputation damage and potentially client loss. It's easy to see that an effective data backup solution will cost much less than potentially-devastating losses without it.
Fraser is pleased to offer an outstanding data backup service that is SOC 2 compliant and provides protection against downtime and data loss, including your Microsoft 365 data. Sleep easier at night knowing your business is protected, and your client data is safe.