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With the rapid development of technology, IT disaster recovery planning and business continuity management have become integral to businesses of all kinds and sizes. Nevertheless, many organizations particularly, SMEs, fail to acknowledge the need for a deployment of such a strategy until the actual calamity occurs. FEMA states that 40 to 60 percent of small businesses do not reopen after a significant disaster. This underscores the need to mainstream IT disaster recovery and business continuity plans and practices to avert such unfortunate scenarios.
Average loss estimated in dollar terms per unit period of such inactivity known as IT downtime is outrageous. Gartner says, ‘Unplanned downtime averages $5600 per minute or $300,000 for every hour’. To small businesses, losses of this nature can be very harmful in that it can lead to loss of sales, unhappy customers and even more unfortunate, long-term effects on the business’s goodwill.
A disaster recovery plan when properly executed will help in mitigating the interruptions. The report by the National Cyber Security Alliance approximates the average cost of a data breach for a small business to be $120,000. These losses have a financial impact on the business; hence, making it possible to recoup losses quickly after such a situation occurs is imperative.
Consumers want businesses that can be depended upon. Nearly 90% of consumers will not do business with that business again if the recovery from a service outage takes too long. Strategies to sustain customer trust during a service disruption are exceptional business continuity plans.
It can take weeks or months without a recovery plan and strategy for a business to get back on its feet after one sort of disaster or another. Usually, with IT disaster recovery planning, businesses are able to recover the most fundamental functions in a matter of 24 to 72 hours. This cuts the number of business days’ loss from the disaster states significantly.
Since 43% of the cyber crime activities are directed at little businesses, it is important that confidential data be protected. One of the objectives of the recovery plan is assurance of regular data backup thereby ensuring minimization of chances of data loss. His1 one could argue that all entities must have a disaster recovery plan, because advanced frameworks such as GDPR, HIPAA for instance, address some issues of recovery.
Disaster Recovery. Of an equal number of researched businesses by IDG Research only about half that is 50% actually have a recovery plan in place. Focusing on IT disaster recovery technology helps companies to gain a competitive advantage, consequently positively influencing customer service and business being efficient whilst their companies competitors are in a crisis.
In 2016 an operational center of Delta Airlines went offline for over 5 hours leading to the cancellation of over 2000 flights with an estimated loss of almost $150 million, respectively.
Moreover, McDonald’s faced a data breach in 2013 where the payment systems of millions of credit cards were compromised which cost the breach close to $292 million and showed the reasons for the disaster recovery plans, critical in securing customer’s data and recovery.
Identify all possible threats, e.g. cyber threats, natural catastrophes, hardware breakdown, etc.
All important information and systems including archives are to be availed through cloud or off site backups.
Effective communication through employees, clients, and business partners is paramount and must be made clear in the event of a disaster.
Your disaster recovery document should at regular intervals be tested and updated in relation to risks and technology shifts.
While technology continues to advance, the IT disaster recovery plan cannot be put in the drawing board since 50% of other enterprises will expect downtime in this 5 years because of cyber attacks or other IT disruptions. By having a well-thought-out plan in place, you reduce the risk of prolonged downtime, save on costs, and ensure your business can bounce back quickly when disaster strikes.