Do I need a disaster recovery plan?

From data security breaches to natural disasters, you must be a plan in place in case of a catastrophe. Not having a disaster recovery plan in place can put the organisation at risk of high financial costs, reputation loss and even greater risks for its clients and customers.

What are the disadvantages of not having a disaster recovery plan?

The loss of data triggers a snowball effect from which many businesses are unable to recover. Any moment you are not working, you are losing money. Not only are you losing daily income, but your business is losing employee productivity as well. Downtime is money lost.

Why do businesses need disaster recovery?

Having a disaster recovery plan in place helps businesses to avoid catastrophic data loss. By outlining strict regiments for the backup and recovery of data, a disaster recovery plan ensures that your data isn’t only safe from an attack or outage, it is handled securely.

How many businesses have a disaster recovery plan?

95\% of companies have a disaster recovery plan, but 23\% never test their plan. — Spiceworks, 2018. 27\% of companies that has experienced a business outage lost revenue because of it.

What could happen to a company if it failed to create a disaster recovery plan?

Business Interruption You not only lose revenue but also employee productivity. In the case of any disaster, however minor, and your organisation does not have a disaster recovery plan to enable a prompt resumption of normal operations, in the same location or elsewhere, you will lose money and employee productivity.

What happens when there is no disaster recovery?

Without a disaster recovery plan, you cannot think of recovering from a breach immediately. Moreover, the loss of data will obstruct your business operations too. You will have to make important decisions like the movement of business, continuity of operations, equipment replacement, dealing with law and order, etc.

What percentage of businesses fail after a disaster?

The Federal Emergency Management Agency (FEMA) asserts that nearly 40 percent of small businesses fail to reopen after being hit by a natural disaster.

Is it mandatory for a business to backup their data?

In 2017, all businesses should have a data backup and recovery plan for their most critical data. Regardless of the size of your business, it’s likely that data is an essential aspect of running it.

What is the cost of disaster recovery plan?

A 2016 study by Cloud Endure found that organizations that have a daily cost of downtime less than $10,000 spend less than $10,000 annually on backup and disaster recovery. Those who have a daily cost of downtime that exceeds $10,000 have an annual disaster recovery budget that exceeds $10,000.