When You Can’t Afford The True Cost of an IT Disaster A Good Disaster Recovery Plan is Really a Small Price to Pay
We know they shouldn’t happen but we’re reminded every day on the TV, radio, social media, and through our friends, family and colleagues that disasters most certainly do, and frequently.
What Do We Mean By Disaster?
The are many different events that cause significant IT downtime. The disaster could be:
Time Can Be The Killer
One of the crucial factors in recovering from an IT disaster is the amount of time that it takes to recover your systems. Time is money under normal circumstances, but time can be a lot more money and a lot more besides in the case of IT disasters. Even if you think you have backed things up on tape or in the cloud, how will you use these back ups, and how quickly will you really be able to get things up and running again?
What are the Costs?
The financial costs were highlighted in an Information Age article earlier this year with an EMC survey from 2013 that put the average financial loss of not investing in disaster recovery at $1,158,077 in the UK, with a $611,375 for downtime. The real impact and costs for business can be much higher.
As well as a lack of productivity and serious commercial losses, there are the harder to quantify but crippling damages to reputation and client confidence. These things can last a long time and can be impossible to fully repair. The truth is that many businesses simply don’t recover and that even a day without their IT systems can be enough to close them down.
Even if you have the healthy belief that if could happen to you and your company, surveys show that you may still not believe that you have adequate plans in place yet.
A communications survey from Service Provider Timico showed that over a third of IT managers are only 'reasonably confident' that their disaster recovery plan is up to scratch in the event of an emergency, and that one in eight of those surveyed had either never tested their disaster recovery solution or didn’t know when the last test took place. The same survey showed that only 9% said that they reviewed and updated recovery plans once a month or more even though they were aware of the substantial risks.