Running a successful business requires reliance on modern technology, but some IT expenses can seem unnecessary to businesses that are concerned with maintaining a healthy bottom line.
IT expenditures for data backups are really investments. Though they may require you to spend a little more, they truly protect your business from having to dish out thousands of dollars later for data recovery after an incident has occurred.
Let’s explore how backups protect your business, how regularly scheduled data backups can save you money, and how outsourcing those backups can be even more cost-effective than doing them in-house.
Why Are Regular Data Backups Important?
When you consider that most of your business operations depend on technology, it’s clear that protecting and securing those systems is crucial. However, many businesses fall into the trap of putting disaster recovery on the back burner, assuming that because they are SMBs they won’t fall victim to a cyberattack, or because they are located in certain areas, they won’t be affected by a natural disaster.
The reality is that IT disasters are not uncommon, especially when they result from a security breach, so organizations that only take disaster recover seriously after they have been severely affected by an IT disaster will face much more costly consequences than if they had prepared in advance.
Data backups are crucial to disaster recovery planning because one of the biggest impacts of IT disasters is data loss. By scheduling regular backups, you ensure that you will have access to your data, even if the worst happens. Data is extremely valuable, especially to hackers who often use ransomware to hold it hostage, so performing regular backups is a must for businesses who store any kind of sensitive data.
What’s the Cost If I Don’t Schedule Regular Data Backups?
Not backing up your information or developing a disaster recovery plan could end up costing your business a lot of money. For one thing, losing important data and information can result in lost customers and can tarnish your business reputation, which will definitely impact your bottom line. In the case of a security breach, you could be forced to pay ransoms, deal with customer lawsuits, and owe non-compliance fees if you violated any cybersecurity regulations in your industry.
What’s more, the company could be set back weeks, months, or even years in its growth and development by losing important data. If you’ve lost information for ongoing projects, it could cost you thousands, maybe even millions, to recoup. In fact, the Ponemon Institute found that each lost data record costs an average of $141, so the total loss can accumulate quickly.
When you have a plan for responding to incidents such as these and have data securely backed up, you may be able to avoid paying ransoms or paying non-compliance fines for failing to meet cybersecurity regulations. Plus, if your business is well-prepared to deal with an unforeseen disaster without compromising customer information, you’re more likely to save face—and money—by securing customers’ trust.
How Can I Get Regularly Scheduled Backups?
While some businesses may choose to perform backups in-house, doing regular backups yourself can cost you a lot of money in staff time alone. Additionally, if you don’t have the proper resources to perform secure backups, it’s unwise to do them yourself.
Many businesses are turning to a Managed Services Provider or MSP who can schedule and perform these updates on a regular basis. An MSP verifies that your backups are completing successfully and can develop a reliable backup and disaster recovery plan so that your business can be prepared.
The MSP can ensure that your backups are secured and that they include operating systems, databases, and line-of-business applications along with data files. They can even implement secure data storage policies to make sure you aren’t dependent on workstations to retrieve data.
The benefit of performing regular data backups is clear, which is why it’s important that they be factored into your IT services. Outsourcing your data backup protects you from incorrectly performing backups and allows you to strategize a backup and recovery plan that works best for your unique business needs.
If you’d like to learn more about ITS Group’s data backups and recovery planning, fill out a free assessment to speak to our IT Support Account Managers.