What Does Downtime Actually Cost?
The University of Maryland found that a hacker attacks another victim every 39 seconds – yet the majority of organizations aren’t prepared to handle such a breach of security. In fact, an IBM study revealed that 77% of respondents don’t have a cybersecurity incident response plan applied consistently across the organization. This is shocking considering cybercrime is one of the biggest reasons for downtime. When an unexpected attack occurs, virtually all departments within any given organization are impacted and hours, or worse, days are spent trying to recover. Other common causes of downtime include:
- Natural disasters, such as a fire or flood
- Human errors, such as an accidental file deletion or spill on hardware
- Power outages that occur for a number of reasons
- Usage spikes/surges due to a lack of bandwidth
- Third-party supplier/cloud outages
- Software misconfiguration and/or bugs
At the end of the day, proper planning is necessary to prevent downtime for any reason, whether it’s a cyberattack or something else. It’s key to have a multi-layered approach to cybersecurity, along with a data backup and disaster recovery plan that ensures continuity in the event of an outage, disaster or any other reason for downtime.
How Often Does Downtime Occur?
Unfortunately, downtime is still quite common, especially for businesses that don’t have a technology partner to guide them. Consider this… Even if a service is up 99.5% of the time, that means it’s down for 44 hours per year. If a service is up 99.9% of the time, that means it’s down for 9 hours per year. During those hours of downtime, the average organization will be struggling with the following:
- A lack of access to important information
- A lack of ability to make sales/take on business opportunities
- A lack of communication with clients/customers resulting in loss of trust
- A lack of staff productivity resulting in missed deadlines
- A potential for data to become lost or corrupted during the process
- A high cost of recovering technology equipment
- A waste of payroll dollars as employees can’t work
What’s the Cost of Downtime?
Gartner reports that the average cost of downtime is approximately $5,600 per minute – incorporating expenses relating to all of the points listed above. That’s $336,000 per hour. Naturally, this cost may differ depending on your unique business, but remember, the cost of downtime encompasses the cost of lost business, wasted payroll dollars, and a high cost of recovering technology equipment, as well as a range of other expenses that must be considered.
So what’s the best way to avoid downtime? There are a few ways to ensure minimal downtime, but it’s always helpful to work with a technology partner to ensure you’re covered on all angles. Here are our tips:
1. Implement a multi-layered approach to cybersecurity that incorporates web content filtering, firewalls, anti-virus software, anti-spam filtering, and other technologies to keep all endpoints safe.
2. Deploy a reliable data backup and disaster recovery solution that keeps your information and applications backed up in two places: an onsite appliance and offsite in the cloud, for optimal protection.
3. Review your power, cooling, and internet resources and make sure they’re reliable at all times, and if needed, implement failover options to ensure that if your first set of resources go down, you have another available.
4. Migrate your on-premises applications to the cloud for anytime, anywhere accessibility to important information. If an outage occurs, you can simply pick up and move to another location that has an internet connection.
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