It’s all too easy to put of getting a backup solution – until it’s too late and your business data has disappeared. Despite the proven pain of data loss, many small to medium businesses (SMBs) continue to stick their heads in the sand when thinking about the need for backup.
Based on current rates, it’s a coin flip whether you’ll experience a data breach or get hit by a ransomware attack in the next year.
Attackers see SMBs as softer targets than enterprises, as they have fewer security resources, less sophisticated defenses, and are more inclined to pay ransoms because they simply can’t afford the downtime.
If you run a business, you have information that attackers want. From customer/employee records to proprietary information, your data has value to criminals and competitors.
Installing antivirus software and email filters is simply no longer enough to protect your business in the face of todays’ sophisticated attacks.
Even if your business is lucky enough to never face a cyber-attack, there are a multitude of other ways you can lose valuable data…and most of them start with simple user mistakes.
SaaS applications are still vulnerable to data loss, because human error is the main cause of data loss.
Office 365 only stores data for 30 days, and Microsoft themselves recommend the use of a third-party backup solution in their Microsoft Services Agreement.
Record loss: Businesses lost an average of 10,848 individual records over the past 12 months.
Cost of a breach: 29% of SMBs say breaches cost them $100k or less and 20% say they cost between $1M and $2.5M.
Cost of data loss: Average cost of data loss is $3,957.
Compliance fines: Fines can be as much as 4% of a company’s total revenue.
Cost per attack: Average cost of each attack was $383,365 in 2018.
Downtime cost: Lost data due to mission-critical app downtime costs $102,450/hour on average.
Impact of outage: 54% of businesses with an outage experienced loss of customer confidence, 38% damage to brand integrity, and 37% loss of employee confidence.
Impact on profitability: Only 35% of small business owners said that they could remain profitable for more than 3 months if they lost access to essential business data. More than half reported that they would be unprofitable in under one month.
While implementing a comprehensive, layered security strategy can be a complex undertaking, the simplest first step you can take to mitigate the threat of data loss is to start using a third-party backup solution. Having a full backup of your data makes recovering from a data loss incident much easier.
1 Thales, 2018 Data Threat Report: Global Edition, https://www.thalesesecurity.com/2018/data-threat-report
2 SentinelOne, Global Ransomware Study 2018
3 Ponemon Institute, 2018 State of Cybersecurity in Small & Medium Size Businesses https://keepersecurity.com/assets/pdf/Keeper-2018-Ponemon-Report.pdf
4 Verizon, 2018 Data Breach Investigations Report https://enterprise.verizon.com/resources/reports/DBIR_2018_Report.pdf
5 Datto, Global State of the Channel Ransomware Report, 2018 https://www.datto.com/resources/2018-state-of-the-channel-ransomware-report
6 Barracuda, Backup Stats to Strengthen Your Marketing https://blog.barracudamsp.com/backup-stats-to-strengthen-your-marketing/
7 Datto, Selling SaaS Backup Made MSPeasy
8 Skykick, Protect Your Oice 365 Experience with Cloud Backup https://www.pax8.com/resource/display/31601
10 Cisco, Small and Mighty: How Small and Midmarket Businesses Can Fortify their Defenses Against Today’s Threats https://www.cisco.com/c/dam/en/us/products/collateral/security/small-mighty-threat.pdf
11 Veeam, 2019 Cloud Data Management Report https://www.veeam.com/cloud-data-management-report-2019_wp.pdf