When it comes to data backup, every business, no matter its size, should not be left behind. Unfortunately, most small businesses are reluctant to take up most growing trends such as backup due to the assumption that they are expensive.
According to a survey by Security Week in over 24 countries, incidents of data loss had increased by 400 percent between 2012 and 2014. These incidents led to losses $1.7 trillion per year due to data loss and network downtime.
Cloud backup and storage offers small businesses convenience and elasticity. Also, it is inexpensive since you do not need the “IT guy.” If you have not begun backing up your data, here are 7 reasons why you need data backup.
1. Loss of information back up could cost you
Back up services, such as ottomatik.io, are insurance for your business. From the survey mentioned earlier, it is clear that a single business can incur thousands of dollars in losses without backup. Another report from Verizon stipulates that even small data losses that involve fewer than one hundred files can cost a business 18, 120 and $35, 730. This amount, even for a large business is strenuous to recover, and it could lead to closing down your small business.
2. Protection from deadly downtime
Outages due to loss of information reduce productivity, disrupt business, damage reputation, and expose your business to more security threats. In the event where your business experiences downtime due to massive losses of data, it might never recover. A study by the University of Texas stipulates that 43% of businesses that suffer large losses in data never reopen. A further 51% close down after two years. A case in point, in 2013, Amazon went down for around 30 minutes, and this cost the company $3 million. While it did not close down after that downtime, a small business might not recover from such huge losses.
3. Protection from ransomware
Ransomware continues to be a nuisance to all businesses across the world. Ransomware enters your business network through a download. This download could be accidental, for example, when an employee accidentally downloads an email attachment from an unknown source.
Once ransomware enters your business, it encrypts all files on a local PC. If it is not detected in time, it spreads across the entire network, causing complete encryption of data. As the name suggests, you’ll need to pay a ransom to remove the malware from your system. Typically, you are required to pay in cryptocurrencies such as bitcoin, to untraceable sources on the internet.
Small businesses are the biggest targets of ransomware due to their lack of security. You can defeat such attacks by having your data safely backed up in the clod.
4. People are bound to make mistakes
As the popular saying goes, “to err is human.” It is not uncommon to hear incidents were employees accidentally delete important data or change it. A simple cup of coffee can fry your hard drive in a matter of minutes. Backing up your data guarantees that such mistakes can be corrected and that your organization will not suffer a setback due to loss of information.
5. Natural disasters can put you out of business
Even in the event where you avoid all human errors and manage to keep your data safe without back up, you cannot prevent Mother Nature. Without backup, disasters like floods and fires can put you out of business. Recent data from CNBC shows that a majority of small businesses do not deem their environment a critical factor. A report by FEMA shows that roughly 40-60 percent of small businesses do not reopen after a natural disaster. Whether you are in an area that is prone to natural disasters or not, you ought to protect your small business from the inevitable.
6. With backup, you gain peace of mind
When you do not have back up, you are always at the risk of losing valuable information, including customer information that you worked so hard to obtain. Catastrophic data loss can mean the closure of your business or loss of confidence from your customers. When you lose data that you have not back up, you have to start all over again. Knowing all the risks that your small business faces from lack of back up can diminish your peace of mind. Backing up, on the other hand, takes your mind off these risks and helps you concentrate on adding value to your business.
7. Competitive advantage
In the case of a natural disaster in your local area, your small business will have a competitive advantage if it has a backup plan. This is because it can get up and running before its competitors owing to the safely stored data. This also means more profits go to this business because it gains customers’ trust and other firms could be down for a few days.
Online data backups are inexpensive, making them convenient for your small business. An online data backup guarantees that your small business will not cease operation once you lose data on your network. On top of that, it makes customers feel that their information is secure and helps you earn their trust and insulates your business from incurring huge losses.