Most IT managers have some degree of understanding regarding just how damaging IT downtime can be. Ransomware, for instance, single-handedly raked in $209 million in the first three months of April – and that amount doesn’t even factor in the crippling hidden costs.
However, the grimmest prospect, a company shutdown as a result of a serious IT-related setback, often goes overlooked as a remote possibility.
Our question is this: Why?
IT Downtime Can Damage Your Business Irreparably
Business continuity and IT uptime are essentially synonymous at this point. On any given day, most – if not all – of an organization’s operational workflows are tangentially or directly dependent on IT infrastructure. This could be an organization’s on-premises servers, its mission-critical endpoints (i.e. mobile data computers for law enforcement, computers on wheels for the medical sector), enterprise computers, point-of-sale systems, company kiosks and so on. Long story short, regardless of your industry or vertical, IT disruptions have significant potential to cause your business harm, and much more than you may realize.
According to The Ponemon Institute, the cost of IT downtime is $7,900 per minute on an average. For small and medium-sized companies, the actual monetary amount may be less; however, the risks are actually compounded. A study conducted by the Small Business Administration found that 43 percent of small businesses never recover from extensive data loss. While alarming, that statistic doesn’t necessarily tell the full story. After all, there’s only so much an organization can do to defend its assets against