According to reports by Small Business Trends, sixty percent of the small and medium enterprises go out of business in less than six months of losing data. Also indicated in the same reports, is the fact that fifty-eight percent of small companies are not prepared for data loss. The good news, however, is that by 2020, 78 percent of the small businesses will be working with cloud service providers for cloud data storage.
Who needs cloud backup the most?
Cloud backup is essential for both big entities and small businesses. The businesses that have been operational need it for its scalability and protection of the big data. Small companies are, on the other hand, even more, vulnerable as they are usually viewed as soft targets by attackers. Everyone is at risk of losing data.
Risks associated with not having a cloud backup solution
- Losing money by spending on legal fees
Malicious attackers want data for various reasons. Your clients will not be too happy when they find out that the data they trusted you with ended up in the wrong hands. That alone can incur your business tons of losses. The chances are high that the clients leave you, or worse, they might sue your company. You will, therefore, end up being in and out of court dealing with one legal issue or another. A lot of money will be spent on the legal proceedings, and it will only be a matter of time before you go out of business.
- Deletion of files
According to research by Uptime Institute, 70 percent of data loss incidents are caused by human error: quite a shame, right? What are the odds that your business could lose data this way? Very high. The repercussions could be worse if you do not have a backup for that data.
- Virus attacks
You would be shocked if you discovered the number of malware created every day. In 2014, a total of 317 million computer viruses were created. This only further proves to you how much risk your data is at. The worst of them could be ransomware if you do not have some backup. With this kind of malware, the attackers restrict you from accessing your data.
As a result, your operations come to a halt, and you can only resume if allowed access to your data: which is only after you part with a given amount of cash. The impact would be less severe if you have cloud backup, which can also be remotely accessed by you.
You need to note that backup stored on a hard drive is not only susceptible to damage but also theft. Cloud service providers see to it that only you can access data services. Cloud service providers have foolproof security measures, and you can rest assured that your data is in safe hands.
It is critical that business owners reach out to financial services if they have to and get the resources to invest in cloud backup services. With so many uncertainties surrounding the security of data, one can only choose to be safe than sorry.