While you may be taking some precautions, such as securing and backing up your sensitive data, sometimes that’s not enough. There is a common misconception that data is safe if backed up once a day, but this outdated practice is no longer sufficient for several reasons:
- If you forget to perform the backup or the backup process fails, you’re not protected.
- If you only back up your files once a day, you’re left vulnerable to the loss of an entire day’s work.
- If you don’t properly validate your backup files, you could be in for an unpleasant surprise when you actually try to use those files to restore your company’s operations.
- If you only back up your files on-site, you could lose them too—leaving you with no way to meet client requests.
- If you only back up your raw data, rather than all your application and server configuration files, it could take several days to restore your practice —because you will also have to rebuild your servers, operating systems, applications, etc.
Some financial services firms are turning to business interruption insurance to cover the costs to rebuild, restore, or regain lost income. However, while an insurance provider may write you a check for the cost of a server that gets damaged because of a broken pipe, it won’t shield you from damaged or lost client relationships. Ultimately, your reputation isn’t something for which you can easily be compensated.
How Vulnerable Are You?
If your company identifies as a business that doesn’t have the IT resources to effectively recover from a major outage, make sure you’re weighing all of the factors around the costs of downtime. Here are the facts:
US businesses lose $12 billion annually due to data loss.
93% of companies that lose their data center for 10+ days file for bankruptcy within one year.
Effective IT solutions For Financial Firms from your local award-winning MSP
- Managed IT Services
- Business Computer Support Services
- Expert IT Consulting
- Access to a Professional IT staff
- Onsite and Remote Computer Tech Support
- Network Monitoring
- Business Data Security Solutions
- Desktop Maintenance
- Server Maintenance and Secure Backup
- Business Continuity Solutions
We have been providing IT Support Services in New Jersey since 1996. powersolution.com is honored to be the recipients of various IT industry awards.We are especially proud to be recognized as one of the Top 100 companies in Managed Security and a Top 500 Managed IT Services Provider – 4 years in the row – by CRN® magazine, a brand of The Channel Company, and in a 250 Pioneer category of 2020.