Inside TDV - The Data Vault Blog
The Economics of Disaster Recovery
Organizations increasingly need constant access to data and the cost of losing this (known as downtime) can be catastrophic. Companies quickly find themselves in the eye of a storm when software glitches or malicious criminals strike; resulting in lost revenue, shaken customer loyalty and significant reputational damage.
In August 2013, the NASDAQ stock exchange went down for over three hours, causing the shutdown of trading in stocks like Apple, Facebook, Google and 3,200 other companies. This incident resulted in the loss of millions of dollars, paralyzing assets with a combined value of more than $5.9 trillion. Disaster recovery in these kind of situations is not a luxury, but an absolute necessity.
Yet whilst the costs of downtime are significant, it is becoming increasingly expensive for companies to handle disaster recovery as they have exponentially more data to manage: by 2020 the average business will have to maintain fifty times more information than it does today. Downtime costs companies an average of $7,900 per minute, yet the sunk costs of disaster recovery systems can be crippling as companies build redundant storage systems that rarely get used. As a result, planning has traditionally been an expense only deep-pocketed organizations could afford given the investment in equipment, effort, and expertise required to formulate a comprehensive plan.
Cloud computing is now making disaster recovery available to all by removing the need for a dedicated remote location and hardware altogether. The faster retrieval of files allows companies to avoid fines for missing compliance deadlines, while scalable payment models mean organizations only purchase the customized protection they need. Compare this to traditional back up methods where it’s easy to miss files, data is only current to the last back up, and recovery times are longer.
Traditionally it has been difficult for organizations to migrate to the cloud as they have grappled with how to move terabytes of data that is continually in use. With technologies like seed backup and block level updates making it easy to move large volumes of data, organizations can now transfer critical information seamlessly. In certain circumstances a move to the cloud even offers a chance to upgrade security with industry recognized audits.
Society’s growing reliance on crucial computer systems mean that even short periods of downtime can result in significant financial loss. In spite of this, many companies have been reluctant to allocate funding for disaster recovery as management often does not fully understand the risks. Today’s marketplace offers an opportunity to step up to a higher level of recovery capability at a cost that is palatable to any sized business, and The Data Vault Cloud offers a solution ready to meet that need. With over thirty years of providing highly responsive customer service and effective backup solutions, our team has the expertise to answer questions on any level. Ready to learn more? Contact us today and someone will be in touch!