This article is taken from our data backup partner.
It’s tough on the cyberwar front. According to IBM, business losses due to cyberattacks averaged $1.52 million in 2020. Data breach incidents cost the US $8.64 million the same year. No wonder businesses are spending more on cybersecurity as they attempt to protect themselves. In fact, the average business spend on security increased from $2,337 per employee in 2019 to $2,691 in 2020 according to Deloitte.
But cyberattacks aren’t the only potentially devastating business threats. Every business still faces the very real threat of data loss or downtime caused by everything from natural disasters to hardware failure to user error. Downtime alone can cost a business up to $5600 every minute according to Gartner.
So, with cyberattacks a constant threat and the ever-present danger of downtime and data loss, what can a business do to reduce its risks? Let’s look at why businesses need a comprehensive strategy that accounts for potential cyberattacks as well as issues that cause downtime or data loss.
Cybersecurity: Keep Threats at Bay
It all starts with keeping the bad folks out. Whether you’re a small business or an enterprise, you probably have basic security solutions like:
Antivirus and anti-malware
Email spam filters
Virtual private networks (VPNs)
Network monitoring and auditing software
Distributed denial of service (DDoS) attack prevention
Captcha and other anti-spam tools
Password managers and multi-factor authentication tools
This is all standard security, but what many businesses forget is that using these tools isn’t necessarily a set-it-and-forget-it task. Businesses must constantly keep these tools patched and up to date to reduce risks. Businesses must also work to recognize the latest threats, like more sophisticated ransomware and social engineering attacks that might catch employees off guard. Leaders should form a plan for understanding threats and set aside resources that enable them to implement preventative tools and educate their employees.
Disaster Recovery: Keep Your Business in Business
Backup and disaster recovery can save you if there’s ever a gap in your security chain. Suppose ransomware finds its way into your network and critical data is locked up. What will you do? Pay the ransom or deal with the losses? If you’ve developed and executed a rigorous backup and disaster recovery plan, you have a third option: restore your data from a backup that was taken before the ransomware infected your network. Besides remediating ransomware attacks, backup and disaster recovery solutions help you prevent costly downtime even if a natural disaster, hardware issue, or other failure event hits your business.
Most businesses start with local backups, but, increasingly, businesses are also using the cloud for added protection. With disaster recovery as a service (DRaaS), a business has an extra copy of its backups safely stored offsite (and away from ransomware or the impacts of other disasters). Businesses can also virtually recover individual endpoints or even an entire network with just a few clicks. It’s a potent way for businesses of all sizes to reduce data loss and maximize their uptime.
Cybersecurity might help you reduce your risks but it’s not enough on its own. Inevitably, a threat will find its way through and it’s your backup and disaster recovery strategy that will save the day. If the uncertain times have taught us anything, it’s that planning for the worst isn’t a luxury, it’s essential.