Above all, Business Continuity 360 framework allows organisations to easily evaluate their current IT Disaster Recovery Management position. Capture and report on organisations current business continuity position by evaluating their readiness for an unknown. Undoubtedly, data loss has serious business and financial implications for any organisation. Because downtime can occur at any time and due to many possible reasons.
In fact, for this reason, transforming risks into actionable intelligence with BC360 will provide real-time views of risks across the organisations.
Generally, the audit will significantly reduce time, effort and costs in identifying key dependency gaps and misalignment between business requirements and IT capability. Meanwhile, IT Disaster Recovery Management provides clear visibility and actionable intelligence to remediate and close these gaps.
Plan, rehearse continual preparation, undertake regular testing and review of your Disaster Recovery (DR) Plan. With BC360, DR rehearsals can be scheduled, including plan walkthroughs, individual component testing or a full DR test simulation. Deficiencies or gaps can be captured in an action plan to ensure that they are either addressed immediately or during the next plan review cycle.
According to PhoenixNAP 75% of small businesses have no business continuity plan in place.
Hence, the survey compiled an interesting mix of disaster recovery statistics from a variety of sources from technology companies to mainstream media. Think of a disaster recovery plan a lifeboat for your business. Hardware failure is the number one cause of data loss and/or downtime.
According to Dynamic Technologies, hardware failures cause 45% of total unplanned downtime. Followed by the loss of power (35%), software failure (34%), data corruption (24%), external security breaches (23%), and accidental user error (20%).
1. Around 93% of companies without Disaster Recovery who suffer a major data disaster are out of business within one year.
2. On top of that, 96% of companies with a trusted backup and disaster recovery plan were able to survive ransomware attacks.
3. However, more than 50% of companies experienced a downtime event in the past five years that longer than a full workday.
4. Estimate are that unplanned downtime can cost up to $17,244 per minute, with a low-end estimate of $926 per minute.
5. Similarly, on average, businesses lose over $100,000 per ransomware incident due to downtime and recovery costs. (source: CNN)
6. Subsequently, 40-60% of small businesses who lose access to operational systems and data without a DR plan close their doors forever. Companies that can recover do so at a much higher cost and a longer timeframe than companies who had a formal backup and disaster recovery (BDR) plan in place.
7. While 96% of businesses with a disaster recovery solution in place fully recover operations
8. Almost 90% of businesses without a disaster recovery plan will fail after a disaster
9. After 2017 survey of 580 attendees of the Black Hat security conference in Las Vegas, it was revealed that the more than half of the organizations had been the target of cyberattacks. 20% of those attacks came in the form of ransomware.
10. Around 2/3 of the individuals responding to the survey believe that a significant security breach will occur at their organization in the next year
11. Also, more than 50% don’t have the budget to recover from the attack.
12. In fact, human error is the number one cause of security and data breaches, responsible for 52 percent of incidents.
13. Hence, cybersecurity training for new employees is critical. Only 52% receive cybersecurity policy training once a year.
14. The painful reality is that malware can successfully bypass up to 94% of anti-virus software and anti-spam email filters are mostly ineffective against a targeted malware attack.
15. According to Cyberwarfare by 2025, cybercrimes to cost the world $10.5 trillion annually.
16. Cybersecurity spending is on the rise; reaching $96 billion in 2018.
17. Lastly, cryptojacking attacks are increasing by over 8000% as miners exploit the computing power of unsuspecting victims.