The cost of data loss

Data loss can be a costly mistake for any business. In fact, the average cost of data loss is $1.7 million per company. That’s a lot of money to lose, and it’s a problem that is only getting worse as more and more businesses store their data electronically. So, what are the causes and how can you avoid them? Let’s take a look.

Causes of Data Loss

There are many causes of data loss, but some are more common than others. The most common causes are human errors, hardware failures, software corruption, and natural disasters. Ransomware is now leading these causes. Let’s take a closer look at each of these causes.

Human Error

Human error is the number one cause of data loss. Human error accounts for r 43% of all losses. Common examples of human error include accidental deletion, overwrite errors, and misplacing portable storage devices. To avoid losing data due to human error, it’s important to have a robust backup and recovery plan. This way, if data is accidentally deleted or overwritten, you can quickly restore it from your backup.

Hardware & Media Failure

Hardware failures are the second most common cause of data loss, accounting for 29% of all losses. Hardware failures can be caused by various factors, including power surges, manufacturer defects, physical damage, and component degradation. To avoid losing data due to hardware failure, it’s important to use high-quality hardware from reputable manufacturers. You should also regularly check your hardware for wear and tear and replace it when necessary.

Software Corruption

Software corruption is the third most common cause, accounting for 14% of all data losses. Software corruption can be caused by viruses, malware, ingress/egress issues during software updates, and power surges. To avoid losing data due to software corruption, it’s important to have robust anti-virus and anti-malware protection in place. You should also regularly update your software to ensure that you have the latest security patches installed.

Natural Disasters

Natural disasters are the fourth most common cause, accounting for 4% of all data losses. Natural disasters include hurricanes, floods, earthquakes, fires, and tornadoes. To avoid losing data due to a natural disaster, it’s important to have an off-site backup in a different geographical location. If your primary backups are lost in a natural disaster, you will still have access to your data on the secondary server.

Ransomware

Ransomware attacks are increasingly costly. For example, the United Healthcare(UHC) subsidiary Change Healthcare attack cost more than $1.6 billions and crippled many businesses that depend on services provided by UHC.

Conclusion

Data loss is a costly mistake for any business, with the average cost being $1.7 million per company. The best way to protect your business is to have a robust backup and recovery plan that covers all four main causes of data loss: human errors, hardware failures; software corruption; and natural disasters. By following these best practices, you can protect your business from costly downtime and lost revenue.