Business Continuity: The High Cost of Low Preparedness
Part 2 of 4
This is the second section of our four-part series on the basics of business continuity. You can get access last week’s entry, covering RPO and RTO, here.
Now that we know what RTO and RPO are, we’re going look at what’s at risk if your organization can’t meet its RTO and RPO benchmarks in the event of a disaster. Here are a few startling statistics that relate to two very important categories every business owner cares about – Revenue and Reputation:
- $70,000: The average per-hours cost of downtime for a midsize company. (PriceWaterhouseCooper, 2013)
- 86%: The percentage out of 6,000 surveyed companies who had experienced downtime in the past 12 months (average outage lasted 2.2 business days). (Acronis, 2013)
- $366,363: The average yearly revenue lost due to system outages by those 86%
- 51%: The percentage of small and medium size businesses who can meet a 24-hour RTO, compared to over 70% of large companies. (Regus 2010)
- 70%: Percentage of companies that experience a major data loss who go out of business within a year. (Gartner, 2010)
- 60%: Percentage of companies who cited social media’s influence as a motive for better disaster recovery (DR) and backup solutions and planning. (Business Continuity Institute, 2012)
No matter how bright the future of your company looks right now, those are pretty sobering statistics. A company that’s anticipating a record year, could watch it all go ‘POOF’ with just a few critical equipment failures or a once in a century natural disaster.
Investing in Business Continuity solutions and planning is investing the future of your organization. It’s not a luxury.
And thankfully, it’s not a pipe dream either. Come back next Thursday, when we’ll go over some exciting backup and DR options that can make true Business Continuity a reality!