Data loss may be big for small business

Data loss may be big for small business

April 23

In order to keep up with compliance guidelines, businesses need a way to keep their data histories current and secure, but trends show more businesses are struggling with this as more options become available.

A study by Cibecs shows that half of all businesses reported losing data last year, and one in 10 had no way of recovering lost files. As technology evolves, more companies are using laptops and tablets as their primary tools as opposed to conventional desktop PCs, and while these devices are more easily lost, the data on them is valued at about $25,000 per unit, according to the study. This means mobile solutions are of increasing importance to the business community as a whole.

Subsequently, a study by Modular Data Protection found remote monitoring and management solutions are among the most popular security tools for data management, but only half of all surveyed service providers indicated they were prepared in case disaster recovery became an issue. Many businesses are also not confident their IT departments could handle a crisis without third-party support, and that small businesses could face thousands of dollars in losses if their data is lost. Nevertheless, many companies don’t have adequate plans in place in case of emergencies.

According to CDW, the average cost for a data breach ranges between $5 and $7 million, with one in four businesses hit by such instances every year. In the last year alone an additional 40 percent of users started remotely accessing business networks, primarily in the healthcare and finance sectors where the most sensitive information is regularly accumulated and stored. However. IT departments have a hard time determining what part of overall usage might be generated fraudulently or with intent to harm.