A data breach can occur for a variety of reasons, from stolen files to a lost USB drive. These situations can also have a variety of effects on a business, from financial loss to a drop in productivity. However, according to a study by PricewaterhouseCoopers, many businesses do not even know when they have suffered a data breach.
The study, which polled financial firms across Europe, found that 42 percent of respondents do not monitor the performance of their information risk management teams, data protection, or disaster recovery solutions. Additionally, 22 percent of businesses said that they do not know if they have had a data breach in the past three years, and 42 percent have no plans to examine their risk strategies.
These findings underline a deeper problem as well – the lack of awareness concerning business continuity and the effects that this can have on a company. According to the study, firms that have suffered data breaches reported experiencing reputation damage, professional liability, and other negative results.
Information and data responsibility is a major part of understanding how to run a smooth and successful business. Some companies may think that they haven’t suffered data loss and do not need to invest in backup and recovery software solutions. However, when it comes to breaches or loss, it is a matter of when, not if. Investing now could save the business even more money, time, and resources down the road.
By implementing an off-site or online backup solution, a company can take the first step to mitigating data loss risks and preparing itself for any possible problems. Then, by following up with quality data protection, the business can work toward reducing the overall risk in the first place.