What All CEOs Should Know About Backing Up Business Data

We’ve all lost important documents. But imagine losing hundreds of thousands or millions of business records and you quickly get a sense of the crippling impact that lost data can have on your company. Aberdeen Research estimates that the average cost of business downtime, including from data loss, is a staggering $215,000 per hour for medium-sized companies and $686,000 for large companies.

With this in mind, here is what every business should consider when it comes to backing up data and keeping it safe.

1. How ready is your business for data loss? Consider this scenario: All of your data is suddenly gone and you need it restored to keep your business running. Are you confident that your team can immediately restore data and make it accessible to employees? Are you confident that every last file would be there? If you answered no to either of these questions, make it a point to resolve this issue today. Your business could depend on it.

2. When is the last time your business invested in backup? Many businesses have had a backup plan for years and may even have bought big expensive systems that were once state-of-the-art. Maybe your business has outgrown your existing solution. Worse, if that solution is stored at your business location, your data could be at risk. For instance, if there is a flood or fire, your data is simply not safe. Even if your data is safe, you may not be allowed access to your building after an event, making recovery impossible. Today, it is critical that a backup solution allow for off-site storage of important data and that your crisis plans include processes for accessing it remotely.

3. Does your business have a cloud strategy? Your business may already depend on cloud-based services to drive important areas. These services typically offer better value, are updated more frequently, are accessible from any location and have high reliability. All of these same benefits extend to backup services as well. If your business has already embraced the cloud, make sure backup factors into your cloud strategy as well, to ensure you’re getting the best value and protection.

4. Keep backup top of mind. When is the last time you discussed backup with your team? CEOs typically rely on their CIOs and IT teams to handle all of the details and decision-making around backup, as they should. But becoming more aware of what you’re prepared and not prepared for is a worthwhile exercise to conduct on a regular basis. Take the time to find out what your team needs and to provide it, to ensure your business has the best protection.

Every day should be backup day. As the saying goes, it’s not a matter of if you’ll need to rely on your backup, but when. If you are already backing up, you may find it a worthwhile exercise today to make sure that everything is functioning properly. If you know for certain that your company’s data is backed up, safe and doesn’t require your attention, consider taking a moment to discuss backup with a business colleague to see if they’re just as prepared.