Modern businesses hold plenty of valuable information in their systems, from sensitive customer information to operational data. However, with the increasing reliance on technology comes a greater risk of data loss, whether due to employee errors or cyberattacks. This is why having a proper backup and data recovery procedure is indispensable, as it not only helps protect against data loss, but it also ensures business continuity in the face of unforeseen challenges.
In this article, we delve into the latest trends surrounding backup solutions, exploring the latest technologies amidst the evolving threat landscape.
Causes of data loss and the importance of backup
Data loss can occur due to various reasons, with human error, system failures, and software issues among the primary causes. According to recent statistics, human error accounts for about 14% of data loss incidents. System failures and hard drive crashes constitute approximately 67% of data losses, highlighting the need for proactive backup measures.
Fortunately, businesses can significantly reduce the risk of data loss and ensure the continuity of operations by adhering to scheduled backup routines. Doing so ensures that critical data can be swiftly restored in cases of accidental deletion, hardware malfunctions, or cyberattacks.
The impact of data breaches on businesses
Data breaches can have severe repercussions on businesses, ranging from financial to reputational damage. Unfortunately, most organizations lack the resources to recover from data breaches. Moreover, employees often lack the knowledge and preparedness to handle data breach situations effectively, leading to prolonged downtime and increased vulnerabilities. Much of this can be attributed to insufficient knowledge about backup technologies and the proper strategies to leverage them.
With a comprehensive cybersecurity plan paired with thorough backup and recovery procedures, companies can significantly reduce the risk of data breaches while maintaining operational continuity and customer trust.
Backup technologies: Cloud vs. external drives
Businesses and individuals alike have access to a wide range of backup tools and technologies that are available in today’s market. Cloud storage and external drives are the prominent options, with the former offering several benefits, including ease of use, scalability, and unparalleled accessibility. A 2023 survey shows that approximately 65% of organizations now store their backups on the cloud, and have plans of implementing additional disaster recovery strategies within the next 12 months.
On the other hand, external drives provide physical storage solutions that can be disconnected from the network, reducing the risk of cyberattacks and unauthorized access. While cloud storage may be limited in terms of storage space, external drives can offer larger capacities for storing extensive data backups. These devices have a relatively shorter life span; they can break down when they become too old, resulting in lost data that may be difficult and costly to retrieve. Businesses must therefore consider their specific needs and priorities when choosing between these two options, accounting for data volume and accessibility and security requirements.
Data recovery and ransomware threats
Ransomware attacks pose a substantial threat to data security, with activity increasing by 50% year on year during the first half of 2023 alone. These attacks involve the encryption of data in exchange for a ransom, causing massive disruptions to business operations and extensive data loss if not addressed promptly. The costs can vary significantly, ranging from a few hundred to thousands of dollars, depending on the severity of the attack and the extent of the data encryption. Note that paying the ransom does not guarantee complete data restoration, with very few victims able to recover all of their data after payment.
Regularly updating backups and implementing security measures such as firewalls, antivirus software, and employee training in cybersecurity best practices are thus essential for keeping ransomware and other growing security threats at bay.
Business survival and backup strategies
Investing in backup technologies and data recovery plans is necessary for businesses to address the challenges posed by cyberattacks and unexpected data loss events. Cloud backup solutions are currently the most popular backup technologies due to their ease of use and adaptability, along with extensive security features such as automatic backups, encryption, and redundancy. However, businesses may also choose to adopt multiple backup solutions to further enhance data protection and reduce potential downtime risks.
Investments in data recovery are also steadily increasing, with companies willing to pay substantial costs to retrieve stolen data and/or increase their data recovery budget. As cyberattacks continue to proliferate given the rapid increase of online data generation, backup and recovery strategies will always be required to battle the ongoing challenges of cybersecurity.
Don’t wait for disaster to strike — keep your business data safe with the latest backup and disaster recovery solutions. Get in touch with our team of IT experts at SpectrumWise today to explore the various tools and strategies for ensuring long-term business continuity.
