So, wondering how data loss can impact your business? Data loss exposes a business to all sorts of legal actions, … As a result, they may take their business elsewhere. Some organisations spend hundreds of thousands of pounds repairing their brand after a data loss event. Each year, a handful of organisations have to close their doors after a major data loss event. In this article we’re going to look at what you can do to avoid data breaches and to protect your business against data loss and its consequences, but first let’s examine what those potential consequences are. DDoS Attack – A Concern for Small Business? Data loss is a major inconvenience that disrupts the day-to-day operations. While that may sound daunting, taking steps to protect your business doesn’t have to be expensive. This site uses cookies to improve your user experience. Productivity is the first thing to suffer when your organisation loses its data, whether... 2. https://t.co/7RnjNTFOMH #gdpr #scanning #recordsmanagement https://t.co/EAce81Nofl, Want to know the 3 benefits of storing Deeds offsite in a secure record centre? And what YOU can do to prevent it in the first place. Gartner measures the average financial impact of poor data on businesses at $9.7 million per year. Does this sound similar? Because computers and operating systems are complex, they need to shut down properly. Understanding the risks. Each year, numerous small businesses will have to close their doors after a major data loss event. You can count on us | Call us today on 0800 328 0272. Productivity disruption. In the Digital Age, news travels fast. Data loss knows no boundaries; it happens to all types of businesses and can strike at any time, resulting in a domino effect of disastrous consequences. During this webinar, I will expose the truth behind backup & recovery plans. So, wondering how data loss can impact your business? Reputation damage. We are here to help. If customer data or employee records are compromised, the Information Commissioner’s Office may levy fines of up £500,000 against your company for failing to comply with the Data Protection Act. Below are 4 possible consequences of data loss: Productivity Disruption. The 5 Ways Data Loss Impacts Your Business 1. There are many negative consequences that occur when a business loses data. If losing data is a concern for your organization, this event is a MUST. Of those that lost revenue, 38% experienced a loss of 20% or more. Legal Ramifications May Follow Next. That’s because when the financial impact and hidden costs of data loss combine, they create a perfect storm that may be impossible to recover from. The only problem is that whilst exiting, you forgot to save the file. Data loss also has a number of economic and non-financial impacts on your company. Data loss happens for various reasons, and each of them presents a different challenge for data recovery. We, at MRW Systems, can show you how it’s done. You could suffer a security breach or attack. Sign up to our newsletter for the latest record storage news and top tips, Do you have a verifiable audit trail for your documents? If current customers can’t trust your company to protect their data, then they may take their business elsewhere. Negative Effect On Productivity The primary thing that suffers from data loss is the productivity of an organization. Loss of business. Nearly half of all businesses in the UK have reported at … On top of that, it can take hours, or sometimes even days to get your lost data back. One of the consequences of a data breach is that the business that was attacked will be responsible for performing a forensic investigation in order to determine the causes of the data breach. Ransomware: A Big Problem for Small Business. In order to remain in business, stay competitive, and keep yourself and your company safe... Join our mailing list to receive the latest news from our team. Contact us today for a free quote. For more information, please contact us by phone or complete the form on this page. You will learn why most plans fail during a disaster and the cost associated with failure. Once word spreads in your community, you may struggle to find new clients. Imagine, when an employee can’t access their everyday files and applications, they can’t do their jobs. Or if their data got leaked. If you lose customers, you will lose revenue. Informative article detailing the best practices of data backup In fact, you hadn’t click “save” at any point while working on a document. If your company can’t serve its clients or ends up in the headlines as the result of a data loss incident, the negative publicity can damage your business reputation permanently. Here are the five major ways data loss impacts your business. Legal Practice Document Storage Solutions, The General Data Protection Regulation (GDPR). That’s what we in the tech industry call “data loss.”. Significant revenue loss as a result of a security breach is common.

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