Disaster Recovery 2019 Statistics – Insights That Shape Your Business Future
Data is a core element of every business. One security breach can cost organizations billions, bad reputation, inactive business hours and most of all, slow business recovery.
Today, we bring to you some of the most alarming statistics on Data breach and the price that entails.
Surprisingly, 75 percent of small businesses (SMBs) have no disaster recovery plan in place. Data breaches and data theft can occur through several factors.
Do You Know?
1) 39% SMBs lack incident response plan
According to the 2019 Global State of Cybersecurity in Small and Medium-Sized Businesses (SMBs), more than 39 percent of SMBs don’t have an incident response plan to fight the unexpected cyber risks or data breaches.
As the surveys show, 93 percent of small companies store their data or backups on the cloud. Estimates show that 59 percent of businesses will get ready to use cloud-based Disaster Recovery as a Service (DRaaS) by 2021.
2) 22% folders are open To data threats
The 2019 Global Data Risks report found that more than 22 percent of folders across various organizations are not secure and have unrestricted access.
3) Malware in 28% data breaches
According to Verizon’s 2019 Data Breach Investigation Report, 28 percent of data breach incidents involve malware. While the number of mobile malware attacks decreased in 2018, the attacks due to ransomware continued to rise by 33 percent.
4) Avg. time and cost of a data breach
According to a Data Breach Report 2019, a data breach can cost organizations around USD 3.92 million. And, the average time required to identify and address a data breach incident is 279 days. Longer the duration, the more significant will be the expenditure. An incident that lasts for less than 200 days can save USD 1.2 million compared to that of more than 200 days.
Ransomware attacks caused an average of 16.2 days downtime per attack in 2019. However, businesses could recover 98 percent of data lost in ransomware attacks.
According to a security research firm, the average cost of downtime means USD 8,000 for a small business, USD 74,000 for a medium-sized company and USD 700,000 for a large enterprise.
5) Hardware Failure Rate
The third quarter of 2019 reported a 1.73 percent hardware failure rate, while the overall annual hardware failure rate for 2019 was observed as 1.89 percent.
6) 96 percent of firms suffered outages in the 3-yr period
A 2019 report concludes that 96 percent suffered at least a single outage in the last three years before the survey period and 95 percent of firms suffered brownouts. Surveys say half of these outages and brownouts were avoidable
The below breakdown provides a clear insight into the factors causing downtimes and their impact levels:
- Hardware Failures – 45 percent
- Power Outages – 35 percent
- Software Failures – 34 percent
- Data Corruption – 24 percent
- External Security Breaches – 23 percent
- Accident User Error – 20 percent
While hardware failures account for 45 percent of the downtimes globally, we cannot deny that data corruption and external security breaches also significantly contribute to business downtimes.
Listed below are losses based on cost. Let’s take a closer look at how much investment a downtime may compromise::
- A network security-based organization noted that businesses could lose up to USD 55,000 while dealing with a Denial-of-Service Attack (DoS)
- When ransomware strikes, companies can lose over USD 100,000 (on an average) due to downtime and recovery costs
- 40-60 percent small businesses, at the receiving end of compromised operational systems and data, shut down businesses forever. On the other hand, 96 percent of companies backed by disaster recovery solutions benefit from full recovery
While natural calamity or several of the reasons mentioned above can impact business negatively, the human error also paves the way for data breaches.
Human errors accounts for 52 percent of the breach incidents.
Moreover, malware is highly capable of bypassing up to 94 percent anti-virus software and anti-spam email filters are also not resilient enough to face a malware attack.
Cryptojacking attacks are increasing by over 8000%.
So, how do you prevent a data breach caused by human error? Cybersecurity training is the need of the hour. Surprisingly, only 52 percent receive this training, globally. This is a crucial measure considering the rise in cybersecurity spending that touched USD 96 billion in 2018.
How to Tackle Disaster?
Create a full-proof Disaster Recovery plan to strengthen your business’ abilities to tackle cyber threats.
Do You Know?
- 93 percent affected companies without a Disaster Recovery plan closed down businesses within one year of the data attack
- 96 percent of companies backed by Disaster Recovery was able to tackle ransomware attacks
- Over the last five years, 50 percent of companies experienced downtimes that lasted longer than a complete workday. Unplanned downtime can cost up to USD 926 – 17,244 per minute
Thinking of a DR plan for your business? Get in touch with Veritis!
Engaging a right Disaster Recovery consulting partner can help you minimize lost business hours and save valuable business capital.
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