It’s that time of year again…hurricane season is upon us. With the effects of Hurricane Ike still fresh in Houston’s memory, what are the lessons learned when it comes to securing the integrity of your business?
While history continues to repeat itself, a disaster’s long-term effects on a business can be substantial. Consider the following business downtime statistics:
• Only 6% of companies survive a catastrophic data loss, while 43% never reopen, and 51% close within two years
• Only 35% of small and medium businesses have a comprehensive disaster recovery plan in place
• International Data Corp estimates that companies lose an average of $84,000 for every hour of downtime.
• According to Strategic Research, the cost of downtime is estimated at close to $90,000 per hour
• The survival rate for companies without a disaster recovery plan is less than 10%
The cold, hard facts associated with these statistics are difficult to believe.
FACT: Today, most businesses do not have a comprehensive DR plan
FACT: The costs associated with downtime are substantial
FACT: The survival rate for businesses hit by a disaster is slim-to-none
While these statistics are real, the implications behind them are even more sobering. Businesses are left vulnerable due to poor planning, lackluster follow up, and a genuine lack of understanding in terms of how to overcome these challenges. How does this continue to be the case?
In the coming weeks we will examine several aspects of a well thought-out disaster recovery (DR) plan, featuring an in-depth look at what processes to consider and what options are available.