You know that saying "you don't know what you've got 'til it's gone?" It's hard to grasp how valuable and vulnerable your data is until it's been compromised. It's important to discuss backups and business continuity while you have the option. The best time to buy an umbrella is when it's sunny out. Once it starts raining, it's already too late.
Businesses of all sizes are under siege from an increasing volume and variety of cyberattacks. On top of malicious threat, there's also a wide range of accidental and uncontrollable ways your data can be lost or damaged. With so many possible risks to business data, it's clear that backup isn't optional anymore.
User error: From accidental file deletion to overwriting to spilling coffee on laptops, user error is the primary cause of data loss.
Ransomware attacks: Even if you pay a ransom, you're not guaranteed to get all of your data back.
Other cyberattacks or breaches: From phishing to password attacks, network intrusions, and malware, there's a variety of ways bad actors try to gain access to or corrupt valuable data.
Malicious deletion: There's a risk of angry employees on the verge of quitting or being fired purposefully deleting critical data out of spite or to cover their tracks.
Employee turnover: Well-meaning departing employees sometimes try to "clean" their devices and file systems before leaving.
Hardware failure: Hardware failures such as device or server crashes can lead to huge amounts of data loss.
Device loss or theft: Mobile workforces increase the risk of lost or stolen laptops and smartphones that contain corporate data.
Physical disasters and power outages: Fires and floods can destroy devices and servers, while power outages lead to data loss due to unsaved data or data corrupted by improper shutdowns.
A small business might think they don't have any data of value, but the truth is, any customer or employee data can have value to the right person. Personally Identifiable Information (PII) can fetch a large price on the black market, and of course, competitors will always be interested in learning sales, financial, and proprietary info.
How much is business data worth to bad actors?
Credit card info: $2-$5 per record
Customer PII: $20-$450 per record
Employee PII: $20-$450 per record
Medical records: $20-$50 per record
Sales/financial info: Competitive value
Proprietary info: Competitive value
Also, data resale value doesn't matter when it comes to ransomware. Attackers don't need to be able to monetize stolen data, they just need the victimized business to need their data back enough to pay up.
In today's digital economy, adding a backup layer is no longer an option if businesses want to truly keep their valuable data safe. It's important to ask yourself:
How long can I tolerate downtime before facing serious consequences, such as lost sales, angry customers, and frustrated employees?
How much data loss can I tolerate, measured in units of time?
We understand the importance of cybersecurity, especially for small and mid-sized businesses. Instead of overwhelming you with statistics, we prefer to focus on solutions. We've had the privilege of helping many clients by setting up robust backup systems to protect against malware. We believe in proactive protection and would love the opportunity to discuss how a tailored backup solution can benefit your business. Please feel free to reach out to us for a friendly and informative conversation.
Sources
1. Veeam, 2023 Global Report, "Ransomware Trends," 2023
2. Atlassian, The Cost of Downtime
3. Verizon, SMB Data Breach Statistics, 2021
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