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The Cost of Data Loss

Did you know that 40% of people experience data loss every year? 20 years ago, the phrase ‘data loss’ might not have struck fear in many hearts. But, in an age where nearly every part of our lives involves a computer in some form, the idea of losing your data is pretty scary. So what is the security and privacy of your data up against?

Accidental Data Loss

If you have not properly secured and backed up your PC, your digital life (which today means your real life) is at risk of serious disruption. There are a wide variety of factors that threaten the integrity of your private data. Physical events like power surges, spilled liquids (new parents and pet owners know this fear very well!), and dropped laptops are perhaps the most obvious dangers. It’s also important to remember that a computer’s components, such as the hard drive, have a finite life span and occasionally fail without warning. Any of these could cause a complete loss of data stored on the PC, which often means the loss of pictures and videos of your family and any work or school documents stored on the computer. Sometimes, this data can be recovered by professional technicians, but the process can be time-consuming and expensive.

Data Loss Due to Cyber Attacks

Even more scary than accidental loss is the threat of cyber attacks. The number of computer viruses and other types of malware is going up all the time. These software attacks can not only put your computer down for the count, they can even actively scrub your hard drive of private data. This “scrubbing”makes it much more difficult, sometimes impossible, for a professional to recover the drive’s contents. On top of this, many kinds of malware will also steal private information like browsing history, passwords, emails, financial and medical information, etc. If that isn’t bad enough, one of the most common types of malware actually locks your personal data and holds it for ransom.

On the personal level, the loss of private data can be devastating. How can precious memories like family pictures be replaced? How can you reproduce weeks of work on a professional presentation or school report at the last minute? And, to top it off, you may have to deal with the stress of fighting identity theft at the same time.

The Business Cost of Data Loss

Small businesses face most of the same concerns on an even bigger scale. Rather than personal memories, companies risk losing their customers’ data. Losing customers’ data poses a multitude of problems, such as the inability to fulfill orders, regulatory fines, and liability claims. The size of your organization multiplies the cost of downtime and rework due to data loss. A big enough loss of data could set your business back weeks. These events can cost jaw-dropping amounts in terms of overtime, additional workers, and third-party services. Small businesses are also prime targets for cyber attackers, who are working all the time to get ransomware and other types of malware into companies’ networks.

But, perhaps the worst form of damage to your business is loss of customer trust. Businesses spend years building a trustworthy reputation only to risk it being torn down in an instant. In fact, surveys say 70% of consumers would stop doing business with a company after a data breach. That’s years of hard-earned growth down the drain!

All told, the average cost for a business that experiences data loss totals nearly $4 million!

Backups Maintain Your Business-As-Usual

As you can see, computer backups aren’t just a matter of convenience. In today’s digital world, regular backups are essential to your security and peace of mind, both personally and professionally!

At Friendly PC we offer many backup solutions, from cloud-based services to external hard drives. If you’d like to learn more about the backup solution that’s best for you or your business, contact Friendly PC today!