Why Data Backups are Important in 2024

In today’s digital age where information is at the center of operations, guaranteeing the safety and accessibility of important data is critical for all companies. This is where data backup for businesses comes into play. According to Proofpointโ€™s Global Threat Report, insider threats have risen over 40% in the past 2 years and the average cost to remediate incidents is over $6 Million. In 2021 the Dallas Police Department experienced 23 terabytes of data loss due to an improper data transfer. In 2023, the SEC fined JP Morgan Securities $4 million for accidental file deletion. Backing up company data, or lack thereof, requires attention and expertise. ย 

This practice isn’t just a convenience; it’s indispensable to modern business continuity and disaster recovery planning. A data backup strategy involves copying important data items and securely storing them (so they can be retrieved in instances of data loss or system failures).

Below are 6 reasons why data backups are important for businesses.

1. Mitigating Data Loss Risks

Data loss can occur due to a number of reasons such as: 

  • Accidental deletion
  • Hardware malfunctions
  • Cyberattacks
  • Natural disasters (weather, power, etc.)

Without a reliable backup system, you risk losing valuable information that could negatively affect your operations, customer trust, and regulatory compliance. Regular data backups provide a safety net against unexpected events and allow businesses to quickly recover and resume normal operations.

2. Safeguarding Against Cyber Threats

Ransomware and malware attacks have become increasingly sophisticated. These attacks can encrypt or steal business data and can cause significant financial damage. With proper data backups, businesses can restore their systems to a pre-attack state. This helps lessen downtime and avoids making ransom payments.

3. Business Continuity

In the event of insider negligence or a data breach, businesses need to get back up and running as quickly as possible to avoid disruptions. Data backups provide rapid recovery. That reduces downtime and its associated costs. This is especially important for businesses that operate on a 24/7 basis or have tight production schedules.

4. Regulatory Compliance

Many industries are subject to strict data protection regulations that call for the retention and security of certain types of data. Non-compliance can result in big fines and legal consequences. Data backups play a large role in meeting these regulatory requirements by guaranteeing the availability and integrity of data for auditing purposes.

5. Revenue and Reputation

Data loss can lead to a loss of customer trust and business reputation. Imagine a scenario where customer records, transaction history, or intellectual property suddenly vanish. This not only disrupts normal operations; it also destroys the trust that customers and partners have placed in the business. By having comprehensive data backups, businesses can prevent such damaging incidents. Additionally, 60% of businesses that are victims of a cyberattack go out of business within 6 months.

6. Intellectual Property

Businesses often create and store valuable intellectual property which can include proprietary software, designs, and research. Losing access to these assets (caused by data loss) can be devastating. Regular data backups help to make sure that intellectual property remains intact, allowing businesses to continue innovating while maintaining a competitive edge. As mentioned earlier, Dallas PD lost photos, videos, and case notes as a result of negligence.

What Does This Mean For Your Business?

In a world where data is an important asset, data backups serve as a lifeline for businesses. They offer a sense of security and the ability to bounce back from disruptions.

Data backup for businesses is not just a precautionary measure.

Cloud-based solutions have gained popularity thanks to their scalability, accessibility, and automated features. However, some businesses might also need on-premises solutions for added control. Investing in an appropriate data backup strategy today can save businesses from massive losses and uncertainties in the future.

When devising a data backup strategy, businesses should consider factors such as: 

  • The frequency of backups
  • The types of data being backed up
  • The storage location
  • The encryption methods used to secure the backups 
Empower Your Business with Data Backup Solutions

Trusted by small and medium-sized businesses across the U.S. for over 25 years, Preferred Business Systems is your reliable partner. Offering a comprehensive suite of services, from managed IT to cybersecurity and office equipment, we’ve been catering to business technology needs since 1997.

Don’t risk your files. Connect with us today at 973-560-1992 to discover how Preferred Business Systems can strengthen your small business with custom technology solutions. 

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