The prevalence of digital data has become an integral part of life and business in modern times. Staggering amounts of data is generated every day and businesses have grown exponentially as they’ve found ways to monetize it. In fact, most experts agree that by the year 2020, there will be 1.7 terabytes of data generated per person on the planet.
Delta is paying big for the IT outage that occurred last month: millions of dollars in damages, 2300 cancelled flights, and significant reputational damage. Despite the harsh cut to the airline’s bottom line, Delta will probably still survive. But the real question is this: Can your business survive after long periods of downtime? A natural disaster, power outage, or successful hack can be the downfall of many small- to medium-sized businesses.
Just because your IT provider has a plethora of awards and certifications under its belt doesn’t mean that you can blindly hand over your business’s future to them. Often times, there are some aspects in your business continuity plan that tend to be overlooked by your provider.
When people think of the causes of downtime and the need for a Business Continuity Plan (BCP), they tend to think big. Powerful storms, massive blizzards, fires and floods are usually what springs to mind when business continuity is mentioned. And while these disasters can disrupt your business, a small power outage can be just as problematic if you’re not prepared.
While it is highly likely that you have an insurance policy that will cover your small or medium-sized business in the event of a disaster, chances are you don’t have business interruption insurance. The majority of smaller companies tend to overlook interruption policies, believing (or at least hoping) that regular insurance will be enough to protect them.
As it is only a matter of time before the first winter storms hit in many places, you might want to consider taking a look at your company’s business continuity plan. Each year heavy snowfall and other weather-related incidents interrupt services and cost businesses money.