Insight > IT Systems
How to combat the growing cost of data loss
Data loss can come from a variety of sources, from malicious attacks like ransomware to hardware failure and simple human error. But no matter what causes it, the cost of data loss can be astronomical.
Depending on the magnitude of the data loss, costs for organizations can range from a few thousand dollars to over $15 million. These losses may include lost time, lost productivity, and even lost customers.
In 2021, ransomware cost U.S. organizations a combined $159.4 billion in downtime alone. This figure is substantially higher than the $1.3 billion that was actually paid in ransom – illustrating the true economic impact of these attacks.
Adding insult to injury, paying a ransom increases the chance of a second attack by 80%.
However, with the right measures in place, organizations can protect themselves against data loss and ensure that their important information is secure. Here are some of the most effective ways:
Adopt a zero-trust security model
This model assumes that all users and devices, both inside and outside an organization, are potentially malicious until they are authenticated and authorized. Read our Insights article for more information on zero-trust security.
Invest in a cloud infrastructure with encryption
Encryption ensures that data is unreadable by anyone without an encryption key, making it much harder for malicious actors to steal data. Read our Insights article for more information on cloud infrastructure.
Regularly back up your data
Daily and weekly backups ensure that an organization’s important information can be recovered in case of a data loss incident.
Educate your employees
This can include topics such as password security, safe internet usage, and recognizing phishing attempts.