Experts estimate that humans produce 2.5 quintillion bytes of data every day.¹ That is a lot of information. However, having a poor backup strategy can wipe out all or vast portions of your data in a single click. From accidental deletions and malicious attacks to natural disasters, there are multiple ways by which you can lose your business data. Therefore, make sure a robust backup and disaster recovery (BDR) solution is an integral part of your business.

When you lose crucial data permanently, the consequences can be devastating. Some costly aftereffects of data loss are:

It is your responsibility to equip your business with an effective backup and disaster recovery solution, irrespective of your business’s size, industry or location. Let us take a look at how significant backup and disaster recovery is to the following business industries:

Importance of BDR in Healthcare Industry

There can be severe complications when data loss happens in the healthcare industry:

1. If a patient’s health records go missing when needed, a life-saving surgery could get delayed or denied.
2. Without the billing records, a hospital cannot process payments.
3. Regulatory bodies like HIPAA slap hefty fines on hospitals for carelessly handling data. HIPAA can impose penalties anywhere between $100 to $50,000 for an individual violation, with a maximum fine of $1.5 million per calendar year of neglect.⁴

Alarmingly, the healthcare industry was the worst-hit industry by cyberattacks in 2020.³ Therefore, backup and disaster recovery are critically important in the healthcare industry.

Finance 

A robust backup and disaster recovery solution is an important part of any financial institution’s growth and survival.

Financial institutions must comply with requirements put forward by:

1. Regulations like the Gramm-Leach-Bliley Act (GLBA)
2. Financial agency regulatory agencies like the Financial Industry Regulatory Authority (FINRA)
3. International regulators such as the Financial Conduct Authority (FCA)
4. The Securities and Exchange Commission (SEC)

An effective BDR solution is a mandatory requirement highlighted by all the concerned authorities mentioned above. Additionally, having one in place helps these institutions protect employee productivity and ensure customers quickly regain access to essential services following a data-loss event.

Hospitality

The information generated in the hospitality industry is in a precarious position. This is because the hospitality industry often invests less in backup and disaster recovery than other industries.

That said, survival in the hospitality industry can be tough. We live in an era where people check public ratings of a hotel room, even if they only plan on staying just one night. A minor dent in reputation could be an enormous blow to a hospitality business.

All critical data like credit card information and customers’ Personally Identifiable Information (PII) must be handled with care to avoid satisfaction issues and regulatory fines. Hence, backup and disaster recovery are an essential part of hospitality.

Adopt BDR for Your Business Before It Is Too Late

Avoiding data loss at any cost is vital for your business to survive and thrive. It is, therefore, highly recommended to have the right BDR provider to maintain control of business-critical data. If you are confused about how to take the first step, do not worry. We are here to help. Our BDR expertise can help your business sail smoothly without being caught in the whirlpool of data loss. Contact us now to learn more.

 Article curated and used by permission.

 Sources:

1. net
2. IDC Report
3. IBM Cost of Data Breach Report
4. National Library of Medicine

The surge in cybercrimes against businesses during the COVID-19 pandemic proved how flexible nefarious cyber players are. They are ready to twist and turn according to a situation to make profits out of a business’ failure. Remember that it could happen to any organization, including yours. if you do not arm your business with robust backups and regular security awareness training, you are at risk.

It’s alarming that phishing shot up by 67 percent since the start of the pandemic. Initially, this turn of events stunned the world and businesses struggled to adapt to the new normal. Hackers pretending to be the World Health Organization (WHO) duped people into clicking on malicious links or sharing sensitive information. Such evil tricks, if not tackled, can easily violate your business network and lead to a terrible disaster, compromising invaluable data.

For instance, in November 2020, the Internal Revenue Service (IRS) issued a warning regarding an SMS-based phishing scam through which hackers cheated citizens in the name of a ‘COVID-19 TREAS FUND’. When someone clicked on the link provided, they were redirected to a website identical to www.irs.gov and the site collected their data. This scam is just the tip of an iceberg of phishing scams that unfurled in 2020. What if one of your employees fell prey to such a scam? A careless mistake like that could result in a successful cyberattack on your business that can have severe repercussions like data loss, downtime, hefty penalties, lawsuits, or even permanent closure.

The sudden appearance of COVID-19 caused a sense of panic among businesses. With the virus spreading like wildfire, the work-from-home model was the only available option to maintain a safe working environment. However, the unprecedented scale of remote work has endangered the security of several businesses, including yours. If you do not fix the gap between the preparedness and efficacy of your backup and security defenses, data loss could just be the first of many problems you could face.

Why Backups and Security Awareness Training Matter

Backups can be a lifesaver for your business by protecting your valuable business data from being deleted or altered by malicious cybercriminals. Although the pandemic acted as a catalyst for backup adoption, only 41 percent of businesses back up their data at least once a day. That is not a very healthy practice.  You must make sure proper policy development, regular testing, and continual reviews fuel your backup strategy.

Other than protecting your sensitive data, backups can help reduce severe downtime. They improve your business’ reputation and act as a single access point for your entire database.

Even if you have all your backups in order, a negligent employee can still be a threat to your business data. In 2020, the San Jose Federal Court convicted an employee from a global MNC for carelessly deleting business-sensitive data. Thus, the only way to tackle the factor of human error is through regular security awareness training.

Always bear in mind that backups and security awareness training are equally important when it comes to your business successfully warding off cyberattacks that can result in downtime, data loss, and more. Selecting one over the other can dilute your business’ counter-threat strategy. Undoubtedly, by meticulously implementing a robust backup and regular security awareness training, your business can deal with harsh times like the current pandemic as well as cyberthreats that exploit such difficult periods.

Empower Your Business Now

If there’s one lesson the pandemic has taught businesses, it’s that it’s better to be safe than sorry. The business world is at a critical juncture and your proactive approach can make or break your business’ future. While a world without cybercriminals would be great, such a utopian world unfortunately does not exist. The only way forward is through the smart implementation of the best strategies to protect your business data, processes, systems, and people. And for that, you must empower your business by integrating backups and comprehensive security awareness training.

Remember, you don’t have to take the first step to a safer tomorrow alone. The right partner by your side can make your journey easier and more successful. It all begins with a simple email to us. Get in touch with LITech Solutions today!

Article curated and used by permission.

Data Sources:
• Security Magazine Verizon Data Breach Digest
• Security Magazine
• Help Net Security Magazine
• Bloomberglaw.com