According to Gartner, two out of five businesses disappear within five years if they suffer a major IT outage. Companies are vulnerable to various threats in external environments, such as natural disasters and economic cycles and small and medium-sized businesses are no exception. Many of these events are often uncontrollable and unpredictable, and may bring about devastating consequences for the affected firms if they are insufficiently protected. This is especially so in today's globalised business community whose interconnected nature exposes companies to foreign risks. As such, it is apparent that companies are by no means immune to external factors that may potentially cause major business disruptions. One such example of a serious disaster recovery scenario is that of IT outages.
With the cost of downtime-per-hour increasing by 65 percent over the last two years, having the correct mechanisms in place to provide the right level of resilience and protection for corporate data and information is imperative. The term 'business critical' gets used repeatedly in the corporate world, yet in this instance nothing can be more fitting or accurate when you consider what is at risk if you fall victim to a major outage, including the loss of historical data, customer records and intellectual capital.
Given the significant implications that IT outages can have on businesses regardless of their size, few can under-estimate the potential impact of such occurrences. This is especially so for small-medium businesses (SMBs), where the consequences can have far-reaching effects and possibly even result in closure in the long term. In the same way that we insure our cars, homes, and even our lives, it is critically important for SMBs to think about insuring or backing up their company data securely as part of a broader data protection strategy.
Preparing for Disaster Recovery
The good news is that SMBs have the agility and flexibility to rapidly adopt new technologies, methodologies and techniques that can be scaled and adapted to suit the specific needs of almost any business, such as cloud-based solutions. Such solutions can also aid businesses in achieving cost savings and drive efficiencies, essentially enabling them to become and remain competitive.
The need for such solutions is highly essential in the local context due to the extent of reliance on information technology. Singapore is well-positioned to become a global IT hub, and has in place extensive infrastructure to support its focus on developing and harnessing intelligence. Coupled with the country's stability and highly skilled workforce, this has appealed to numerous multinationals that have since located their practices here in order to tap on such resources. Also, 99% of the local market is made up of SMBs, which have displayed increasing appreciation for cloud solutions as a means of raising business efficiency and continuity.
Sign up for Computerworld eNewsletters.