With the rise in ransomware, there's been a lot of chatter about the need for a disaster recovery plan. In some cases,cloud-based backup (BaaS) and disaster recovery (DRaaS) options seem like an expensive tool that may never have to be used. The reality, however, is that there is a high ROI for cloud-based backup and disaster recovery. While it can be difficult to calculate an exact number for the return on your investment, a basic understanding of the potential gains will help you determine whether or not a cloud backup option is the right choice for your organization.
Step 1: Evaluate the Current Cost of Your Data Backup Plan
How are you currently backing up your data? Every company should have a data backup plan in place that will allow them to restore critical data quickly in the event of a breach, system failure, or other problem. Calculating the cost of your current backup plan includes:
- Any physical items used for storage, including hard drives, USB backups, and other devices
- The cost of security for those items
- The cost of transportation to and from the current backup location (ideally, you want to have off-site backups in case of a disaster at your business)
Step 2: Examine Who Is Missing from Your Backup Plan
Not all of your employees are covered by on-site backup protocols. Consider employees who work remotely: how is their data backed up? How often do they participate in that backup process? In some cases, you may discover that these individuals don't have a data backup plan in place--which can be catastrophic if their device fails.
Step 3: Calculate What You Stand to Lose
What will your business lose if you go down as the result of a security breach or problem at your main office? Are you able to continue operating in the event of a power failure or natural disaster at your central location, or will your entire system go down as a result of the issue? For many companies, as little as an hour of downtime can cost millions of dollars--and even for smaller businesses, you may experience losses as high as $50,000 per hour of downtime. Those losses may include:
- Lost business as a result of downtime, when customers who are in a hurry will choose another business for their needs
- Lost wages for staff who are unable to work due to a breach or other problem
- Lost income over time because customers don't consider your business trustworthy or begin to develop a relationship with your competitors
- The cost of restoring your system or re-entering any data lost during downtime
Step 4: Evaluate What You Stand to Gain
With a cloud backup system in place, you'll discover that you reap a number of advantages over a traditional data backup system. This might include:
- More regular backups, so that you won't lose a full day of data if a disaster occurs at the end of the business day.
- Integration of employees across the company, regardless of where they work.
- The ability to quickly restore files that have accidentally been deleted as a result of human error.
- The ability to seamlessly transfer your operations anywhere if there is a natural disaster or other issue at your place of business.
When you consider those benefits, imagine what they could gain for your business--not just during a potential disaster, but throughout your daily operations. In many cases, this makes the cost of a cloud-based backup system well worth the expense.
The Bottom Line
The ROI of a cloud-based backup and disaster recovery for your company will vary based on your unique needs, processes, and security. In many cases, your disaster recovery system simply provides peace of mind. Many businesses, however, have discovered to their detriment that a lack of a strong disaster recovery system can be devastating. If you're ready to minimize the risk to your business and choose a disaster recovery system that will get your business running again faster following a breach, contact us today to learn more about the options we offer.