How Backup Data Services Can Save Your Money

You may have already heard that “backup data services” can save you thousands of dollars – but you still not using them already? Don’t to believe it or you are just hoping that you will have the one disk drive that will never fail or you just think you are already doing well by getting enough data backups?  However If past experiences and growing threats related to information security have taught businesses any lesson, it’s that there are many reasons such practices put your enterprise data at risk. Your disk may crash anytime; any natural or man-made disaster may also result in loss of your onsite backups. Therefore, Data backups and disaster recovery have never been more critical. Thanks to developments such as Internet of things (IoT), Big data, and data analytics, the cyber threats and volume of data that need to be safeguard will continue to grow. Despite all the risks, many companies especially SMBs still “play fast and loose” with data backup and recovery. Perhaps many companies are still struggling to understand the types of risks they are facing.

Here, how you should look for the monetary value of your data, and how data backup services can save you money.

Almost everyone uses the services of Google, MSN, and Yahoo, etc. however do you know most of the files including your Emails, Photos, and applications are stored on highly redundant servers placed in huge cloud data centers owned by them. If any of these companies lose our data, it will not only affect their credibility and revenues, but this cataphoric data loss could force many of us go out of business. Therefore their core business interest lies in keeping our data safe.

Regardless of how much of your data is stored in the cloud, there is still probability something is not backed up. It may be anything private for which you don’t trust these services; it may be your business or accounting file, on which you have spent many hours to develop, your family photos, or music collection that you assembled painstakingly over the past many years. Most of these files are your life; just imagine of staying some time without accessing any of data that you need. I am sure, it won’t take that long, and you will start missing your data but remember most of the resources on which you keep your data stored are not reliable, and you may lose it anytime. That`s why you need data backup service.

Let`s calculate the “monetary value of data that you can save through data backup services

Start making an inventory of all of your business or personal data and next to it record its value, calculated based on costs to recreate it (hr of work) or buy it again (in $).
For Example

10 years of your “business accounts” history = 50 hrs./year at 20$/hr. = $10000

Other business files, templates, Tax returns, suppliers, customers contacts, etc. Everything is important in today`s business world you can add the value of all these in total as well.
I am sure you will be astonished on this figure. The money you will spend on your annual data backup subscription is nowhere in comparison with the amount you may lose due to catastrophic data loss, In addition,  the peace of mind you will get is priceless.

Conclusion

Although increased cyber security threats and growing volume of data that needs to be safeguarded help us realize that getting data back is essential for continuity of business. But most of the businesses not only ignore but often turn a blind eye on it, thinking their local backup is enough to protect their data.  But in reality, it’s not. Therefore, they often end up losing their mission critical data. To understand the real value of data backup services, you should calculate the monetary value of your data that and compare it with costs of data backup subscription.