Data is one of the most valuable assets to a business. Business owners and managers rely on data to enable effective and efficient business operations management. As such, companies today produce and collect large amounts of data every day.

Whether it is system, employee, or customer data, losing any data is a risk you cannot afford to take. In fact, it is so bad it can even cost you your business.

You probably wonder how you can lose data; here are some ways;

• Accidental deletion
• Cyber attacks
• Natural disasters such as earthquakes, tsunamis, fire, etc.
• Software corruption
• Hardware failure
• Theft

Luckily, there is a solution to all these – backup your data.

In this article, you will discover more about data backup and why it is critical for every business.

What is Data Backup?

Data backup is, in simple terms, storing data in a secondary location so that you have more than one sets of data. If for any reason, you lose your original data, you can always go to your secondary location, restore it and continue with your operations without delay.

To ensure you benefit from data backups, make sure you update your backups every day. Also, implement multiple technologies and locations to back up your data. You can use the 3-2-1, which states as follows;

You should have at least three copies of your data; It is almost impossible for any event to damage the three copies in one go.

Store your data in at least two formats, I.e., cloud, tape, or disk.

Have at least one copy of your data stored offsite; the goal is to protect your data from physical disasters such as theft, fire, earthquake, floods, etc.

Why is Data Backup so Important to Business?

IT providers insist that all businesses, large, small, or medium, should always back up their data. But why is this so important? Below are some reasons;

1. To Provide Protection Against Cyberattacks

In 2017 there was a ransomware attack that affected different companies across the globe. According to reports, these businesses lost over $100,000 on average due to downtime. Furthermore, these businesses had it rough trying to decrypt their encrypted data.

It is not just ransomware you should worry about; there is malware, data breaches, DDoS attacks, and supply chain attacks. Your business is not immune to these attacks. The experts from https://www.pureit.ca can explain how hackers are always finding new methods of intrusion, which is why you need to be on your toes at all times. A backup ensures you do not lose any data just in case you are a victim.

2. To protect Your Brands Reputation

Consider a situation where you lose irreplaceable data. What will you tell your clients? And how do you think they will react? Without a doubt, losing data will affect your customer relationship. Precisely, you will lose customer trust and customer loyalty, which will, in return, lead to lost revenue.

3. To Provide Protection Against Physical Disasters

According to statistics, 60% of small business enterprises that lose their data crumble within 6 Months. While there are so many ways you can lose data, you can never underestimate the existence of natural disasters.

Natural disasters do not occur quite as often- but when they do- the outcome is catastrophic. Instead of waiting for disaster to come, you need to prepare for them by backing your data. As a result, if an earthquake hits your business, you can always pick up the pieces and start again.

4. To Enhance employee Productivity

When you lose data, you stand to lose so much more than just that data. You lose time, and we all know that time is money. You will also lose employee productivity.

Think about it; how hard would it be for your employees to work without your crucial business data? How will they deal with clients if they do not have their contact info or account status? It is simple; working without the relevant data, your employees will be less productive.

5. To gain a competitive advantage

Cloud backup and recovery tools enable high accessibility of business data while safeguarding it from ransomware attacks. Such constant availability and data protection give you an advantage over your business competitors. It also allows you to provide top-notch customer service.

6. To Provide Protection Against Theft

Unfortunately, corporate theft has become so common nowadays. Recent surveys reveal that 75% of employees have, at one point, taken company data and documents from their workplace. Employee theft accounts for more than 30% of business bankruptcies,

In another survey, 40% of employees admitted they are more likely to steal data if they are unhappy with HR. 60% of them would steal business data only if there is a guarantee they would not get caught.

Employees steal data for only one reason, to hurt the business. If you have not backed up your data, you risk losing it forever.

7. To Reduce Downtime

Any form of IT downtime can have dire consequences on a business. If something is amiss, you need to act fast to rectify it. That’s why you need to back up your data. In so doing, you will save more time and minimize downtime.

8. To Support Annual Reporting

Business administrators rely on data-driven insights to make informed decisions. They study and analyze both current and historical data to ensure fact-based decisions. Backing up your data provides a point to refer to and compare data to produce business reports.

9. For Your Own Peace of Mind

Last but not least, your peace of mind is valuable. And you can get it by backing up your data. You do not have to spend sleepless nights wondering what you would do if you lost all your data.

Wrap Up

Data losses are unpredictable. They come when you least expect them, and the effects can be irreversible. That’s why you need to back up your data.

Data backup ensures that your data is secure and available. It allows your business to continue running even after you lose your original data. Also, data backup helps you avoid unnecessary costs that come with data loss. That goes a long way to minimize operational costs and maximize profitability.

As you can see, there is so much to gain from data backup. That’s why every business should implement data backup to maximize these benefits.