Do you know the true value of your company’s data?

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The ramifications of data loss can be disastrous for many businesses, putting the company at risk of losing customers and profits. While it might be hard to value your business assets and intellectual property, calculating these numbers can put these intangible items into perspective.
  • 60% of companies that lost their data will shut down within 6 months of a disaster.
  • 93% of companies that lost their data for 10 days or more due to a disaster filed for bankruptcy within one year of the disaster. 50% of businesses that found themselves without data management for those same ten days, filed for bankruptcy immediately.
Data loss doesn’t just come from natural deterioration of the system, but there are also some other factors that may cause this scenario to happen. The most common causes of data loss are Hardware or System Malfunction, Human Error, Software Corruption, Computer Viruses/Malware, and Natural Disasters.
The first step in protecting your data is knowing what it is worth. As a business owner many things keep you up at night, the possibility of data loss shouldn’t be one of them.
source:(National Archives & Records Administration in Washington)