Blog #1 in a series of 3 on data backup, retention and recovery.
Running a business can be tough, and one of the biggest challenges businesses face is safeguarding their data and the right data backup strategy. There are many potential threats - fires, floods, thefts, ransomware attacks - all of which could damage or even destroy important assets like customer records, financial information, etc.
That's why every business should have a Business Continuity Plan (BCP) that considers these risks and provides clear guidelines for responding in an emergency, with your company data being the plan's centrepiece.
In today's digital age, protecting your company's data is paramount to ensure business continuity and safeguard against potential disasters.
The significance of data protection.
Data loss can have severe consequences on overall business operations. Companies rely heavily on data to operate efficiently and effectively. Losing important data due to a disaster, ransomware attack, computer virus, or insider threat can significantly disrupt a company's daily functions. The impact of data loss could result in the inability to contact customers or suppliers, employee work being affected, and even damaging the company's reputation.
Businesses need a comprehensive backup plan for their data to avoid losing valuable information critical to their success. Organizations must ensure their data protection program includes tested solutions such as off-site backup and restores, natural disaster protection, and insider management strategies. Companies must safeguard their assets and maintain their competitive value by having these protections in place.
Business continuity planning
A Business Continuity Plan (BCP) is a comprehensive strategy companies use to ensure they can continue running their operations during any crisis or disaster. BCP involves identifying potential threats and risks affecting an organization's assets, such as its network, power supply, and system vulnerabilities. By considering these factors, businesses can determine their exposure to specific scenarios and develop strategies to manage them effectively.
We understand that for an SMB, using terms like BCP may seem far-fetched and only relevant to big corporations and multinationals. The truth is that every company has to address business continuity in some form or format.
You may not call it a BCP, but as a Small Business owner, you have a responsibility to your customers, employees and yourself to ensure that your business is sustainable and can continue to operate after a mishap. A solid BCP ensures that companies can restore normal operations quickly, minimize damage, and maintain their competitive value even when faced with unexpected challenges.
One of the most crucial components of a BCP is data backup and retention, which ensures that your company’s information and assets are protected and can be restored in an emergency. Without proper data backups, a business could significantly set back its operations, reputation, and customer base.
When meeting with our customers and prospects about data backup and retention, they often ask, “How often do I need to make a backup?”. We typically counter this question with two questions of our own:
“How long can your business operate without having access to your data?”. Also known as the Recovery Time Objective (RTO).
“What is the latest data you need to continue your business operation?”. Also known as the recovery point objective (RPO).
RTO highlights the time your business can operate without data. Meaning: invoicing is delayed, warehouse and stock/inventory data is not accessible, etc. As much as invoices can wait a few days, accessing critical company data may not. A warehouse needs access to part numbers, bin locations, and picking orders. A manufacturing facility needs diagrams to manufacture tools and components. In the worst case, companies may have to temporarily lay off people. In other words, their RTO must be very short—hours or a few days.
RPO may be similar. How old or new must the company data be to continue doing business? Using the warehouse as an example again: a warehouse team has picked, packed and shipped goods, but the records still show the product in stock… I’m sure you will be able to answer the RPO question for your own company.
RTO and RPO allow companies to prioritize their backup plans accordingly. By backing up data regularly and testing these backups through exercises and drills, businesses can ensure that they can recover quickly and efficiently from any crisis or threat.
In addition to protecting against external risks, data backups also help manage insider threats by providing a way to restore lost or corrupted information caused by employee mistakes or other malicious activities.
Businesses must determine the best approach to safeguarding their data by incorporating a comprehensive business continuity plan that includes data backup solutions. With the right processes, resources, and team support, businesses can continue running without disruptions, even when faced with potential disasters. By doing so, they will manage disaster risks and increase their competitive value in the marketplace. As the saying goes: "Failing to plan is planning to fail."
The Crucial Role of Data Backups
Data backups refer to creating copies of important information and storing them in a secure location separate from the original data source. These backups protect businesses should the original data be lost or damaged due to unforeseen circumstances such as natural disasters, cyber-attacks, hardware failures, or human error.
The significance of having multiple data backups at multiple locations is that these backups can restore critical information quickly and efficiently, minimizing any potential damage caused by unexpected events. With an effective backup system, businesses can continue operating following a crisis, allowing employees to maintain their jobs and organizational assets to remain safe. In addition, having reliable data backups also leads to better risk management and excellent competitive capability, as companies can cover themselves against insider threats and other vulnerabilities. Ultimately, implementing solid data backup solutions alongside a comprehensive business continuity plan can ensure that businesses are prepared to manage risks and protect valuable resources in times of need.
Your data backup is as good as the data restore.
Restoring normal operations quickly is critical to protecting a company from data loss. With a solid plan, businesses can guide their efforts toward identifying essential functions that must be maintained during a crisis. This ensures that resources are prioritized to keep those functions up and running. A backup system is also vital for restoring lost data quickly and minimizing any potential damage caused by disasters or emergencies. Make sure the restore is tested regularly.
In conclusion, implementing effective data backup procedures is paramount for businesses looking to avoid potentially devastating losses resulting from data breaches or other catastrophes. Companies must consider regularly testing their backup systems and working with IT managers to identify and address all vulnerabilities promptly. A solid BCP can help protect a company's value, maintain its ability to operate, and minimize the fallout of unexpected events.
Take immediate action today and implement reliable backup strategies to safeguard your business for years. And feel free to contact your specialists at Hexaport Managed IT Services to seek professional guidance if needed – protecting your data is too important to leave to chance. Or connect with us at https://www.hexaport.io/data-backup
In our next blog posting, we will address the potential disasters that cause data loss, how to prevent this from happening and how to recover in case of a data loss or breach.