The general rule for backing up business data is this: If losing that data will disable your company, make it a priority to back it up. Data stored in your office computers can be lost without warning. When that happens, your business will be put at risk, and operations will halt if your business is highly dependent on the data that has been lost.
There are many causes of data loss such as human error, hard drive damage, hardware malfunction, computer theft, liquid damage, and software corruption. The scariest of all is hackers and insiders gaining access to your company’s private files. This is why you should consider a cybersecurity service provider that can put in place measures to protect your computers’ data even if the program has been hacked into.
Effects of Data Loss to a Business
Data loss affects the day-to-day operations and transactions of a business. Your employees, instead of focusing on their daily tasks, will have to spend time recovering the data that has been lost. While the information could be available in hard copies, these may not be as up to date as those stored digitally.
Losing data, especially sensitive information, may also cause you to lose the trust and confidence of customers. If the personal information of your clients were affected and breached, you would have to disclose the situation to your clients. That shows weakness on your part. Even after you have recovered from the loss of important data, you will need to spend an enormous amount of time and resources to rebuild your relationship with your clients.
Business Data That Should Be Backed Up
Every business should have a system that automatically backs up data. The storage of the backed-up data should be in a safe and secure location, most probably on the cloud—although that could be vulnerable, too. Hence, what kind of business data should be stored and backed up securely?
Any accountant or lawyer worth his salt will recommend that you store these files for the next seven years: personnel records, business administration documents, property and tax records, financial documents, computer system files, records management, and disaster recovery plans.
Data Backup Options for Your Business
There are two options for backing up your organization’s data: You can store it physically in an external hard drive, or you can pay for cloud services and access the data wherever and whenever as long as you’re online.
Although a physical hard drive is more economical and practical, it is also subject to security risks. A portable drive can be stolen, or someone can tap into the drive to steal stored information. On the other hand, the cost of cloud service will cover the security management which may be hosted overseas or by another service provider. It will also be automated. This means that you don’t have to manually do the backup, saving your employees a lot of time in the process.
Your company’s need for backup data depends on the magnitude of the information that you hold. If you’re storing personal information about your clients in your hard drive, you need to spend on the security and protection of that data. Do not run the risk of losing data and jeopardizing your professional relationship with your clients.