IT Outages Cause Businesses $26.5 Billion in Lost Revenue Each Year

Part of a good risk assessment strategy is to estimate what can go wrong, estimate the likelihood of it going wrong, the cost of it going wrong, and the cost of preventing or ameliorating its going wrong.  Part of a good back-up plan is doing restores to make sure the back-ups and restores work.

North American businesses suffer an average of ten hours of IT downtime in a year,collectively costing them $26.5 billion in revenue, according to a study released by CA Technologies on Dec. 9.

In a series of interviews with CIOs, IT directors, and IT managers from 200 companies spanning financial services, manufacturing, retail, and public sectors, researchers calculated the financial losses incurred when businesses cannot quickly recover from service outages.

[…]

The researchers wrote that “most of this considerable cost to businesses” can be “avoided” through better data protection strategies.

“IT organizations can’t always prevent service outages, but they can take the right steps to improve the speed of recovery when outages occur,” said Mike Crest, general manager of data management at CA Technologies.

IT departments tend to focus on efficient ways to securely backup critical systems and neglected to consider the speed of recovery, the report said. With a myriad of products offering system and data protection, recovery and availability, organizations can assess their existing disaster recovery plans to minimize the time required to be back up and running after an outage, the researchers wrote.

via IT Outages Cause Businesses $26.5 Billion in Lost Revenue Each Year, Survey – IT Infrastructure – News & Reviews – eWeek.com.

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