Security compliance is essential for every business. Companies of all sizes need to incorporate operations and processes to stay compliant with General Data Protection Regulation along with other data security regulations. While we know how important this is, we believe that taking data security compliance seriously could also save a considerable amount of money.
Implementing a disaster recovery plan is one of the best ways to be compliant and protect your business against potential threats. A disaster recovery plan, along with a secure backup plan and regular risk management assessments, demonstrates reliability to clients and potentially their auditors.
While it may appear that you are spending money, not saving money, should your network be compromised, you will lose money due to downtime, lost data and information, and disruption of the production of goods and services. It would be a true disaster. While you may not be able to quantify it in advance, it truly is a money-saving “insurance” plan.
Here are four ways creating a disaster recovery plan saves money:
1. Lowering Downtime
Data loss always results in downtime. Whether your data is lost through a cyber-attack, hardware failure, or human error, it can take an inordinate amount of time to restore lost data. If your company does not have a robust disaster recovery plan, it not only will be difficult for you to get back on your feet but also to be stable operationally in short order. In addition, any downtime that impacts productivity will most definitely have financial implications. The longer your company is down, the bigger the financial impact. If you have insured against this loss via a disaster recovery plan, you will possess the required procedures, processes, and backups to get your data back quickly and back to business as usual.
2. Planning and Budgeting for the Future
It is nearly impossible to plan for every possible event. Most disasters and data loss are unforeseen and unexpected. However, that does not mean you should not take the time to prepare for negative events. If you invest in a disaster recovery plan and the necessary data backup solutions, you are investing in your company’s future. Planning will also help you to create a budget and a timeline, ensuring that your company is strategically and financially prepared should a crisis occur.
3. Avoiding Fines
Protecting your data is not just the right thing to do, but it is also a smart thing to do. If your company does not take data security compliance seriously, it may also lead to some hefty fines. For example, companies that operate in the financial services sector must comply with stringent Financial Conduct Authority regulations in order to avoid penalties. Disaster recovery plans demonstrate to regulatory bodies that a company is doing everything it can to protect its clients’ data. Otherwise, it could be considered negligence, thus being fined.
4. Saving Money Equals Saving Time
If you implement a disaster recovery plan that is regularly reviewed and updated, you will not only save time, energy and have peace of mind, you will also save money. Since time is money, the less amount of time spent in crisis mode, trying to formulate a plan when you are already affected, will cost a significant amount more in time = money.
CMIT Solutions of Cincinnati & NKY has a variety of high-level security services and cybersecurity solutions for your business, including the implementation of a Disaster Recovery Plan.
Don’t wait to be a victim. Be proactive. Protect your data and have peace of mind.