Data Backup Strategies In Focus As 800,000 UK Firms Admit To Losing Data Since 2019
ITPro, Thursday, March 28th, 2024
Lackluster data backup strategies cost have cost the UK economy billions over the last five years, prompting calls for a more robust approach among small businesses
Experts have raised concerns over inadequate data backup strategies amid claims that more than 800,000 UK firms lost company data in the last five years.
Commercial data loss was found to cost the UK over 1 billion a year and more than 5.3 billion UK Pounds since 2019, according to analysis from Beaming.
Businesses with between 10 and 250 staff have seen the worst effects, with costs including financial penalties, expenses associated with recovering data and replacing people or assets involved in incidents, and lost productivity during periods in which the business couldn't operate as usual.
Nearly six-in-ten finance businesses, including financial services providers and accountants, admitted to having lost data between 2019 and 2023 - more than any other sector.