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Data loss costs firms $1.7 trillion per year, according to global study

A new global study has attempted to put a figure to the staggering sums that firms worldwide pay to recover from data loss and unplanned downtime.

According to EMC Corporation, which commissioned Vanson Bourne to conduct a survey of over 3,000 IT professionals at enterprises with 250-plus employees, the annual cost of data loss has reached $1.7 trillion (£1 trillion) in the past 12 months.

This is almost the same as 50 per cent of Germany’s gross domestic product and represents an increase of 400 per cent in the last two years alone – the equivalent of 24 million emails per firm.

EMC’s Global Data Protection Index also found that data loss is something that affects almost two-thirds of enterprises, with 64 per cent of the professionals polled acknowledging such an incident at their business in 2014. In addition, the average respondent reported suffering more than three working days (25 hours) of downtime per year.

Not surprisingly, almost three-quarters (71 per cent) of the sample described themselves as “not fully confident” that if there firms were to be struck by data loss or downtime, they would be able to recover that data and continue with work.

Guy Churchward, the president of EMC Core Technologies, described this as “understandable” on the basis that 62 per cent of respondents reported difficulty in recovering data from mobile devices, big data environments and hybrid clouds – three areas that were central to the firms’ future business plans.

“This research highlights the enormous monetary impact of unplanned downtime and data loss to businesses everywhere,” he commented. “We hope the Global Data Protection Index will prompt IT leaders to pause and re-evaluate whether their current data protection solutions are in alignment with today’s business requirements as well as their long term goals.”

It is wise to choose a data recovery company who has a track record in recovering from the type of data loss you have experienced.

From:: https://www.ontrack.com/uk/company/press-room/data-recovery-news/data-loss-costs-firms-$17-trillion-per-year,-according-to-global-study727.aspx

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