The Value of Your Business Data

“Don't it always seem to go, that you don't know what you've got till it’s gone.” – Big Yellow Taxi by Joni Mitchell

Most businesses will fail to function without ready and reliable access to their data and files. With a growing number of outside factors adversely affecting business data, it is paramount for business owners to ensure the value of their data is continuously safeguarded. Cybercrime, weather conditions, equipment damage or file corruption – any of these factors pose significant danger to your data.

There are a few key steps to help you preserve the value of your data:

     1. Routine and reliable offsite data backup.

Backing up your data is a start, but you need to know your data is readily assessable and stored in a proven safe place. Offsite data storage needs to be as secure as your safe deposit box is at the bank. At best, your data should be backed up routinely and automatically. Mitigate the opportunity for any mishaps in backing up your data. Just because you have a copy, it may not be secure, current, or even useful if needed in an emergency.

     2. Identify your data assets and estimate their value.

The value of your data assets is not just their cost. In the event of a data breach, there is the immediate cost from the lost revenue resulting from business interruption. Additionally, there may real dollar costs, on a per record basis, associated with statutory requirements, and notification expenses in a breach. There may also be untold intangible losses, adversely affecting the business reputation and goodwill. The damage and lifespan from the harm to business reputation and goodwill is immeasurable.

     3. Initiate proactive activities to avoid data breach, loss or disruption.

Policies and procedures need to be in place for every aspect of data management, including network administration, access controls, privacy, compliancy, and business continuity plans. Cybersecurity training is a must for employees. Businesses must also review the magnitude and the controllability of risks associated with a potential data compromise. Most businesses insure their company assets, and it is worthwhile to explore cyber insurance for your organization.

Regardless of the type of business you operate: professional, retail, educational, or governmental, you are likely unable to function without access to your business data and files. Data, which was once isolated to the IT department, has become the lifeblood of daily business operations. How many times have you walked into a business or professional office, and they are unable to assist you because their computer system is down. Sales and service most likely stop when data is inaccessible. Data is a most critical ingredient and asset enterprise wide.