As a business owner, you take precautions, implement effective procedures, and frame policies that will contribute to your business growth. You also take insurance for your business premise, infrastructure, vehicles, etc. so that in case of adversity, you don’t suffer a loss. But do you have a defined strategy to deal with the day-to-day business operations in case of a breach?
When you can create falling support for everything, then why not for the business operations that enable continuity of the business. You must make sure that the continuity of your business on happening of an incident. Plan about everything that should be considered on priority and goes into defining and envision how you can recover from a drastic business loss. How would you handle the situation in case of loss of data due to breach? Plan and strategize a team that will operate on-call; ensure that the business contingency plan is in place.
A disaster recovery plan is crucial for every business, irrespective of a small or big enterprise. It enables you to contain the breach and ensure that the business operations are not affected. The foremost benefit of having a disaster recovery plan is that you will gain the support and trust of your clients, stakeholders, and law enforcement. Let us see the worse things that can happen in case of lack of a disaster recovery plan.
4 Things That Can Happen When You Don’t Have A Disaster Recovery Plan
1. Data Loss
The data of your company is very crucial, and if you lose it, your business may crumble. The data loss may occur in various ways like natural disaster, human error, and data breaches. 94 percent of companies that experience severe data loss do not recover . The loss to the business varies in millions or billions of dollars depending upon your size of business and amount of data that is lost. If the data is confidential or consist of clients’ details, the business may have to face the loss of reputation along with monetary loss, landing the business in a difficult phase to recover.
2. Effect on Business Operations
When your business operations are paused, that means you have zero productivity which is a big loss to the company. You will lose daily income as well as employee productivity too. Without a disaster recovery plan, you cannot think of recovering from a breach immediately. Moreover, the loss of data will obstruct your business operations too. You will have to make important decisions like the movement of business, continuity of operations, equipment replacement, dealing with law and order, etc. Making an alternate plan that would server temporary in case of a disaster will become very difficult when you don’t have one in place. Ultimately, the business suffers, leading to slow or no recovery.
3. Expensive Recovery
According to IBM’s Data Breach Report 2019, the average cost of a data breach is $3.92 million, which has increased by 12% over the past five years.  The costs associated with recovering from a data breach is too high, which makes it difficult for many businesses to recover. The cost is influenced by many factors such as cost to rekey data, the cost to cover productivity loss, emergency cost, cost to settle the breach, etc. Many businesses won’t be prepared to handle all these costs in case of emergency and prefer to close down their businesses.
4. Loss of Clients
In case of happening of an incident, your clients and friends would not be interested how your business will recover. They will be bothered to know when your business will resume and whether their personal data have been compromised. Your clients have invested their money and trust in your business and failing to stand at their expectations would result in loss of customer permanently. When your customers realize that you do not have a systematic recovery plan, you will be drenched with questions and doubts on your preparedness at the time of the breach. Any gloomy news about your business will create contradictions among the clients.
No doubt disaster recovery is crucial, and having someone on board who can plan this for your business is challenging. EC-Council offers training and certification that educates an individual plan, strategize, implement, and maintain business continuity and disaster recovery plan. EC-Council Disaster Recovery Professional (E|DRP) provide you with an understanding of business continuity and disaster recovery principles. It also teaches how to secure data and how to recover and store an organization’s critical data at the time of disaster. Want to learn more? Visit our website: https://www.eccouncil.org/programs/disaster-recovery-professional-edrp/