IT projects, especially projects that doesn’t provide a direct business improvement can be challenging to get approved. Despite all the advancements in security technologies, statistics keep showing a grim picture, unfortunately downtime is an expected aspect of doing business today. The only way to mitigate the risk is to be prepared and have a Last Line of Defence security technology in place to detect, stop, react and recover before your company comes to a complete stop.
Choose your currency, to start the easy calculator for tangible cost of downtime – so you and your executives are aware of the possible risk.
A company’s reputation and bottom line become vulnerable when a malware has harmful impacts on your organisation. This includes revenue, service level, suppliers, financial markets/stock price and business partners as well as compensatory payments for delays and GDPR embarrassment/payment etc.
The expenses and losses associated with downtime continue to climb in the Internet age where business is conducted 24 x 7 across global time zones. Hourly losses of hundreds of thousands or millions per hour or even minutes in transaction-heavy environments are unfortunately commonplace.
The industry average cost of downtime is dependent on a lot of areas. The monetary losses vary when you consider your revenue, industry, the actual duration of the outage, the number of people impacted, the time of day, etc. for example, losses are significantly higher per hour for businesses who are based on high-level data transactions, like financial institutions, shipping, manufacturers, online retail sales and the public sector etc.. If you experience an unplanned outage during a peak traffic time, clearly the damage will be more significant.
Appropriate calculation of downtime might help your organisation’s decision process on a potential security strategy on a Last Line of Defence solution.