UK businesses are taking widespread data risks
The majority of UK businesses are running the risk of losing 24 hours of data on a daily basis from low technical skills, new research has claimed.
According to virtualDCS, based in Leeds, 72% of firms are happy to lose data following a cyber incident, which could potentially cost the UK economy billions of pounds.
The anonymous survey quizzed small business on their disaster recovery preparedness and data protection practices.
While the figure is an improvement from when a similar survey was carried out 12 months ago, it is still suggested that too many businesses are leaving themselves susceptible to bankruptcy should they be faced with an incident.
The number of firms that constantly protect their data has increased by 8% during the past year and confidence in continuity plans has also risen.
Around 2% more businesses have an active recovery plan in place that they can rely on, meaning they are better prepared to face financial issues.
Despite this, the report suggests that most firms lack awareness of disaster recovery while just 41% said they were confident in their planning.
More than one in ten companies said they had never backed up their business data, potentially leaving them at risk in the event of a cyber-attack.
Some 43% of firms also reported having lost vital information during the last two tears and 28% voiced concerns over whether they would be able to restore information should they be attacked again.
Meanwhile 13% of firms said they realised they would not be able to recover all of their data should an incident take place, but were not taking any action.
Data loss may not immediately seem like a huge issue, but the reputational damage that can result from a cyber-attack can have widespread consequences.
Not only can consumer trust be hit, but it can also lead to reduced sales and potential regulatory fines in some instances, potentially pushing a company towards insolvency if it cannot recover.
Undertaking options reviews can help to assess the current situation and advise on the best route forward, especially where complex financial issues are concerned.
By Phil Smith