70 percent of small firms go out of business within a year of a large data loss incident. 43 percent of these companies do not reopen again. 51 percent of these companies close within two years of the data loss. 94 percent of companies that experience severe data loss do not recover. The inconvenience of data loss can have even bigger implications for your business when a large amount of data is lost: Even if your company can recover from the data loss, you will need to spend time rebuilding client relationships. When sensitive data is stolen or compromised, your company must disclose this to clients, causing you to lose their trust and respect. It can be costly for your business to weed out and repair damaged files.ĭata loss also sets back productivity timelines and can cause you to lose customers if it is accompanied by security breaches. Data loss caused by corruption or viruses poses particular problems as the extent of data loss caused can sometimes be difficult to determine. While you may be able to locate hard copies of information, these may not be as up-to-date as the digital copies that were lost. When important files and documents are lost, your business must spend time and resources recreating or recovering these files to fill the gaps left by loss. Read on for the ten most common causes of data loss, how to prevent them, and tricks for recovering data if the loss does occur.ĭata loss is a major inconvenience that disrupts the day-to-day function of any information-based business. You can minimize your business’s potential for data loss by understanding what leads to data loss. In other instances, lost files and information cannot be recovered, making data loss prevention even more essential. 
Some lost data is recoverable, but this process often requires the assistance of IT professionals and costs time and resources your business could be using elsewhere. Losing files and documents often has a lasting impact on your company’s financial health. Viruses, physical damage or formatting errors can render data unreadable by both humans and software. Data loss occurs when data is accidentally deleted or something causes data to become corrupted.
Data loss is a serious problem for businesses of all sizes- losing files means losing time and money to restore or recover information that is essential to your business.
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