And all IT, whether it comes in the form of a mobile device, an email server or a cloud-based application, is susceptible to failure. According to a December study from EMC, data loss and downtime cost companies worldwide a massive $1.7 trillion (£1 trillion) in 2014.
Moreover, a 2013 report from the Ponemon Institute and Emerson Network Power pegged the per-minute cost of data centre downtime at an astonishing $7,900 (£5,000).
This could happen because of a natural disaster, or as a result of technological failure or human factors such as sabotage or terrorism.
The basic idea is to restore the affected business processes as quickly as possible, whether by bringing disrupted services back online or by switching to a contingency system.
In today’s data-dependent world, the failure to bounce back from an IT outage could be enough to kill your business.
The practice of preparing for downtime, and of taking steps to ensure a speedy return to normality, is called disaster recovery (DR) planning.We’ve even created one of our own: the Kroll Ontrack small business DR plan template.A DR plan consists of the policies and procedures that a given entity – in your case, your business – will follow when IT services are disrupted.No small business owner wants to think about a disaster coming along and wiping out everything they've worked so hard for.But the tragic truth is this: Up to 60% of small businesses never reopen their doors following a disaster, according to the Federal Emergency Management Agency.Unfortunately, it’s not always a walk in the park to create an effective DR plan, particularly when you’re only a small business.Doing it well requires time, knowledge and expertise, and measuring ROI can be difficult. A quick Google search should turn up a raft of free resources for organisations to use in the DR planning process, including DR plan templates that span a broad spectrum in terms of length and complexity.Next, the team can invite risk assessments of the plan.If the cost of an external firm to conduct the risk assessment is a barrier, the team can invite employees to critique the plan or even another trusted organization to critique the plan.A disaster recovery plan is vital to making sure you can get up and running as soon as possible afterward.Purdue Global offers online business degrees, some with with accelerated tracks for working professionals.