A natural disaster can be devastating to SMBs, resulting in financial ruin and permanent closure. According to statistics gathered by FEMA, after a natural disaster, roughly 40% of SMBs affected never reopen, and a further 25% fail within a year. With such high risks, it’s important for small companies to establish a proper disaster recovery and business continuity plan, so as to give themselves the best possible chances of making it through.
Whether through expanding or better documenting IT recovery procedures, moving services to the cloud, or even expanding the number of people trained to help restore normal operation, companies need to carefully define their plans to consider the threats they may face, and how they can best respond to them. Even on scales much smaller than a natural disaster, unexpected downtime for a company can be financially devastating, with costs being estimate in the range of thousands of dollars per minute.
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