Network downtime can be a costly issue that many tend to overlook. With many businesses ignoring moments of network failure or how often their network fails, the silent killer of network downtime can go undetected until it’s too late. Thankfully, there’s a few things one can do visualize the costs of network downtime and avoid the pitfalls of such circumstances.
Network Downtime & Your Financial Gain
In total, network downtime easily costs companies a total of $26.5 billion annually. Large businesses tend to lose $1,000,000 during network downtime, as medium-sized businesses lose $91,000 and small businesses lose around $55,000 every year. Considering the time lost during network downtime is rarely retrieved, ill-prepared sites rarely have a chance to bounce back given the significant losses.
Network Downtime & Your Reputation
In addition to the money your business loses, network downtime can also destroy your reputation. For example, let’s say your business is a brick and mortar business that regularly takes breaks during the busiest time of the day. When a customer comes your the service to find out it’s closed, it annoys the customer and makes them want to visit a different service that can cater to them.
It wasn’t too long ago when The New York Times website went down for two hours and their competitors took advantage of the situation. Their stocks dropped and the competitors dropped the prices of their service to soak up the subscribers the New York Times had lost. Although some businesses are prepared for such situations during network downtime, many don’t have the extra funds to recover from a major setback.
Network Downtime & Your Search Results
In addition to destroying your reputation and profits, network downtime can also ruin your ranking in search engines. If network downtime is a regular issue for your service, Google could drop your business from the search index altogether if the service isn’t reliable. Even if your service is successful in search engines, it’s possible that your business could see a drop in how it shows up in general searches.
So now that the damage of network downtime has been put into perspective, it’s important that your business avoids such issues at all costs.
The average cost of a data breach in the United States is $8.64 million, which is the highest in the world, while the most expensive sector for data breach costs is the healthcare industry, with an average of $7.13 million (IBM).
It takes an average of 287 days for security teams to identify and contain a data breach, according to the “Cost of a Data Breach 2021” report released by IBM and Ponemon Institute.
The cost of cybercrime is predicted to hit $10.5 trillion by 2025, according to the latest version of the Cisco/Cybersecurity Ventures “2022 Cybersecurity Almanac.”.
Forty-three percent of attacks are aimed at SMBs, but only 14% are prepared to defend themselves (Accenture).
The three sectors with the biggest spending on cybersecurity are banking, manufacturing, and the central/federal government, accounting for 30% of overall spending (IDC).
More than 33 billion records will be stolen by cybercriminals by 2023, an increase of 175% from 2018.
40% of businesses will incorporate the anywhere operations model to accommodate the physical and digital experiences of both customers and employees (Techvera).
The internal team was energized. With the Level 1 work off its plate, the team turned its attention to the work that fueled company growth and gave them job satisfaction.
We did a proof of concept that met every requirement that our customer might have. In fact, we saw a substantial improvement.
We did everything that we needed to do, financially speaking. We got our invoices out to customers, we deposited checks, all the things we needed to do to keep our business running, and our customers had no idea about the tragedy. It didn’t impact them at all.
“We believe our success is due to the strength of our team, the breadth of our services, our flexibility in responding to clients, and our focus on strategic support.”