Dell Study- Cost of data loss per Enterprise Crossed $1M in 2019

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Dell Study- Cost of data loss per Enterprise Crossed $1M in 2019

Recent research from Dell says the total cost of data loss has reached an average of more than $1 million per in the last 12 months.

Dell’s Global Data Protection Index 2020 Snapshot mentions that even though businesses manage nearly 40% more data than they did a year ago, as per 81% of professionals, their current data protection solutions are not strong enough. The study evaluated the challenges associated with advancing technologies along with the security readiness of organizations. In 2020, organizations are managing 13.53 petabytes on average, up a whopping 831% since 2016, found the report. Last year, 80% of organizations said they see their data as valuable and are currently consuming value from. This has recorded an increase from 74% in 2018.

IoT stays on the Top Priority for Businesses despite Cyber-security Risks

Adopting newer technologies is beneficial for improving productivity but it also negatively impacts data protection efforts, said the report.  Nearly all companies are investing in new or emerging technologies at some level. Cloud-native applications were the top most popular of technologies for businesses according to 58% of respondents. Around 53% of companies are investing in artificial intelligence (AI) and machine learning (ML), software-as-a-service (SaaS) applications (51%), 5G and cloud edge infrastructure (49%), and the Internet of Things (IoT) (36%).

Seventy-one percent of respondents said emerging technologies can also create more data protection complexity, while 61% said that technology poses risks to data protection, according to the study. Over 50% of respondents using newer technologies are striving to find adequate data protections solutions for Robotic process automation (RPA) (56%), 5G and cloud edge infrastructure (67%), IoT (59%), AI and ML platforms (64%), and Cloud-native applications (60%). The report found that 70% of respondents felt the least confident in the data protection when it comes to recovering data from cyber-attacks. Meanwhile, 64% of them said they worry about recovering data from a data loss incident.

Firms Prepare to Combat the Rising Risks of Ransomware Attacks in 2020

The largest threat to all of the data appears to be the increasing number of cyber-attacks accounting for data loss and systems downtime. More than 80% of them suffered a disruptive event in 2019, while68% said they are afraid of a disruptive event in the next 12 months. The average cost of downtime increased by 54% between 2018 and 2019, which resulted in an estimated cost of $810,018 in 2019, compared to $526,845 in 2018. The report concluded saying that 85% of companies said they believe it is extremely important for data protection providers to protect cloud-native applications.