How Data Loss Can Impact Your Business

Posted on September 1, 2016

As a business owner, you understand the importance of providing your customers with the best products and service possible. After all, your company is your life blood, and you’ve done everything you can to ensure your company’s success. So, just imagine what would happen to all your hard work if you lost crucial company data. Sounds scary? You don’t know the half of it. Read on to find out some of the disastrous consequences that data loss can have on your business.

Data loss: Costly Downtime

Are you prepared for an outage, hardware failure, cybercriminals, and lost or stolen files? Productivity can come to a dead stop if your business loses its data. Just think about it—lost sales and downtime are going to cost you a serious chunk of change. How long do you think your company can survive a data loss incident? A month? A year? A decade? Believe it or not, in many cases, a disruption in productivity can permanently cripple a business in under a week.

Data loss: Ruined Reputation

Whether it is your fault or not, no company wants to be seen as unreliable and untrustworthy. And thanks to the ease and blinding speed of the internet, scathing reviews on shoddy services and mishandled data can be instantly posted on any number of social media outlets, shutting your doors down for good. It’s no secret that many companies shell out thousands of dollars on damage control to repair their brand. Make sure you’re not one of them.

Data loss: Leaked Confidential Information

One of the most serious consequences of data loss is the possibility of leaked confidential information. If customer data or employee records are compromised, you could be faced with some serious fines. What’s more, affected parties may decide to take legal action against your business, leaving you to dig even deeper into your pockets.

Data loss: Ruined Customer Loyalty

Customer loyalty is a hard thing to get—and even harder to get back. If a client’s information has been lost or compromised, it could be only a matter of time before you’ve lost their business for good. And when the word gets out (and it will), attracting new clients could be a major struggle that your company may never recover from.

Thankfully, it’s not all doom and gloom. With the help of a professional records management provider, you can ensure your data is fully protected and readily available 24/7, 365 days a year. For the most comprehensive information management services, contact BCRMS today!