Indian businesses lost over $1million from data loss in one year: EMC

NEW DELHI: Indian businesses lost over $1 million from data loss and downtime for the last year, a survey by EMC Corporation – the world’s largest data storage multinational.
“Organizations are getting better at protecting themselves against traditional threats to data, but new threats mean that despite progress, more businesses are losing data than before,” stated Ripu Bajwa, Country Manager-Data Protection Solutions at EMC in a statement.
Stating the growing challenges of protecting data, the research commissioned by EMC and carried out by technology market research provider Vanson Bourne disclosed that the average cost of data loss to Indian organizations was more than $114,000 while worldwide, the costs were more than $914,000.
In India, 46% of organizations faced unplanned system downtime and/or data loss due to an external or internal security breach, the study says.
While a more than 80% of businesses think that their organization’s current data protection solution will not allow them to meet all future business challenges, Cloud is changing the game for Indian organizations when it comes to data protection.
In India, on average, 34% of organizations have their IT environment in public Cloud and more than 60% organizations believe that not all their data stored in the Cloud is protected.
“Our customers are facing a rapidly evolving data protection landscape on a number of fronts, whether it’s to protect modern cloud computing environments or to shield against devastating cyber attacks. Our research shows that many businesses are unaware of the potential impact and are failing to plan for them, which is a threat in itself,” informed David Goulden, CEO, EMC Information Infrastructure.
Nearly half (54%) of organizations surveyed in India were not very confident they could fully recover their systems or data in the event of data loss or unexpected systems downtime.
Furthermore, only 42% of respondents replied they were confident that their solutions would be able to keep pace with the faster performance and new capabilities of flash storage. Ransomware is dramatically increasing the stakes when it comes to cyber security.
“We’re moving from theft, which is costly, to potential catastrophe. There are forces at play now that aren’t satisfied with just stealing your money; they want to destroy your entity. You can either start taking these threats seriously or start looking for a hole to crawl into,” Goulden further added.
To address the threats, EMC has announced to launch a new “Isolated Recovery Solutions” line to assist organizations “air gap” a protection instance of their data from the networked enterprise.
The EMC-sponsored global research survey covered IT decision-makers at 2,200 organizations to index data protection maturity, threats and trends.

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