Can you run your business without Office 365 or Gmail? Probably not!
Practically every business across the world captures, stores, and processes some amount of data on the cloud. While this makes data that much more valuable, it also makes it susceptible to attack. A string of high-profile data breaches in recent times has proved that no one is safe from cyberattacks. With cybercrime damage costs expected to reach $6 trillion by 2021, businesses need to implement risk mitigation strategies to contain threats.
What is Risk Mitigation?
From our perspective, risk mitigation is a set of policies and processes that are devised to help businesses prevent data loss incidents and limit the extent of damage caused by such cyberattacks.
‘Prevention is better than a cure’ certainly works when protecting your cloud data. A reliable backup solution, such as Spanning, is an effective risk mitigation tactic to keep your data in the cloud secure.
Backing up critical data allows you to create additional copies that can be restored in case of a major incident. It’s a smart way to avoid risks, especially operational risks.
What is Operational Risk?
Let’s say your email collaboration system (like G Suite and Office 365) gets hacked due to an employee’s inability to identify a phishing attack. Not only do you lose your data, but also the customers who trusted you with their personal information.
As a result, your business racks up high debts due to the direct cost of investigating the breach, the decline of your reputation, and the expensive lawsuits and non-compliance penalties that follow. The uncertainty of incurring these costs is what we call an operational risk.
Here’s a holistic definition of operational risk:
The business risk caused by the breakdown of internal processes, people, and systems. This includes breaches, human errors, and damages.
How Can You Manage Operational Risks?
Steady profits and business expansion are difficult to achieve when you have potential liabilities hovering over you. Efficient operational risk management is important for business survival and peace of mind.
A robust SaaS backup is one of the best strategies to deal with operational risks and achieve a Zen state of mind. Apart from restoring lost data, it can help identify and resolve issues before they cause any real damage. It’s a proactive approach to lowering operational risks without breaking a sweat.
Yet, decision-makers are reluctant to sign-off on budget approvals for a SaaS backup.
Understanding the Actual Value of a SaaS Backup Solution
Many Saas backup vendors are guilty of overvaluing their products with exaggerated statistics. That’s why decision-makers don’t trust backup vendors.
But in most cases, decision-makers simply don’t see the value of a G Suite and Office 365 backup. Business leaders are keener on knowing how investing in a backup solution will improve the overall business rather than just being used as a risk mitigation tactic.
Use the Spanning Backup ROI calculator to quantify the value of a G Suite and Office 365 backup solution. Based on the answers, a personalized ROI report will be generated. The insights will provide clarity on the business value of a backup solution in actual hard numbers.
*** This is a Security Bloggers Network syndicated blog from Spanning authored by Dave Wallen. Read the original post at: https://spanning.com/blog/risk-mitigation-how-saas-backup-addresses-operational-risk/