Today’s hypercompetitive business environment requires not only maintaining the highest levels of system availability, but capitalizing on unique differentiators like data. For most businesses, data—whether customer, research-driven, or market-based—is a concrete asset that is being leveraged in new and different ways, in activities such as product development and marketing. Businesses are also storing more data than ever before, whether for revenue-generating activities, or as a result of activities like backup.
At the same time, regulations surrounding data, from the European GDPR to US-based HIPAA regulation and HITRUST certification, require data to be handled with extreme care. When companies lose data, it costs approximately $150 per record lost, with the average data breach costing businesses $3.9 million.1 As a result, businesses are placing greater importance on data backup and recovery.