Home News Cost of Data Loss Increased to US$1 Million in the Past Year:...

Cost of Data Loss Increased to US$1 Million in the Past Year: Research

Financial Sector

The latest research from Dell Technologies revealed that the cost of data loss was increased from US$995,613 in 2018 to US$1,013,075 in 2019. In its research report, “Global Data Protection Index 2020 Snapshot”, Dell stated that the cost of data breaches are significantly increased for those organizations using more than one data protection vendor. It also highlighted that the cost of disruption is also increasing with the average cost of downtime surged from US$526,845 in 2018 to US$810,018 in 2019.

The research findings based on responses from 1,000 IT decision makers across 15 countries at public and private organizations, suggested that most organizations are managing almost 40% more data than they were a year ago, with 81% of respondents reported that their present data protection measures are not going to meet their future business needs. And more than 50% of organizations struggle to find sufficient data protection solutions for emerging technologies like 5G and edge infrastructure (67%), and AI and ML platforms (64%).

The findings also highlighted an increase in the number of organizations (80%) in 2019 that consider their data as valuable when compared to the number of organizations (74%) in 2018.  Organizations reported that there are now managing 13.53 petabytes (PB) of data, which is a 40% increase since the average 9.70PB in 2018, and an 831% increase since organizations were managing 1.45PB in 2016, according to research.

According to the study, organizations are making investments in emerging technologies, with the top five being: artificial intelligence (AI) and machine learning (ML) (53%), cloud-native applications (58%), software-as-a-service (SaaS) applications (51%), 5G and cloud edge infrastructure (49%), and Internet of Things/end point (36%).

Commenting on the research outcomes, Beth Phalen, president, Dell Technologies Data Protection, said, “Data is the lifeblood of business and the key to an organization’s digital transformation. As we enter the next data decade, resilient, reliable and modern data protection strategies are essential in helping businesses make smarter, faster decisions and combat the effects of costly disruptions.”

Phalen also highlighted that, “These findings prove that data protection needs to be central to a company’s business strategy. As the data landscape grows more complex, organizations need nimble, sustainable data protection strategies that can scale in a multi-platform, multi-cloud world.”