You read the title correctly. On average businesses lose 31 hours of productivity per week due to IT interruptions.
That is a lot of lost productivity. In Connecticut that works out to an average of $591.48 in wages. That does not factor incomplete assignments, late projects, and broken client commitments. The loss in dollars can easily enter the thousands..per week.
Can your business afford a loss of thousands of dollars per week?
From there it can escalate.
The reputation hit your business might take as a result of broken commitments can mean the loss of new and repeat business.
Imagine if every week you were expecting certain results from a business you were working with, but they constantly missed deadlines because of technology issues. You would not be very happy. You would look for an alternative to your current business relationship.
My lost revenue because someone is not looking after your IT infrastructure.
That 31 hours might seem minimal at first glance but, it’s not minimal at all. It’s an average. Someone must have more than 31 hours of lost productivity and someone must have less.
More than likely the smaller businesses are the ones on the lower end. However, smaller businesses really cannot afford any lost productivity.
A bigger business might be able to absorb 31 hours or more of lost productivity but when you translate that to lost revenue and broken customer promises the business loses far more than 31 hours of productivity.
Another common misconception is that hackers have no desire to attack smaller businesses. The truth is far from perception.
More than 70 percent of attacks target small businesses. Many small business owners think they have nothing the hackers could possibly want. The reality is most smaller businesses are not adequately prepared for an attack.
What should scare small business owners, even more, is that 60 percent of small businesses that are attacked go out of business within 6 months.
That’s risky behavior for a small business.
Data breaches cost from $36,000 for small merchants, up to a whopping $3.62 million for large enterprises.
Let’s start with a small business. $36,000 is a tremendous amount of money to lose for a small business. This often results in the eventual closing of the business.
A lot of small businesses are not aware that there is insurance just for this purpose. Some businesses believe it’s not necessary. Even if the business has the insurance it will not help with their reputation once the data breach is reported.
It can be mitigated with routine network and infrastructure assessments to identify potential risks.
Enterprise businesses are more often able to absorb the breach. We see them all the time with companies like Target and Home Depot. Their data and customer information is breached. They report it to the proper authorities and keep marching on.
Their reputation sometimes takes a hit, but they usually continue. $3.62 million is nothing to sneeze at but a business that makes hundreds of millions, or billions, can absorb it better than a small business can absorb $36,000.
One final statistic. 98.2% of all businesses are small businesses under 100 employees. Small businesses are the backbone of America. Small businesses are at a significant disadvantage without proper IT support and education.
Small businesses need to do better. Let’s start with learning where you need assistance.