UK businesses lose £10.5bn over downtime and data loss

EMC's Data Protection Index reveals a frightening lack of data protection maturity amongst UK businesses

UK businesses are losing £10.5bn per year due to data loss and downtime, according to a new report from EMC.

The Data Protection Index surveyed 3,300 IT decision makers across 24 countries, specifically looking at data protection strategies and capabilities. The report found that UK businesses were drastically ill prepared to face the challenges of an evolving IT landscape.

The research found that 87% of UK businesses were ‘behind the curve’ when it came to data protection maturity. China, Hong Kong, The Netherlands, Singapore and the US all placed ahead of the UK when it came to mature data protection strategies.

The report showed the financial ramifications of data loss and downtime, costing the UK £10.5bn and the global figure reaching $1.7 trillion. Of the UK companies surveyed, 67% reported data loss or downtime in the last 12 months.

“This research highlights the enormous monetary impact of unplanned downtime and data loss to businesses everywhere,” said Guy Churchward, president of EMC Core Technologies. “With 62% of IT decision-makers interviewed feeling challenged to protect hybrid cloud, big data and mobile, it’s understandable that almost all of them lack the confidence that data protection will be able to meet future business challenges.“

“We hope the global data protection index will prompt IT leaders to pause and re-evaluate whether their current data protection solutions are in alignment with today’s business requirements as well as their long term goals,” Churchward added.

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