The Cost To Protect Your Data- My 8 Cents Worth

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Your Terms.</h2> <p> In an industry filled with inflated promises, we understand that our most valuable currency is trust. 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class="col-left"> <div class="blog-desc"> <div class="tag-cell"> <ul> <li> <span class="pwr-post-item__n-min-read">2 min Read </span></li> </ul> </div> <h1> <span id="hs_cos_wrapper_name" class="hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_text" data-hs-cos-general-type="meta_field">The Cost To Protect Your Data- My 8 Cents Worth</span></h1> <div class="blog-btn"> <a href="https://www.thinkgard.com/contact?hsLang=en" class="blue-btn">Get in Touch</a> </div> </div> </div> <div class="col-right"> <div class="blog-img"> <figure> <img src="https://www.thinkgard.com/hubfs/Cost%20to%20protect%20data.png"> </figure> </div> </div> </div> </div> </section> <div class="page-navigation"> <div class="container"> <div class="blog-navigation"> <a href="/blog/the-darkside-of-it" class="prev-blog">Previous Blog</a> <a href="/blog" class="blog-link-logo "> <img src="https://www.thinkgard.com/hubfs/TG-blue-logo.png"> </a> <a herf="/blog/c-level-it-disconnect-is-huge-risk/" class="next-blog">Next Blog</a> </div> </div> </div> <div class="blog-wrapper-outer-cell"> <div class="content-wrapper"> <article class="blog-post"> <div class="blog-post__meta"> </div> <div class="blog-post__body"> <span id="hs_cos_wrapper_post_body" class="hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_rich_text" style="" data-hs-cos-general-type="meta_field" data-hs-cos-type="rich_text"><div> <p><strong>We’ve all heard the phrase, “time is money”. I had the opportunity to witness a great example of “time is money”.</strong></p> </div>  <p><span data-mce-mark="1">We’ll rewind for a few seconds to a few years ago when ThinkGard moved into our current office. Although a much larger space, we had a pretty bad problem where the tile flooring in our office made it echo so loudly that when anyone spoke we couldn’t hear ourselves think, let alone have a focused conversation on the phone. We finally decided carpet would help solve the problem.</span></p> <p><span data-mce-mark="1">To save on costs, our CTO Kevin, who is our resident DIY and home improvement guru, IT triathlete and MBA, volunteered to lay the new flooring on the weekends, a little after work here and there and a maybe finish the job <strong>during business hours</strong>.</span></p> <p><span data-mce-mark="1">While Kevin was finishing the project we were all standing around </span><span>celebrating our newly found quietness and serenity as we watched him happily scoot around the floor laying down & cutting the last carpet tiles. Then Paul, one of our founders, tilted his head to the side and folded his arms and asked, “Does anyone know, what it would have cost to pay someone else to do this in a few hours versus having probably the most valuable person in the company doing it for days?” Talk about a mood killer.</span></p> <p><span data-mce-mark="1">It was then when I started giving our perceived cost savings some thought and it reminded me of how business owners and IT decision makers who we often encounter, perceive the cost of protecting their most valuable asset from disaster, human error or ransomware, as being way too expensive. Most have liability insurance for loss of product & property and even data. <em>And although insurance can recover some lost revenue (there’s usually a cap) it can’t get back customer goodwill & retention, employee faith or keep you in regulatory compliance which typically involve penalties too.</em> But sometimes it’s hard to quantify to the person who’s writing the check.</span></p> <p><span data-mce-mark="1">So instead of examining the cost of downtime in terms of revenue lost like most all managed service providers do, and because we’ve already figured out that even though he’s very talented, our CTO, Kevin should keep his day job, <em>let’s take a what it might cost a typical 35 million dollar per year company to protect its data. If you think you can’t afford it, think again.</em></span></p> <p><span data-mce-mark="1"><strong>Company:</strong> ABC Company, Inc.</span></p> <p><span data-mce-mark="1"><strong>Revenue:</strong> 35 million dollars annually or 134,099 dollars per day</span></p> <p><span data-mce-mark="1">There are<strong> 261 Monday through Friday work days in a year;</strong></span></p> <p><span data-mce-mark="1">Which means <strong>376,101 working minutes in a year;</strong></span></p> <p><span data-mce-mark="1">that comes up to <strong>1441 minutes in a day.</strong></span></p> <p><span data-mce-mark="1"><strong>Revenue Per minute:</strong> $93.00</span></p> <p><em><span data-mce-mark="1">If we assume the average cost for a hybrid-cloud disaster recovery solution for an SMB is $30,000 per year then the cost to protect it would be about 8 cents per minute.</span></em></p> <p><span data-mce-mark="1"><strong>35 million dollar question:</strong> Would you spend 8 cents per minute to insure 93.00 per minute?</span></p></span> </div> <b><time datetime="2022-01-13 23:17:00" class="blog-post__timestamp"> January 13, 2022 </time></b> </article>   <section class="resources-top-help-section "> <div class="container"> <div class="section-title"> <div class="inline-title"> <h2>Related Resources</h2> <div class="bottom-underline"></div> </div> </div> <div class="resources-blog"> <span id="hs_cos_wrapper_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_related_blog_posts" style="" data-hs-cos-general-type="widget" data-hs-cos-type="related_blog_posts"> <div class="resources-cell"> <div class="resources-img" style="background: url(https://www.thinkgard.com/hubfs/Disconnect.png) no-repeat;"></div> <div class="resources-details"> <h5> C-Level/Information Technology Disconnect is a Huge Risk</h5> <p> For over a decade of navigating through the sales process with countless executives, we’ve noticed...</p> <a href="https://www.thinkgard.com/blog/c-level-it-disconnect-is-huge-risk/" class="blue-btn-bdr">Read More</a> </div> </div> <div class="resources-cell"> <div class="resources-img" style="background: url(https://www.thinkgard.com/hubfs/Ransomware%20Hit.png) no-repeat;"></div> <div class="resources-details"> <h5> Risk – Workplace Injury Or Ransomware Hit?</h5> <p> When you hear the words “Risk Management” what’s the first thing that comes to mind? 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The Cost To Protect Your Data- My 8 Cents Worth