The Real Cost of Ignoring Cybersecurity
Sobering stat: 60% of small and midsized businesses that can't recover from a catastrophic data loss close their doors within six months, according to Bytegrid chief revenue officer Drew Fassett, who'll be a panelist at Bisnow's annual Data Center Investment Expo, July 15, at The Ritz-Carlton in Tyson's Corner, VA.
Drew says a growing number of small and midsized businesses are concerned about disaster recovery capability as they realize cybercrime is a real and growing risk to their data. An average data outage can last up to 90 minutes. The cost of retyping 20 MB of sales data can run $17k, while the same amount of accounting data can cost $19k if they don't have security measures in place.
Drew adds changes in regulations and compliance, particularly in the healthcare industry, continue to spur growth in data demand as the industry shifts from paper documents to electronic retention and the sizes of images like X-rays has grown. Drew says there's been an expeditious increase in access to real-time data and analytics over the past seven years, especially on mobile devices.
Now Bytegrid has shifted its focus from being a wholesale data acquirer to a provider of what Drew calls “geographic redundancy.” Bytegrid has created a hybrid solution of managed services and cloud technology as customers have embraced the cloud as secure alternatives for their data. To prepare for that growth, in March, Bytegrid acquired Sidus, a Maryland-based company specializing in compliance. Bytegrid also wants to target second-tier cities that have a lack of tier three or four capacity as the company expands its national footprint. To that end, it recently purchased the 333k SF Cleveland Data Center (pictured) and will add 30k SF of mission-critical data center space with over 4 MW of power capacity. Drew predicts customers embracing cloud technology will grow as they develop core competencies and Bytegrid, with over 750k SF of space across the country and a growing cloud platform, will be able to meet the demand.
To learn more, please join us for Bisnow's Data Center Investment Expo, July 15, at The Ritz-Carlton in Tysons Corner, VA. Sign up here!
