How to calculate the cost of downtime?
Firstly, businesses can compare the cost of recovery plans to the associated cost of downtime.
This means that the recovery plans should not exceed the cost of downtime.
But don’t forget, downtime can also cause reputation damage to a business for missing deadlines.
To start, you calculate availability, which equals yearly planned downtime + unplanned outages.
The cost of downtime = lost revenue + ongoing costs.
As an example, 99% availability = 87 minutes of downtime per year.
Consequently, this can help businesses with risk assessments.
Also, they can set maximum downtime goals.
As a result, they gain metrics to track.
Reduce downtime with backups.
Continuing on, businesses should designate people and have fall backs in case they’re unavailable.
That’s because it allows them to practice procedures beforehand.
For example, in case of a break in, someone is required to inform the police.
Not only this, if third-party data is stolen, then the owners need informed.
That’s why it’s important to lock and monitor critical systems.
As such, cameras and fans should be installed and they should be kept well ventilated.
However, devices still need to be continually secured online.