Business Continuity Management Statistics 2024 – Everything You Need to Know

• Hardware failures cause 45% of total unplanned downtime. ^[0]
• This is followed by the loss of power (35%), software failure (34%), data corruption (24%), external security breaches (23%), and accidental user error (20%). ^[0]
• According to Backblaze, the failure rate for hard drives in Q1 of 2020 was 1.07%, the lowest figures on record. ^[0]
• In 2020, the average rate of hard drive failure was 0.93% (pretty consistent with 2019 failure rates which were 0.92%). ^[4]
• Among companies that reported downtime incidents, 45% of them said it was due to hardware failure. ^[5]
• According to Dynamic Technologies, hardware failures cause 45% of total unplanned downtime. ^[3]
• Followed by the loss of power (35%), software failure (34%), data corruption (24%), external security breaches (23%), and accidental user error (20%). ^[3]

Business Continuity Management Latest Statistics

• 75% of small businesses have no disaster recovery plan objective in place. ^[0]
• 96% of companies with a trusted backup and disaster recovery plan were able to survive ransomware attacks. ^[0]
• 93% of companies without Disaster Recovery who suffer a major data disaster are out of business within one year. ^[0]
• 22% of folders are not protected in any way. ^[0]
• According to the 2019 Global Data Risk Report by Varonis, 22% of all folders used by a company are open to everyone. ^[0]
• E.g. 80% of companies with 1 million+ folders have 50,000+ folders open to everyone. ^[0]
• According to Datto “An hour of downtime costs £6,038 for a small company, £55,851 for a medium company and £528,325 for a large enterprise.”. ^[0]
• 51% of companies have no plans for how to address this type of emergency. ^[0]
• Whilst 85.0% of respondents report ISO certification increased their organisation’s resilience, over a quarter (27.5%). ^[0]
• According to figures from Datto, just one hour of downtime can cost $10,000 for small businesses. ^[4]
• In a survey highlighted by DataCore, 54% of businesses said they had experienced a downtime incident in the past five years that lasted at least eight hours. ^[4]
• Data from FEMA shows that 90% of businesses fail within a year if they are unable to get back up and running within 5 days after a disaster. ^[4]
• In 2020, 28% of breaches affected small businesses, according to data from Verizon’s Data Breach Investigations Report. ^[4]
• Most breaches were linked to attacks on web applications (roughly 43%). ^[4]
• Also, not surprisingly, 83% of these attacks were financially motivated. ^[4]
• A 2020 survey found that 51% of companies across the globe don’t have a business continuity plan. ^[4]
• The COVID 19 pandemic demonstrated just how vulnerable a large percentage of businesses were, and a report by the Economic Times underscores the value of having a business continuity plan. ^[4]
• Statistics for 2020 found that 70% of attacks on small businesses were perpetrated by external factors. ^[4]
• but what’s perhaps more frightening is this means the other 30% are perpetrated by internal personnel or third parties that have authorized access to systems. ^[4]
• A survey conducted in March 2020 found that 75% of companies suffered a supply disruption in the early days of the pandemic. ^[4]
• Furthermore, an October survey found 90% of businesses, across all industries, believe the disruption of global supply chains will have long lasting impacts on their businesses. ^[4]
• A recent survey found that approximately 33% of all folders used by a company are open to everyone. ^[4]
• Data breaches are a problem that nearly all organizations face, and 45% of them suffer a breach due to successfully being hacked. ^[4]
• According to the latest business continuity statistics, 84% of businesses currently store data and backups in the cloud, and additional 8% plan to do so within the next year. ^[4]
• Ransomware has become one of the leading causes of operational downtime, affecting 1 in 5 small businesses, according to Datto. ^[4]
• Companies that faced attacks suffered, on average, 16.2 days of downtime, according to ZD Net, and the costs associated with this downtime are increasing at an alarming rate. ^[4]
• Furthermore, 24% of those surveyed expect their data to be recovered in under 10 minutes after a disaster. ^[4]
• One third (29%). ^[4]
• Of those surveyed, 31% said they don’t have the right resources or budget. ^[4]
• 2021 was the busiest year for climate disasters according to the analysis of NOAA/NCEI data by climate control. ^[6]
• Downtime costs have risen 32% in the past 7 years. ^[6]
• Currently, for 44% of enterprises, 1 hour of downtime costs over $1 million. ^[6]
• 33% of folders are not protected in any way, providing easy access for cybercriminals. ^[6]
• FEMA estimates that 75% of SMBs do not have a disaster recovery plan. ^[6]
• 93% of small enterprises have adopted the cloud. ^[6]
• 84% of businesses store backups in the cloud. ^[6]
• 75% of data loss is caused by human error. ^[6]
• 1) 54% of companies have experienced prolonged downtime Operational downtime can happen to any company, at any time. ^[5]
• 40 to 60% of small companies do not survive a major disaster. ^[5]
• FEMA found that 20% of companies have no disaster recovery planning in place. ^[5]
• Stats highlighted by DataCore.com show that only 2% of surveyed businesses recovered from their last downtime in less than hour. ^[5]
• 28% of companies reported a data loss event in the previous 12 months. ^[5]
• Data breaches overwhelmingly occur at small businesses a staggering 43%, according to numbers from Verizon’s Data Breach Investigations Report. ^[5]
• According to figures from Seagate, 22% of downtime events are caused by human errors, including inadvertent data loss, device mismanagement and other accidents. ^[5]
• Seagate found that only 5% of business downtime is caused by natural disasters. ^[5]
• According to figures from Datto, the costs of ransomware caused downtime have increased by 200% over the past year. ^[5]
• 37% of small to mid sized businesses reported losing the data in the cloud, due to incidents such as accidental data loss, overwrites, ransomware and other causes. ^[5]
• 93% of businesses that were unable to recover their data within 10 days after the disaster were forced to file for bankruptcy within a year. ^[5]
• In a survey, 70% of businesses admitted “that a single loss in data could have a significant and costly impact on the business.”. ^[5]
• Figures highlighted by Avast show that 60% of data backups are incomplete. ^[5]
• To make matters worse, 50% of backup restores fail. ^[5]
• Above, we mentioned how 20% of businesses have no DRP or business continuity plan. ^[5]
• 43% of companies that experience a major data loss event go out of business if they don’t have any recovery planning in place. ^[5]
• 96% of businesses are able to fully restore their operations after a data loss incident if they have disaster recovery solutions in place. ^[5]
• Maximum costs in 2016 were estimated at $2.4 million, up 39 percent from the costs reported in 2013. ^[1]
• Mean costs increased by 36.6 percent between 2010 and 2013, then jumped up another 7.2 percent in 2016. ^[1]
• Cybercrime rose from 2 percent of outages in 2010 to 18 percent in 2013 to 22 percent in the latest study. ^[1]
• This translates into an increase of 12% compared to 2016. ^[1]
• In 2016, the Emerson study shows a duration of 130 minutes for total unplanned outages, which is 9% more than in 2013. ^[1]
• The costs also went up 5% to $946,788. ^[1]
• Only 30 percent reported to having a fully documented disaster recovery strategy in place. ^[1]
• 32.1 percent reported to having a plan that outlines the specific business critical applications and components that need to be recovered. ^[1]
• 33 percent revealed that their disaster recovery plan proved inadequate when deployed in response to an outage. ^[1]
• 15.4 percent didn’t even consider a fully documented plan applicable to their situation. ^[1]
• Following an outage 35 percent of organizations lost at least one mission critical application – 11.7 percent for hours at a time. ^[1]
• 24.3 percent lost multiple mission. ^[1]
• 18.8 percent lost most or all of their data center functions. ^[1]
• 12.1 percent loss data that could not be recovered. ^[1]
• 36.7 percent suffered no financial loss 18.3 percent lost $1000 to $6000 10 percent loss $50,001 to $100,000 3.3 percent loss 100,001 to 500,000 2.1 percent loss more than $5 million. ^[1]
• 25.9 percent of recovery efforts consumed staff time that impacted the business. ^[1]
• 13.8 percent of recovery costs the company money that wasn’t included in the budget. ^[1]
• 42.9 percent of organizations report to use a remote disaster recovery site that mirrors most of their primary site. ^[1]
• 20.4 percent of organizations use a secondary site that is not similar to the their primary disaster recovery site. ^[1]
• 53 percent reported to not backing up their data on a daily basis. ^[1]
• 32 percent of IT administrators cited that backing up every day is not an efficient use of their time. ^[1]
• 23 percent of IT administrators felt that conducting frequent backups was either unnecessary, or unwarranted based on the amount of data in their possession. ^[1]
• In contrast, 10 percent of IT administrators cited having too much data as the main reason they don’t backup on a daily basis. ^[1]
• 75 percent of organizations claimed that daily backups threaten workplace productivity. ^[1]
• 32 percent of IT administrators admitted that their organizations do not test their backup systems on a regular basis. ^[1]
• By industry, the healthcare field is considered to be among the most negligent as an alarming 66 percent of respondents. ^[1]
• Ironically, time is the aspect that can stand to be improved as roughly 50 percent of organizations would prefer their existing backup solutions to be faster or more efficient. ^[1]
• 14 percent want their backup solutions to be more affordable. ^[1]
• 6 percent want a more secure backup solution. ^[1]
• Another 6 percent want their backup solution to be managed by a third. ^[1]
• 39 percent of organizations that developed their own comprehensive BCM framework recovered all mission critical business processes according to predefined RTOs and RPOs, or while only experiencing minor problems. ^[1]
• 12 percent of Level 5 organizations experienced significant problems in recovering one or more mission. ^[1]
• In contrast, only 13 percent of organizations with no BCM framework in place were able to recover all mission critical processes according to predefined recovery objectives. ^[1]
• 15 percent of Level 1 organizations experienced significant problems in recovering one or more mission. ^[1]
• Overall, business continuity management programs improve disaster recovery rates by as much as 17 percent. ^[1]
• By 2019, Gartner predicts that 35 percent of organizations with BCM programs that lack maturity will endure major problems recovering one or more mission critical business processes. ^[1]
• This is a 17 percent increase compared to 2015. ^[1]
• In 2015, 52 percent of business leaders revealed that their companies planned to allocate more resources to business continuity and disaster recovery solutions. ^[1]
• 75% of small businessesdo NOT have a disaster planin place, but 52% say it would take at leastthree months to recoverfrom a disaster. ^[7]
• 2.90% of smaller companies fail within a yearunless they can resume operations within 5 days after a disaster. ^[7]
• 3.4060% of small businesses never re open their doorsfollowing a disaster. ^[7]
• Only 56 percent of US and Canadian businesses surveyed have a business continuity plan that addresses overseas risks. ^[8]
• A new industry survey has found that of those who responded the largest group estimated that the costperminute of downtime in their organization fell into the £10,000. ^[8]
• Databarracks research finds that only 30 percent of small organizations had a business continuity plan in place, compared with 54 percent of medium and 73 percent of large businesses. ^[8]
• Buyers of a median price home are looking at a monthly mortgage payment that is almost 50% higher than it was a year ago.’. ^[9]
• The 30 year mortgage rate dips slightly to 5.1%. ^[9]
• Employee productivity (62%). ^[2]
• Employee safety (29%) Competitive differentiation (29%) Brand and reputation (28%). ^[2]
• Enhancing the quality, availability, and timeliness of risk data (79%) Enhancing risk information systems and technology infrastructure (68%). ^[2]
• Financial institutions rank their top ERM program priorities as 6 Collaboration between business units and the risk management function (66%). ^[2]
• Managing increasing regulatory requirements and expectations (61%) Establishing and embedding the risk culture across the enterprise (55%). ^[2]
• Boards devote a relatively small amount of their meeting time to risk management about 9% on average. ^[2]
• Only 6% of directors believe their organization’s board is effective at managing risk. ^[2]
• 16 65% of organizations are operating “reactive” or “basic” policy management programs. ^[2]
• 15 Credit unions in the U.S. face a combined $6.1 billion in annual regulatory costs, or about 15% of operating expenses. ^[2]
• More than half (51.75%). ^[2]
• 7 56% of organizations lack a formal program for assessing the BC readiness of third parties. ^[2]
• Only 27% of organizations rank their BC program maturity as a 4 or 5 out of 5, according to COBIT maturity level definitions. ^[2]
• The remaining 73% fall into maturity levels 0­–3. ^[2]
• The projected percent change in employment from 2020 to 2030. ^[10]
• The average growth rate for all occupations is 8 percent. ^[10]
• The percent change of employment for each occupation from 2020 to 2030. ^[10]
• It’s easy to assume a downtime event will never happen to your company, but the truth is more than 50% of companies have experienced a downtime event that lasted a full workday in the last five years. ^[11]
• Of the companies that experienced a major data disaster, 96% of those that had a disaster recovery plan survived while 93% of those that didn’t were out of business within one year. ^[11]
• This happens to almost 17% of companies, often costing millions of dollars. ^[11]
• Yet, 75% of small businesses have no disaster recovery plan objective in place. ^[3]
• 93% of companies without Disaster Recovery who suffer a major data disaster are out of business within one year. ^[3]
• 96% of companies with a trusted backup and disaster recovery plan were able to survive ransomware attacks. ^[3]
• More than 50% of companies experienced a downtime event in the past five years that longer than a full workday. ^[3]
• 40 60% of small businesses who lose access to operational systems and data without a DR plan close their doors forever. ^[3]
• 96% of businesses with a disaster recovery solution in place fully recover operations. ^[3]
• 20% of those came from ransomware attacks. ^[3]
• More than 50% of businesses don’t have the budget to recover from the attack. ^[3]
• Human error is the number one cause of security and data breaches, responsible for 52 percent of incidents. ^[3]
• Only 52% receive cybersecurity policy training once a year. ^[3]
• It was reported that in 2018, malware attacks increased by 25 percent. ^[3]
• Cryptojacking attacks are increasing by over 8000% as miners exploit the computing power of unsuspecting victims. ^[3]

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Reference

1. sysgroup – https://www.sysgroup.com/resources/blog/business-continuity-to-make-you-change-for-the-better.
2. storagecraft – https://blog.storagecraft.com/business-continuity-statistics-tech/.
3. quantivate – https://quantivate.com/blog/grc-risk-compliance-statistics/.
4. phoenixnap – https://phoenixnap.com/blog/disaster-recovery-statistics.
5. invenioit – https://invenioit.com/continuity/business-continuity-statistics/.
6. invenioit – https://invenioit.com/continuity/disaster-recovery-statistics/.
7. icorps – https://blog.icorps.com/it-disaster-recovery-facts.
8. dewittguam – https://www.dewittguam.com/9-fast-facts-you-need-to-know-about-business-continuity-plans/.
9. continuitycentral – https://www.continuitycentral.com/bcstats.htm.
10. marketwatch – https://www.marketwatch.com/press-release/business-continuity-management-market-share-2024—global-trends-top-players-analysis-business-statistics-emerging-technologies-regional-overview-growth-segments-and-key-countries-forecast-to-2029-2024-03-02.
11. bls – https://www.bls.gov/ooh/business-and-financial/management-analysts.htm.
12. fssi-ca – https://www.fssi-ca.com/disaster-recovery-planning-business-continuity-plan/.

How Useful is Business Continuity Management

The primary goal of BCM is to ensure that an organization can continue operating during and after a disruptive event, such as a hurricane or a power outage. By identifying potential risks and implementing measures to mitigate their impact, companies can minimize downtime and protect their bottom line. In essence, BCM is about being prepared for the worst while hoping for the best.

One of the key benefits of BCM is that it forces organizations to take a comprehensive look at their operations and identify vulnerabilities that may have gone unnoticed. By conducting a thorough risk assessment and business impact analysis, companies can better understand the potential threats they face and develop plans to address them. This proactive approach not only enhances business resilience but also improves overall efficiency and performance.

Another important aspect of BCM is that it fosters a culture of preparedness within an organization. By ensuring that employees are trained in emergency response procedures and that contingency plans are in place, companies can minimize panic and confusion during a crisis. This preparation not only helps to protect employees’ safety but also allows operations to resume more quickly once the threat has passed.

Despite these benefits, some organizations may still question the usefulness of BCM. They may argue that preparing for unlikely events is a waste of time and resources, especially when there are more pressing issues to address. However, the reality is that disruptive events can happen at any time, and those organizations that are unprepared may face severe consequences.

Moreover, BCM is not just about preparing for rare catastrophes; it can also help companies manage smaller disruptions that occur on a more frequent basis. For example, a power outage may not make headlines, but it can still cause significant disruptions to operations. By having a plan in place to deal with such events, organizations can minimize the impact on their business and maintain continuity.

In today’s interconnected world, where supply chains are complex and interdependent, the importance of BCM cannot be overstated. A disruption in one part of the world can rapidly ripple through the entire network, leading to widespread consequences. By working closely with suppliers and partners to develop joint continuity plans, organizations can build resilience throughout the supply chain and better weather disruptions.

In conclusion, Business Continuity Management is a critical aspect of risk management that can help companies navigate the uncertainties of the modern business world. By identifying potential threats, developing response plans, and fostering a culture of preparedness, organizations can enhance their resilience and protect their operations. In short, BCM is not just a nice-to-have; it is a must-have for any organization looking to thrive in an increasingly volatile environment.

In Conclusion

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