Determining Value in order to Budget for Protection. Intrusion alarms for elevators and doors and motion detectors for after hours. These are just two of the many security devices businesses employ in order to protect their assets. Computer, office furniture and more are costly to replace.
Yet, these items are replaceable without very much difficulty. On the other hand, what would it cost a company to recreate their own intellectual property, or recover from its loss or destruction? This can consist of company files, databases, client lists, design documents, banking information and other data that cannot be replaced by simply placing an order with the local office supply shop.
Much of this data is only able to be re-created through manual and mental labor. Typically, this data is stored on servers. If the IT department is not securely and consistently backing up this data, they are putting the company at risk for a huge financial disaster.
Intellectual Property Loss Cost
To get a better idea of the cost of intellectual property loss, consider the number of years in business, the number of employees over those years and the number of projects worked on. Add to that the amount of marketing time spent to build a customer base, the amount of time spent on R&D to create the designs or products that put the company where it is today. Now, imagine having a security breach and that data being completely destroyed. Not only would the sunk cost of creating it the first time have to be taken into account, the cost of potential legal liabilities arising from this incident must also be taken into account. These numbers can quickly become astonishingly high.
That’s why it’s so important that you protect your corporate data from being lost or stolen. Online backup providers offer offsite storage for corporate data that is secure, reliable and affordable. The minimal cost of insuring that corporate data stays secure is minor in comparison to the cost of rebuilding years of intellectual property and settling potential lawsuits that may arise. Intellectual property requires equal protection, if not more, as physical assets. The threats against your corporate data include viruses, competitors, hackers, disgruntled employees, purely accidental malfunctions, and much more. Regardless of the threat, the outcome is the same. Protection should be in place and up-to-date to insure these threats are not realized.
About The Author
Storagepipe Solutions offers a reliable, secure option for online backup and email archiving of intellectual property that can prevent having to re-build years of work.