Bankruptcy is the legal status assigned to relieve a person or any entity who is unable to pay outstanding debts or obligations back through a proper legal procedure followed by legal proceedings. This status gives some relief to debtor from debts. The rules for bankruptcy are outlined in U.S. Bankruptcy Code, and the cases associated with it are heard in federal courts. Bankruptcy is a kind of dead end after that there are no chances of restoration, but it is a gateway for a new start. So, losing the years of hard work of establishing the business at the cost of some event or disaster is painstaking. To avoid such occurrence, it is really important for every business to have the disaster recovery plan and services in place so that if any bad incident takes place, the business operations wouldn’t stop. Now you might be thinking, what is disaster recovery plan?
WHAT IS DISASTER RECOVERY PLAN?
Disaster recovery plan (DRP) is a plan that is designed while keeping in consideration all possible threats and incidents that may take place and the strategy to cope any such disaster is devised within it. It is a part of business continuity plan, and it enables business to quickly resume work after an unplanned incident. It is basically an alternate to protect business even after an unknown incident from data loss or system functionality. To prepare the holistic kind of DRP, it is very important for the business entity to do risk analysis and business risk analysis. The best thing about DRP is that it is comprised of data recovery and protection strategies which can timely cope with application failure, communication failure, power outage, natural disaster, cyber-attack, data center disaster, building disaster, natural disaster, disease outbreak or any other form of disaster causing business disruptions. The four most common disaster recovery plans are:
- Cloud DRP
- Data Center DRP
- Virtual DRP
- Network DRP
These plans can be tailored and used according to business requirements. Besides that, it is also important to keep in consideration budget, insurance policies, resources, tangible and intangible assets, sensitivity of data, suppliers, and compliance requirements.
To materialize any disaster recovery plan (DRP) there is the need for proper disaster recovery services. You might be thinking now, what are disaster recovery services?
WHAT ARE DISASTER RECOVERY SERVICES?
Disaster recovery services are the services that are put in place if in case any disaster strikes the business, whether it’s natural or unnatural to keep business operations working. Disaster recovery services mainly depend on data backup and computer processing in an off-site or remote location. Disaster recovery services rely mainly on:
- Disaster Recovery Specialized Team
- Complete Backups
- Regular Testing and Optimization
- In-depth Risk Evaluation
- Proper Identification of Critical Assets
In the meanwhile, it is very important for the business to have crisis management, business continuity, impact assessment and recovery practices in place so that if in case any mishap takes place it can be immediately handled and controlled. Disaster recovery services can be based on various disaster recovery methods, some of the most important disaster recovery methods are:
- Complete Offsite Backup of Data
- Cold Site
- Hot Site
- Backup as a service
- Disaster Recovery as a Service
- Cloud environment
- Virtual Machines Setups
- Datacenter Disaster Recovery
- Point in Time Copies
- Instant Recovery
Businesses use these disaster recovery methods to carve out their disaster recovery services while keeping in consideration their business requirements. However, here the question arises, how Disaster recovery services prevent bankruptcy?
HOW DISASTER RECOVERY SERVICES PREVENT BANKRUPTCY?
According to National Archives and Records Administration reports, 93 percent of companies files for bankruptcy within just 12 months after experiencing data loss and downtime for ten or more days. So, it would not be wrong to say that disaster recovery services are the need of every business. Furthermore, it is also observed that 43 percent of business entities that do not have the disaster recovery plan in place lose their existence even because of the failure of data recovery.
In short, disaster recovery services are the one-stop solution for disaster management. These services are always on standby position, and benefit businesses through:
- Cost Effectiveness
- Better Customer Retention
- High-level Scalability
- Fast Recovery
- Enhanced Security
- Prevent potential legal liability
- Keeps Business Operations working
Hence, through the timely placement of Disaster Recovery Services many businesses can be saved from bankruptcy. If you want to secure your business from any disaster, feel free to contact us at hello@voltekit.com.
