How Much Is The Cost of Downtime To YOUR Business?

How much will a downtime event cost YOUR business?

If you’re concerned about the financial and reputational implications of downtime in your business, click the Orange button to book your FREE CyberSCORE Assessment with our team.

Video Transcription

Did you know that just 60 seconds of downtime could be costing your business more than $5,000?

I’m not making this up.

Gartner research says the average cost of one minute of downtime for a business is $5,600.

 

And it gets worse.

Over 98% of those businesses say, a full hour of downtime cost them more than $100,000.

And when you factor in cyber security, it gets even more alarming.

According to a 2017 research study, the average small business cost to recover from a cyber attack is $117,000.

 

Listen, I get it. I’m a business owner, too.

I don’t like being asked to spend my hard earned money any more than you do.

But if I take the time to understand my risks, I’d much rather spend a little bit now then a lot more later.

So let’s calculate what a single hour of downtime actually costs your business.

 

The formula for figuring out a single hour of downtime is:

1 hour of lost revenue + 1 hour of lost productivity +  the cost of recovery + plus the cost of any reputation damages.

 

Now let’s make that applicable.

If you have 10 employees that make an average of $50,000 per year, and your top line revenue is 2.5 million.

And if we disregard the cost of reputation loss, your one hour of it downtime is $1,250 in lost revenue, plus $250 in lost productivity, plus the cost of any recovery.

 

Now maybe an hour of downtime is not so bad.

But what about a full day of downtime?

What about a full week of downtime?

And remember, if you’re down from a cyber attack, you can tack on that extra 117,000 bucks.

 

So what would it be worth it to you to prevent that downtime from happening in the first place?

Well, first, you need to know what your downtime costs are.

How much does one hour of downtime cost your business? 

If you’re concerned about the financial and reputational implications of downtime and a cyber attack on YOUR business, click the button below to book your FREE CyberSCORE Assessment with our team