Just a generation ago, risk management was a lot less complicated. Many businesses didn’t have to worry about hardware or software failures.

Everything was processed manually.

But in this digital age, business is severely disrupted if your system crashes and you haven’t backed up your information.

Imagine the ramifications if you lose your records for customers, financial, inventory, payroll and vendors.

At the minimum, it will take you months to reconstruct your records. Also, a system failure can easily drive you out of business.

Either way, you probably can’t get insurance coverage for data loss.

Even if the data can be recreated or recovered, it’s very time-consuming to get back up-to-speed.

Just as importantly, consider the damage to your company’s reputation.

As it is, small businesses already have a weak reputation in the prevention of customer credit card fraud and ID theft.

So it’s important to have a data recovery plan. But many businesses don’t have one.

Here are basic steps for a data recovery plan:

1. Take an inventory of all your hardware that has data. That means all computers in your business.

2. Have a safe storage for your USB drives. Remember, however, they can be easily impaired.

3. On a regular basis back up your data. Everyone in your company should be trained in backing up data. Check on your backup data regularly. You can use the cloud or an external server. Note: A study shows open source technology is preferable to the cloud.

4. Stay current on antivirus software and issuance of patches. Daily update your antivirus software, and scan computers and mobile devices. Segregate your financial records on a separate computer. Software is increasingly vulnerable to bugs.

5. Budget for a tech who is proficient in security and data recovery.  (See: 6 Tips to Save Time and Money by Hiring the Right Tech Consultant)

From the Coach’s Corner, here are related security and tech tips:

Protect Your Bank Accounts So You Can Sleep at Night — Imagine for a moment — you’re sitting at your desk enjoying a second cup of morning coffee. Then, your phone rings. It’s a call from your bank to discuss possible fraud. Your bank is concerned about possible suspicious activity with your accounts, and wants to make sure you’re not a victim.

8 Basic Tips for Selecting the Right Web Hosting Company — If you want to grow or have plans for a complex Web site, hiring the right Web hosting company can be daunting. How do you find a hosting firm that’s reliable and is responsive to your needs? Don’t take the selection process for granted. You can suffer from any one of many unforeseen challenges.

Do BYOD Headaches Outweigh Benefits? Yes — More than half — 53 percent — of surveyed global businesses admit they’re not ready to defend against attacks on their employees’ bring their own device (BYOD) devices. Nearly all say their devices might have been attacked, according to a 2014 study.

19 Tips to Protect Your Core Assets from a Disaster — Hurricane Katrina put us on notice how important disaster planning is. Is your business ready? Biz Coach Terry Corbell provides a 19-point business continuity plan.

“Technological progress has merely provided us with more efficient means for going backwards.”
-Aldous Huxley


Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.