In today's fast-paced and unpredictable business landscape, it's more important than ever for companies to be prepared for the unexpected. Otherwise, they may struggle to get back on their feet and suffer the financial consequences of downtime. This is where a business continuity plan (BCP) comes in handy.

It can be difficult for small- and mid-sized businesses (SMBs) to predict when they will be hit by disasters like natural calamities, faulty devices, and data breaches that can disrupt their operations. And despite the fact that 40% of small businesses never reopen after a disaster, many still don’t have a proper backup and disaster recovery (BDR) plan.

Cloud computing is transforming the way companies store and access business-critical applications and data. Syncsort’s 2018 report showed that IT professionals consider business continuity to be the topmost benefit of the cloud. This is no surprise. With the cloud, applications and data are typically stored and accessed securely from a central, off-site location so that business can continue as usual despite unplanned interruptions or incidents.

Business continuity has moved to the cloud. Compared with manual backup systems and conventional disaster recovery methods, a cloud-based business continuity plan (BCP) offers a more efficient and cheaper solution to getting your business up and running quickly while reducing potential liabilities in the event of a data breach or other kinds of disaster.

Backing up critical business data is an essential safety measure against system outages, natural calamities, data breaches, and ransomware. But is data backup really enough to secure digital assets against those eventualities?

Why you need more than data backup
Data backup is an automated process of making updated copies of files from your business’s network and servers and storing them in an off-site or cloud-based data center.

Disaster recovery plans aren’t just nice things to have — they’re critical for safeguarding the future of your organization, should the worst happen. According to FEMA, some 40% of companies close their doors for good after a natural disaster, and that’s not even taking into consideration the man-made catastrophes that can affect your organization.

If cybersecurity isn’t at the forefront of your technology strategy, then it definitely should be. Small- and medium-sized businesses are a favorite target for hackers because they manage sensitive information and are not as well fortified as large corporations.

Business owners must be realistic about how they deal with catastrophes and prepare for them now. Baltimore businesses, in particular, are no stranger to devastating disasters. In May, the region experienced massive flooding that halted all business activities, resulting in millions of dollars in damage and lost revenue.

Power outages, floods, equipment failures, man-made errors, and other disasters lead to data breaches and IT downtime. Without a disaster recovery plan, your business will spend thousands of dollars repairing damages and regaining lost profits. Considering that 40% of businesses never reopen after a disaster, neglecting disaster recovery puts your company's existence at serious risk.