This post is brought to you by Synology.
According to the Malaysia Statistical Business Register (MSBR), there are more than 1.2 million small to medium enterprises (SMEs) locally that make up 97.4% of all the businesses in Malaysia. So, there’s no doubt that SMEs form the backbone of the Malaysian economy.
In today’s computerised world, it’s highly likely that your SME’s data is stored digitally, either locally on a drive or on a remote server using a cloud storage service. Moreover, with more companies adopting a work-from-home (WFH) culture, your SME’s data could be spread across multiple devices.
So, here are two examples of how your SME’s data, especially those that are crucial to your company’s operations, can be at risk of being corrupted or lost.
1) Locked by a ransomware attack
One of the greatest threats to your SME is a cyberattack. Cyber-security firm Fireeye, which is based in the United States with a branch in Malaysia, reports that 77% of all cybercrimes are directed toward small businesses. However, only 42% of small business owners are concerned with cyber-security.
While there are the common computer virus attack that infects and destroys data, ransomware is the newest go-to method for cyber-criminals. A report published by the World Economic Forum titled Global Cybersecurity Outlook report, states that ransomware attacks rose by 151% in 2021.
The attacker will inject malicious code into the computer system that encrypts files stored on the drives and can travel across a shared network to infect other devices. Once encrypted, you will not be able to access your SME’s data unless you pay the ransom demanded by the attacker, hence the term ransomware. Even after you pay the ransom, there is no guarantee that your SME’s data will be restored.
As a result, your business will most likely experience downtime in its operations. According to a report by Cisco Systems Inc on Asia Pacific business, 23% of the SMEs said that downtime between one to two hours would result in a significant impact on revenue while 16% said it only takes less than an hour to do the same damage. But for 6% of SMEs, a downtime of even one day could result in the permanent closure of their company.
2) Scattered and redundant data
Many modern businesses have adopted remote work or WFH policies which might lead to your SME’s data being spread across multiple platforms and devices. Scattering your data across servers, virtual machines, personal computers, and cloud or software as a service (SaaS) applications may actually put your data at risk because you are essentially combining the risk of failure of all those mediums.
Protect your data by keeping backups
Iskandar Ahmat from the PIKOM Cybersecurity Chapter Malaysia elaborated on the importance of having a backup solution for your SMEs data. Using a backup solution, your SME can restore the lost data and be up and running more quickly. This would also mean that you wouldn’t need to pay the attacker to have your data unlocked.
However, data management and backup can get complex when certain platforms are only compatible with specific backup solutions. In addition, it can be hard to avoid expensive licensing fees whenever software and hardware storage devices are purchased separately.
Therefore, your SME needs a data protection solution that enables you to centralise and protect business data distributed across platforms, and perform multi-version backups with flexible, rapid restoration options to minimize damage when a disaster occurs, all while meeting your budget requirements.
Keeping those requirements in mind, here are three key functions to look out for when considering an intelligent backup solution for your SME.
1) Centralised Management
The best backup solutions offer intuitive backup management for all endpoints, including servers, virtual machines, and SaaS applications. Instead of performing individual backups for each platform, a centralised data management solution offers a more comprehensive backup from a single interface.
Your IT staff can deploy and monitor backup tasks while receiving instant notifications and detailed reports. Moreover, with an easy-to-use centralised backup solution, individual employees can even be trusted to restore their own data using flexible recovery options without burdening IT admins, speeding up the recovery process.
However, backups are less effective without fast and easy restoration options. Therefore, today’s leading solutions offer near-instantaneous restoration to minimize costly service downtime.
2) Smart Backup Technology
The primary function of a smart data backup solution should provide efficient backups for all company devices without occupying extra storage space with duplicate pieces of data. This is achieved by only saving a copy of files that have been changed or newly added since the last backup. Additionally, a comprehensive service would also include data deduplication, a technology that eliminates identical data blocks across backup workloads.
It is essential to find a solution that is flexible and scalable enough to meet the needs of growing businesses without requiring the replacement of existing IT infrastructure.
3) Meet your security budget requirements
According to PwC’s 24th Global CEO Survey in 2021, 56% of CEOs in Malaysia plan to increase their investment in digital transformation by 10%. However, PwC Malaysia managing partner Soo Hoo Khoon Yean tells The Edge that only 38% of CEOs in Malaysia plan to increase their budget for cybersecurity by 10%.
Business data security can be expensive, with high costs for infrastructure construction, security analytics, network monitoring, routine maintenance, firmware, software updates, and recurring license fees. Therefore, by consolidating acquisition, deployment, and technical support with one vendor, IT admins can have a comprehensive backup and recovery plan in place without paying additional license or maintenance fees.
Some storage providers offer built-in backup applications that achieve comprehensive data protection, including backup tasks for physical and virtual environments, and even saving off-site copies to the cloud.
A backup solution that aligns with your business’s digital transformation
The ownership and management of data is a crucial part of today’s growing businesses, and whether or not a business can protect its data plays a major role in its success. Having a smart backup solution can provide businesses with a competitive advantage and put them a step ahead in this modern era.
If you are looking to know more about how your business can be protected, don’t miss out on an upcoming webinar by Synology titled, “Data Protection Journey: Indulge Yourself with Ransom-free via 3-2-1 Data Backup Strategy.”
Here, experts from Synology themselves will share with you some tips on how Synology solutions can help your business overcome the challenges of data protection. Best of all, the webinar is free with no ticket charge.
If you’re interested in joining the webinar, it’s happening on Thursday, 16th of June 2022 at 10.30am Malaysian time. Simply click on the registration link and sign up to make sure you don’t miss out on this opportunity.
