- Pricing and telematics lead the charge as insurtech patents jump 40pc
- FCA puts general insurance pricing practices under review
- Volvo and Baidu reach agreement to produce autonomous vehicles
- Cyber and D&O exposures increasingly intertwined, Airmic report finds
- Arch selects Touchstone for cat risk modelling
Databarracks unveils cost of IT downtime initiative
Written by staff reporter
Disaster recovery provider Databarracks has launched a new initiative aimed at establishing a central source for calculating the true cost of IT downtime. The Cost of IT Downtime brings together academic research with case studies, as well as encouraging businesses to contribute to the project with their own experiences and methods of calculation.
Managing director at Databarracks, Peter Groucutt said it’s important for organisations to know what downtime actually costs their organisation because without that figure, it’s impossible to make a decision about how much you should spend to prevent it.
“Our dependence on IT has never been greater, and with that dependence comes an increased cost of downtime: essentially, there are now fewer manual tasks staff can revert to in order to remain productive without access to their IT systems,” he explained. “But working out the true cost of downtime, specific to your organisation, is a difficult thing to do. It can vary depending on a number of factors including speed of transaction, reliance on technology and potential reputational damage. Add to this the complete reluctance of businesses to talk about their own experiences of downtime, and it becomes a very grey area.”