IT outages cost over $12,000 a minute
The average cost of an IT Outage is $12,913 per minute according to a new report from AIOps automation specialist BigPanda.
Produced in conjunction with Enterprise Management Associates (EMA), the report also finds a correlation between IT outage costs and the size of an organization, as businesses with more than 20,000 employees lose an average of $25,402 per minute due to outages, translating to more than $1.5 million per hour.
Why have we failed and what do we need to do?
In watching the most recent high profile, and very costly breaches, I’ve begun to ask the question "Why have we failed and what do we need to do?" We’ve failed. As I enter the twilight of my career in our industry, we haven’t gotten better -- breaches are more expensive, they’re more difficult to remediate, the economic destruction is real, and people get hurt or die as a result of cybersecurity breaches. Why? Where did we go wrong, and what do we need to do to fix it?
The first question I asked myself is, "What do we do well?" We’re an industry of incredibly talented people. Over the years, we’ve learned to collaborate and share information (which, we didn’t start off doing), and we have no shortage of tools. Our tool chest is loaded to the gills with capability. We also have boards and executives who are more cyber savvy than ever before. When I started in our industry over two decades ago, I couldn’t explain to a board what cybersecurity was with a PowerPoint presentation. Now, they’re all concerned about the issue and paying attention.