Hi Dad,
\nHere’s a brief summary of the data insurance idea. <\/p>\n
A major and trusted insurer would offer a data insurance product to
\nbusinesses offering the following:
\n– Assessment of the total value of a business’s “data assets” based on their
\nfinancials and the weighted relative value of each category of data to the
\ncontinuity and ongoing profitability of that business. E.g. customer &
\nsupplier accounts info is the highest priority for most sales\/distribution
\norganisations… while CAD blueprints are hugely important to architectural
\nand engineering practices. However, the valuation process is simplified by
\nmaking revenues\/profits the predominant factor in the calculation.
\n– An insurance policy covering the total value of their data assets
\n– A business interruption policy that they can claim against in the specific
\ncase of data loss or the partial or complete failure of their Information
\nSystems.
\n– Cost-effective data archival software that meets Recovery Point Objectives
\n(RPO), Recovery Time Objectives (RTO) as specified within the above policies
\n– Yearly assessment of data asset risk and BC preparedness. This could be
\ndescribed as a “data risk audit”
\n– Payment by monthly premium covering all the services, policies &
\ntechnologies specified above. <\/p>\n
My reasons for thinking that Information Lifecycle Management & Business
\nContinuity Management (BCM) services should\/could be offered to businesses
\nin this manner are partially explained below. (An extract from my market
\nanalysis document)<\/p>\n
————————————————————-
\nDespite a proliferation of Business Continuity service providers within
\nIreland, much of the SME market has yet to embrace their services. The
\nquestion we must answer first is why is this the case? Some possible reasons
\ninclude:<\/p>\n
–\tLack of education about BCM and DR services?
\n–\tLittle awareness of the effects of poor or non-existent DR planning?
\n–\tThe cost of the service is prohibitive or an incorrect value
\nproposition has been put forward by service providers?
\n–\tThe DR\/BC service providers are too large\/small to understand and
\nmeet customer requirements, both technological and cost?
\n–\tThe sales channel for DR services is incorrect?<\/p>\n
Looking at each of these questions separately it is apparent that many
\nbusinesses have no understanding of DR services and little awareness of
\nexisting service providers. Indeed the necessity for DR planning is
\nunderesimated by line executives. In a recent EMC\/Roper poll 52% of IT
\nexecutives versus 14% of line executives believed that their data was
\nvulnerable. <\/p>\n
This information has been borne out by the preliminary results of our
\nsurvey. We have yet to survey a sample size large enough for meaningful
\nquantitative analysis but the comments of those surveyed have been helpful.
\nTwo of the respondents provide IT services to a small number of SMEs in the
\nmunster region. They stated that most SME’s believe that Disaster Recovery
\nand BCM involves “having a backup copy of some important files stored
\nsomewhere.” <\/p>\n
We fully realise that extensive primary market research will be necessary in
\norder to determine the viability of our proposed service. To this end, we
\nare developing a strategic plan for market analysis with SEBIC. This plan
\nshould lead to a substantial revision of this report, both research and
\nconclusions, in the near future.
\nHowever with our current secondary research we feel able to confidently
\nstate the following:<\/p>\n
–\tReliable information on the BCM & ILM market in Ireland is difficult
\nto find. There are many anecdotal articles and stories out there about BC\/DR
\nhorror stories and recent studies on the poor preparation of SME’s abound.
\nIt is more difficult, however, to determine the actual size and segmentation
\nof the market as most SMEs are clearly not interested in BCM products as
\ncurrently offered & priced.
\n–\t The Irish market for BCM and ILM services is clearly underdeveloped
\n(<29% takeup for BCM services throughout Irish business. SME's are least
\nprepared, source: EMC\/DELL);
\n–\tMost SME's are poorly prepared to mitigate against data loss in a
\ncrisis situation. . This is directly and indirectly causing business
\ninterruption and indeed failure; (43% of businesses that suffer major IS
\nloss fail within 1 year, source: IDC)
\n–\tBCM as a product has done little to catch the imaginations of the
\nsmall business community in Ireland. It is likely that it should be sold in
\na different manner, perhaps as a specific "data insurance" policy offered to
\nbusiness by a major and trusted insurer.
\n–\tLegislative changes and increased awareness should increase interest
\nin BCM and ILM services in Ireland. Mandatory certified ILM & BCM is a
\ndistinct possibility if data retention, protection and availability laws are
\nproperly enforced.
\n–\tSome legislative changes would require small businesses to retain
\nmuch more data than is the current practice. <\/p>\n
E.g. if we assume that the average small business has around 2 GB of data
\nthen meeting proposed EU legislation requiring storage of all data for a
\nperiod of 5 years would produce 6 GB stored on average per year. (ignoring
\nreduction in storage service costs). However, undstructured data is growing
\nby over 100% per year in some cases yielding around 25 GB of data stored as
\na yearly average over the 5 year period. This represents. In excess of 1100
\n% increase in the data stored as old data is accumulated and new files are
\ngenerated. Even assuming that storage costs halve every 18 months, the cost
\nis still considerable. Especially considering conventional storage systems
\nrarely scale uniformly in both storage and price. <\/p>\n
–\tThere is already a vast amount of unstructured data stored
\nthroughout Irish SME's. The small IT consultancy organisations that
\nresponded to our queries estimate an average of 2GB of data for medium size
\n(~50 employee) SMEs. A very rough calculation would predict around 100,000 x
\n2 GB = 200 TeraBytes (TB) of information stored across Irish SMEs.<\/p>\n
—————————————————————————<\/p>\n
Talk to you later, <\/p>\n
…shane<\/p>\n","protected":false},"excerpt":{"rendered":"
Hi Dad, Here’s a brief summary of the data insurance idea. A major and trusted insurer would offer a data insurance product to businesses offering the following: – Assessment of the total value of a business’s “data assets” based on their financials and the weighted relative value of each category of data to the continuity […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/gaisan.com\/blogs\/index.php?rest_route=\/wp\/v2\/posts\/11484"}],"collection":[{"href":"http:\/\/gaisan.com\/blogs\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/gaisan.com\/blogs\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/gaisan.com\/blogs\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/gaisan.com\/blogs\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11484"}],"version-history":[{"count":0,"href":"http:\/\/gaisan.com\/blogs\/index.php?rest_route=\/wp\/v2\/posts\/11484\/revisions"}],"wp:attachment":[{"href":"http:\/\/gaisan.com\/blogs\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/gaisan.com\/blogs\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11484"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/gaisan.com\/blogs\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}