According to 2023 statistics from the job research platform Zippia, on average, only 65% of data lost to ransomware attacks is recovered. Additionally, last year saw an 80% increase in the number of ransomware incidents. Surprisingly, the same research revealed that only 15% of the surveyed companies are adequately prepared to deal with such events, while the implementation of an effective backup solution can provide significant protection against data loss, not only in the case of ransomware attacks but also in response to many other unexpected events.How can efficient backup solutions safeguard your company’s data, and why is it so crucial for Microsoft Dynamics 365?
Data and Microsoft Dynamics 365
Microsoft Dynamics 365 plays a critical role for companies that rely on its enterprise resource planning and customer relationship management applications. These features automate numerous core business operations and workflows, all of which involve processing the company’s data.
As a result, Microsoft Dynamics 365 also serves as a central data repository. While this software suite is one of the most cutting-edge products of its kind available on the market today, it is not completely immune to system failures or other types of corruption that can lead to data losses. Losing critical system data can have serious consequences in the modern world driven by data, resulting in financial issues, conflicts with customers, damage to the company’s reputation, and potential legal issues.
Factors that can lead to the loss of data used by Microsoft Dynamics 365
Ransomware attacks, as mentioned earlier, are among the most severe threats to data safety and integrity within a company. Businesses, governmental organizations, and non-profits frequently fall victim to malicious actors who encrypt data and demand a ransom in exchange for regaining access to compromised data. In 2021, businesses lost over $1.3 billion in ransom payments alone. However, this is just one of the many possible scenarios of data loss. Below, you will discover more factors that can lead to data loss when using Microsoft Dynamics 365.
1. Cybersecurity threats
In addition to ransomware attacks, data theft is another prevalent cybersecurity threat that can result in data loss. It is worth noting that data theft can also involve or entirely rely on social engineering, a form of psychological manipulation that may lead employees to grant access to data voluntarily.
2. Human error
Mistakes made by employees are one of the most common factors contributing to data loss or compromised records. This problem is even more significant in organizations that have not properly configured user access control for their applications.
3. Technical Issues
The complexity of Microsoft Dynamics 365 can lead to unexpected behavior in its applications. While most companies working with this suite understand the importance of frequent testing, not all potential technical issues can be detected early enough. Integration failures, as well as data import and export problems, are additional factors that can impact data security.
Furthermore, companies that choose to customize the default Microsoft Dynamics 365 features are at a higher risk of experiencing data loss due to technical issues.
Additionally, hardware malfunctions, including power outages and disk failures, can result in data loss.
4. Inadequate data retention policies
Poorly designed data retention policies can lead to the premature deletion of valuable data, insufficient backup strategies, or a lack of disaster recovery plans.
Why are backup solutions critical for companies?
As explained above, many factors can lead to data loss, which can be prevented by implementing an effective backup solution. Here are some of the benefits such a solution can bring to an organization:
1. Data protection
A backup solution ensures that your data is not lost in case of accidental deletions or overwriting.
2. Disaster recovery and cybersecurity
In addition to handling minor incidents, a robust backup solution can safeguard a company’s data in catastrophic failures caused by cyberattacks, server crashes, or natural disasters. Moreover, a backup solution can serve as an insurance policy, enabling data restoration to thwart ransomware or data theft attempts by attackers.
3. Regulatory compliance
Access to historical data is not only essential for business operations but also for regulatory compliance with standards enforced in many countries. Without a backup solution, organizations risk losing historical data which is essential for conducting audits.
4. Data preservation
A backup solution also helps to preserve historical data for long-term analysis such as trend forecasting and planning.
Find more at: https://xplusglobal.com/blog/dynamics-365-backup-solutions-best-practices-for-implementation/
Implementing backup solutions for Microsoft Dynamics 365 – key considerations
Selecting and implementing a proper backup solution is a complex task that may require assistance from a professional. A Microsoft Dynamics 365 implementation partner, such as XPLUS, is one of the experts who can guide you through this process, which involves considering multiple factors. These include:
- Company’s requirements for backup frequency;
- Data retention periods balanced with compliance requirements and storage costs;
- Security of backup solutions, including access controls and encryption;
- Automation of backup processes;
- Scalability to handle growing data volume;
- Monitoring and alerting systems to inform about backup failures.
Your implementation partner can also help you choose testing and verification procedures to assess the efficiency and comprehensiveness of the backup solution.
Bottom line
The significance of a data backup solution for companies working with Microsoft Dynamics 365 or any other ERP and CRM applications is immeasurable. From retrieving data lost due to small errors made by employees to recovering large chunks of data lost during natural disasters or cyberattacks, a data backup solution not only secures data but also safeguards the organization’s funds, relationships with customers, and reputation.
