Digital Information Costs Businesses $1.1 Trillion Annually: Symantec
Digital information is costing businesses of all sizes a bundle, and poorly protected data is a major challenge.From confidential customer information, to intellectual property, to financial transactions, organizations possess massive amounts of information that must be collected, retained and analyzed to keep the business competitive, but it comes at a huge cost, according to security specialist Symantecs "State of Information Survey." Digital information costs businesses worldwide $1.1 trillion annually, the report found, but also makes up 49 percent of an organizations total value. The total size of information stored today by all businesses is 2.2 zettabytesa zettabyte is a unit of information or computer storage equal to one sextillion (one long-scale trilliard) bytes. Small and midsize businesses (SMBs) on average have 563 terabytes of data, and the information load is expected to grow 178 percent for SMBs over the next year. That figure compares with 100,000TB for the average enterprise, where information loads are expected to balloon 67 percent over the next year.
A typical 50-employee small business spends $183,500 on information management, whereas a typical large enterprise with 2,500 employees would spend $8.2 million, and the yearly cost per employee for SMBs is a lot higher at $3,670, versus $3,297 for enterprise. Overall, enterprises spend $38 million annually on information, while SMBs spend $332,000. Despite the reams of data and substantial costs, the survey also suggests businesses are struggling to protect this information.