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Opengear: 31 Percent of Companies Lose $1 Million+ to Network Outages

OpenGear: 31 Percent of Companies Lose $1 Million+ to Network Outages

OpenGear: 31 Percent of Companies Lose $1 Million+ to Network Outages

According to a report recently released by Opengear, 31 percent of companies have lost at least one million USD due to network outages in the past 12 months. This information comes from the Measuring the True Cost of Network Outages report, based on a survey of 500 senior IT decision makers in North America and Europe. The report found that network engineers and IT teams are worried about network resilience as outages become more frequent — and more costly.

You need to ensure your network is performing well at all times. Our Network Monitoring Buyer’s Guide contains profiles on the top network performance monitoring vendors, as well as questions you should ask providers and yourself before buying. We also offer a Free and Open Source Network Monitoring Buyer’s Guide if you’re a small business or have a tighter budget but still want enterprise-grade monitoring for business networks.

Opengear’s survey revealed that in the past 12 months, 31 percent of companies suffered a network outage that caused at least one million USD in damages. For 23 percent of companies, there was at least a 25 percent increase in network outages in the past five years; in addition, 39 percent of reported outages took more than a full day to resolve. The response to the survey indicates an increase in the difficultly and complexity of keeping a network running smoothly.

However, Opengear also found that 83 percent of IT decision makers list network resilience as a top priority. Since the survey reveals the cost of network downtime and outages, it’s important to note that network teams desire to have stronger, more resilient networks. This is supported by Opengear’s findings that detection and remediation tools improve security by 48 percent, save employee time by 45 percent, and reduce costs by 41 percent.

In the company’s press release, Opengear’s Vice President of Marketing Steve Cummins stated: “The true cost of a network outage is much more than just lost revenue. Our survey found that reduced customer satisfaction was the biggest impact of an outage according to 41% of respondents, ahead of data loss (34%) and financial loss (31%). Organizations need to think in advance about how they can avoid, and then recover from, an outage quickly before the consequences become severe.”

Download the Measuring the True Cost of Network Outages report here.

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