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How Much Can An IT Failure Cost?
Failure of the corporate IT is expensive...
In the course of a survey, Contingency Planning Research* and Yankee Group calculated costs of an IT failure for various businesses:
- A server failure in securities trading costs 108,000 USD per minute.
- A server failure results in a loss of 43,000 USD per minute for lost credit card transactions.
- A one minute server failure results in inability to accept flight bookings worth 1,500 USD.
- An IT systems failure results in a turnover loss of 1,200 USD per minute for phone sale of tickets.
- Half of US American companies state that Internet failure results in hourly costs of over 10,000 USD.
- A further nine percent of US American companies even name in this context hourly costs of 50,000 USD.
*Source: Contingency Planning and Management