80% of businesses in Ireland do not have an appropriate back-up broadband connection in place according to new research released by Magnet+, Ireland’s largest independent connectivity network. Business leaders are thus failing to acknowledge the criticality of connectivity to their business.
With 270,000 SMES in Ireland currently, (269,708 according to the latest figures from Statista) , the research, which was conducted by Behaviour and Attitudes (B&A) on behalf of Magnet+, indicates that approx. 216,000 businesses are leaving their systems vulnerable to significant loss in the case of a connectivity malfunction or system failure.
What an Connectivity Failure Might Cost
To further demonstrate the meaning of these results and the importance of backup broadband for business, Magnet+ has calculated that an average business in the IT sector could lose up to €20,000 per working day due to connectivity failure and having no back-up in place.
Recent CSO figures show that the IT sector has an average hourly labour cost of €48.39 meaning an IT related business with a team of 50 could lose productivity worth €2,419.50 per hour – working out at almost €20,000 per average working day (€18,146.25). Similarly, businesses outside of the IT sector with a team of 50 could also be impacted financially if they are without the appropriate connectivity back-up according to these CSO figures, for example:
- Financial, Insurance and Real Estate – potential loss of €17,145 per day
- Arts, Entertainment and Recreation – potential loss of almost €8,550 per day
- Accommodation and Food Services – potential loss at almost €5,520 per day
These figures don’t include the revenue loss for a business that sells it’s products or services online, or the knock-on impact of reputational damage.
John Delves, Managing Director of Magnet+, is calling for the immediate implementation of a new industry standard that requires all telecommunications companies to provide two lines of broadband at all times to guarantee 24/7 connectivity
“If you don’t have connectivity, you can’t operate as a business – it’s as simple as that. That’s why I’m totally shocked by the figure that 80% of businesses don’t have a back-up system in place. Every day we’re seeing the real-life impact that connectivity failure has on businesses and it’s these failures and the alarming results of our research that led us to develop our new service Magnet Duo, Ireland’s first fully guaranteed internet connection.”
Magnet Duo – Guaranteed Internet Connection
Magnet Duo is Ireland’s first fully guaranteed internet connection*. Magnet Duo provides customers with two individual active links – instead of one, which is the current standard. Each link operates independently which means if one link is interrupted for whatever reason, traffic automatically switches to the other until the first is operating again.
Each link is also connected to a different data centre meaning again, if one connection is interrupted, traffic is automatically routed via the other centre. Both connections are monitored 24/7. So if one is interrupted, traffic automatically switches to the other until both connections are operating normally again.
How Guaranteed Internet Works
For more information on Magnet Duo, check out Magnet Duo or follow us on Twitter @MagnetPlus
The research was carried out by Behaviour and Attitudes (B&A). Fieldwork was conducted in Q4 2022 with a sample of 400 participants.
*Terms and conditions apply. Guarantee applies to Magnet Duo service when two equal capacity diverse circuits are installed via fibre and/or wireless. Guarantee does not apply to force majeure including acts of god and power related issues.