BuildReposting

Unplanned downtime is costing the world’s largest companies $400 billion a year, or roughly 9% of their profits, a new report has found. This is the equivalent of about $9,000 lost for every minute of system failure or service degradation. The report, published by the data management platform Splunk, also revealed that it takes 75 days for revenue for a Forbes Global 2000 company to recover to where it stood financially prior to the incident. Downtime directly results in financial losses through lost revenue, regulatory fines and overtime wages for staff rectifying the issue. The report also unveiled hidden costs that take longer to have an impact, like diminished shareholder value, stagnant developer productivity and reputational damage. The Hidden Costs of Downtime report surveyed 2,000 executives, including CFOs, CMOs, engineers, and IT and security professionals, from Global 2000 companies in 53 countries and a range of industries. They provided insight into where downtime origina...

Check out what’s clicking on FoxBusiness.com An New York-based international businessman once described as one of “the most global consultants and speakers in the world,” was sentenced to prison and ordered to pay back over $6 million to victims of a wine-and-dine fraud scheme he operated.  The Department of Justice (DOJ) announced on Monday that 58-year-old Omar Khan was sentenced to two years in prison in connection with an investment fraud scheme involving rare and expensive wines and the impersonation of his attorney during the scheme. On March 28, 2024, Khan pleaded guilty to a single count of aggravated identity theft. “Whether a fraudulent scheme involves business ventures, cryptocurrency, or expensive wines, the career prosecutors of this Office will bring justice to the perpetrators of these crimes,” said Damian Williams, the U.S. attorney for the Southern District of New York. “Omar Khan fleeced his victims of millions of dollars, leaving devastation in the wake of his...