The importance of cloud computing cannot be overstressed. How many companies store their data locally on hard drives? How many people buy physical copies of whatever software they need? No, we mostly use the cloud for software as a service and easy access to customer data.

But what happens if the Cloud fails or is hacked and becomes inaccessible? A new survey found that three-quarters of IT leaders admit that a ‘cloud outage’ would be “catastrophic” for their business. It was carried out by the cloud computing business Auxilion and its founder and CEO is Philip Maguire.