BigPanda, the leader in AIOps Event Correlation and Automation, released the findings of a new report titled "The Modern IT Outage: Costs, Causes and Cures," which found that the average cost of an IT Outage is $12,913 per minute. Produced in conjunction with Enterprise Management Associates (EMA), the report also found a correlation between IT outage costs and the size of an organization, as businesses with more than 20,000 employees lose an average of $25,402 per minute due to outages, translating to more than $1.5 million per hour. "For years there has been a largely unchallenged urban legend that the cost of an IT outage is $5,600 per minute, but our research shows it's actually more than double that amount," said Assaf Resnick, co-founder and CEO at BigPanda. "Ultimately, this underscores the importance of minimizing IT outages on the front end and acting quickly to remediate them if and when they do occur. Particularly in the face of economic uncertainty and an IT talent shortage, the numbers validate how imperative it is for today's organizations to adopt AIOps to lower the risk of frequent, lengthy, and costly outages."