As a result of network outages European companies are losing an average of £54,750 per annum.
The results were found by a study into the effects of network downtime conducted on behalf of supplier Avaya.
According to the research, traditional network vulnerabilities and outages are causing far greater problems than most CIOs realise.
Beside the financial impact, network outages can negatively affect company growth, sometimes resulting in job losses,; with one in five companies saying they had fired an employee for bringing down the network.
In most cases, mistakes made whilst configuring changes at the network core were to blame, with 81% of IT professionals surveyed saying human error had knocked them offline.
The survey showed that European businesses were waiting an average of 29 days to make changes to their corporate networks.
Adrian Brookes, head of EU networking at Avaya said: "This will continue to be a self-perpetuating problem unless these businesses can move to a more automated, simpler and flexible network environment.
"Bottom line, network complexity increases wait time; wait time affects margins and decreases the ability of IT to provide the company with a competitive edge."
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