Here's the clincher: the cost of downtime as per the survey is pegged between $300,000 and $6 million for organizations worldwide. The study spotlights that in the U.S., around 38&amppercnt; organizations surveyed reported losing more than $1 million in the past 12 months alone. In the high-paced technology environment, network outage is a loss of network resources like switches, transport facilities and caused by complete or partial failure of software or hardware components, upgrades, or operational errors that costs millions of dollars. Tech News: 238&amppercnt; Increase in Cyberattacks on Financial Sector Amid COVID-19, Reports VMware Carbon Black Besides financial implications, network outages also affect customer satisfaction and overall productivity. According to Steve Cummins, Vice President of Marketing at Opengear, "The true cost of a network outage is much more than just lost revenue.