It's tough to not by cynical after reading about something like this happening to an established company. To many of us, this is being careless about data in the 1st degree.
But as one other poster pointed out, let this be a cautionary tale - but not only to those who fund and lead IT departments (aka, the "Suits") but for system administrators as well.
I don't claim at all to have any deep knowledge about this particular Journalspace setup, but I can get a decent idea just by gleaning tidbits from TFA and elsewhere. In the end, I have to conclude that Journalspace is/was a company that had a great idea or product, the product being an application, but the people whose full-time job was to maintain the app had no idea how to design the underlying infrastructure to properly run it.
This is a situation I find more and more these days since the advent of Web 2.0. The scenario goes something like this: A company is formed around an application, an assemblage of Java/PHP/Ruby/whatever code that runs a neat service or online tool. The company brings in people who know the idea/code/language well and improve it. *Running* the application, however, on the systems infrastructure, is not their strong point. They're coders. They know Java classes and whatnot inside and out, but there's a reason why these people are full-time app coders and not systems/storage administrators.
One of two scenarios then happen. Sometimes both occur. First, one of the app coder employees who knows just enough about running a OS or designing a systems infrastructure is co-opted by the group to do this, to run their app. This person can get a lot of things right, but the devil is in the details and misconceptions or misunderstandings about certain things lead to stuff like RAID mirroring being considered as a backup mechanism or choosing to run your company on OSX Server because its GUI is familiar or whatever the reason may be.
The other scenario is that the group of app coders try to hire in people with the right kinds of experience to setup a infrastructure, but because they're interviewing people for a job they don't know how to properly quantify, they end up hiring under-experienced admins who are good at feeding them BS.
In the end, you get a turd of a infrastructure that works most of the time, but always has at least one hidden domino threatening to topple. When that domino eventually does, Journalspace happens. Single database servers? No real backups? That's a some basic stuff right there. It makes me wonder about more nuanced things that help keep a infrastructure straight such as security policies (network, host, physical), change control, funding, and so on.