I recently ran the GSmartControl utility and got back this report. I'm very worried, does this mean my HDD is about to fail?
Each hard drive come with spare sectors , and once you get a bad sector, one of those sectors moves, and replaces the bad sector. But once these sectors are all used, then it time to be worried. There is no way that I know off that yo can find the number of these backup sectors. You can check with the manufacturer's website, and download their testing software, and test the drive with it.
In my personal opinion, I would get a backup of the drive as soon as possible, and keep using it until it dies. However, I would definitely keep an eye on both the Reallocation Event Count and the Reallocated Sector Count.
The event count indicates the number of times the drive tried, and the sector count indicates the number of sectors actually moved to a spare area on the drive. If it stays stable, it's a one-time thing that's not the biggest of problems. If it gets worse, replace the drive.
Reallocation Event Count S.M.A.R.T. parameter indicates a count of remap operations (transferring data from a bad sector to a special reserved disk area - spare area).
The raw value of this attribute shows the total number of attempts to transfer data from reallocated sectors to a spare area. Unsuccessful attempts are counted as well as successful. Since this is a count value, it can only increase.
This is a critical parameter. Degradation of this parameter may indicate imminent drive failure. Urgent data backup and hardware replacement is recommended.