If your company identifies as a financial service business that doesn’t have the IT resources to effectively recover from a major outage, make sure you’re weighing all of the factors around the costs of downtime. Here are the facts:
US businesses lose $12 billion annually due to data loss.
93% of companies that lose their data center for 10+ days file for bankruptcy within one year.
In a 2017 survey by the Depository Trust & Clearing Corporation, 78% of financial services firms reported cyber risk among their top five concerns. Their concern seems justified as 2017 was a costly year for the financial services industry. The Ponemon Institute reported that the cost of cyber attacks in 2017 averaged to $18.28 million per financial services company. These costly incidents seem to be on the rise, but there are some precautions you can take to safeguard your data:
- Outsource your company’s IT needs to an expert who has experience in the
- Don’t sacrifice quality to save money when purchasing hardware. It will
benefit you (and your bottom line) to have strong technology in the long run.
- Perform timely hardware and software updates, maintenance and backups.
- Establish, review and maintain system security of all practice technology.
Any company that has not recently re-assessed its backup and disaster recovery procedures should therefore do so in order to conform to these industry-standard best practices.
Here is what David Ruchman, our Chief Technology Officer said about the need for a strong business continuity solution in the financial industry:
“A business continuity solution is an absolute necessity in any industry, even more so in financial services, as any amount of downtime can result in millions of dollars of loss if trading capacity if affected, and additionally cost an organization thousands upon thousands of dollars of lost productivity, lost data files, and potentially lost business. Can you do business of your systems are down and you cannot access any data? Can you run your operations if you lose the ability to contact your customers and vendors? Business continuity is paramount.”
The Better Way: Intelligent Business Continuity
Business continuity describes a complete solution for backup and disaster recovery. A true business continuity solution will protect data on-premises and in the cloud. Whether data is on servers or in SaaS applications, it needs to be backed up. Business continuity goes a step further and offers you the ability to restore your data, which we call disaster recovery.
Whether a business is faced with a natural disaster, or one man-made, a strong solution will have you up and running in minutes. Solutions that leverage the hybrid cloud can guarantee a quicker restore time as well. Why? Local backups are great to keep data stored on local devices, but if something happens to that device, then what? A hybrid cloud backup solution takes an initial backup on a local device, and then replicates the backup to a cloud server. Cloud-only solutions are not as reliable on their own due to bandwidth issues. A hybrid model works to alleviate the vulnerabilities by implementing both processes to fill in the gaps. That’s Intelligent Business Continuity.
Effective IT solutions For Financial Firms from your local award-winning MSP
- Managed IT Services
- Business Computer Support Services
- Expert IT Consulting
- Access to a Professional IT staff
- Onsite and Remote Computer Tech Support
- Network Monitoring
- Business Data Security Solutions
- Desktop Maintenance
- Server Maintenance and Secure Backup
- Business Continuity Solutions
We have been providing IT Support Services in New Jersey since 1996. powersolution.com is honored to be the recipients of various IT industry awards.We are especially proud to be recognized as one of the Top 100 companies in Managed Security and a Top 500 Managed IT Services Provider – 4 years in the row – by CRN® magazine, a brand of The Channel Company, and in a 250 Pioneer category of 2020.