Once upon a time, it was an expensive proposition that only the largest financial institutions could afford to maintain a physical data center or cloud-based backup. Facility costs, coupled with the administrative burden of keeping data in sync and up-to-date, became a budget gap for many institutions.
With advances in virtualization and cloud technologies, modern data recovery options are now affordable for most banks and credit unions looking to upgrade their Disaster Recovery Plan (DRP). .
Although natural disasters such as hurricanes, tornadoes, and ice storms are rare, they can cause catastrophic damage to organizations that feel unprepared. Cyber attacks and data breaches, on the other hand, are becoming more common. According to a recent Verizon report, 58% of all data breaches in 2020 involved personal data.
However, maintaining a DRP is not only good for risk management, there are compliance considerations as well. Civil protection planning for financial institutions is still required by the supervisory authorities. GLBA, FFIEC, EFA, and a host of other compliance requirements for financial institutions are increasing the compliance liability of banks and credit unions across the country.
While on-premises, secondary data center, and cloud data disaster recovery options are viable in today’s data-first financial sector, the cloud recovery option offers several benefits to institutions of all sizes.
The bottom line is that managing and storing data in the financial sector is a dynamic challenge that will only increase as digital channels continue to expand. Cloud data recovery offers a flexible, affordable, and scalable option in a disaster recovery plan.
Commvault, Acronis, Unitrends, Cloud Computing, Veeam, Disaster Recovery, Dell EMC, Altaro Software, Remote Backup Service
World News – UK – 5 Benefits of a Cloud Disaster Recovery Plan
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