Business Continuity Tips For Financial Services Firms

May 11, 2016

Business Continuity Tips For Financial Services Firms

BY Chris Brunau

As a financial services firm, your clients depend on your guidance to help them make the most out of their fiscal decisions. From accounting to hedge fund management, your clients gain peace of mind when advised properly. These relationships require trust, often built over time.

What would happen if that trust were threatened by downtime? In the financial industry, downtime can be detrimental to your ability to do your job. Nowadays, downtime threats are not only weather related. Entire systems can fall victim to ransomware. Individual identities can be stolen. In these instances, your clients will turn to you for financial security. The ability to deliver that service is crucial to your reputation and livelihood.

A False Sense of Security

While you may be taking some precautions such as securing and backing up your sensitive data, sometimes that’s not enough. There is a common misconception that data is safe if backed up once a day, but this outdated practice is no longer sufficient. If you forget to perform a backup or the process fails, you aren’t protected. Additionally, if you aren’t properly validating backup files, you may be in for an unpleasant surprise when you try to use those files to restore your company’s operations.

How Vulnerable Are You?

If your company identifies as a 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 percent of companies that lose their data center for 10+ days file for bankruptcy within one year.

For more information on how you may be at risk and some best practices for financial services IT, check out our new eBook.

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