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Natural disasters and malicious cyber attacks are just a few of the things that can cause downtime for businesses. For banks and other financial institutions, such disruptions can have costly repercussions, so these threats are taken more seriously. Even with disaster recovery plans in place and on site, it leaves much to be desired in backing up core systems and applications. Here’s why financial services should consider cloud storage as a better disaster recovery strategy.

How Cloud Disaster Recovery Works

In a nutshell, cloud storagethis recovery strategy works by creating and maintaining copies of critical data and information in cloud storage, which can be retrieved and restored in case of catastrophes. The responsibility for managing and testing the cloud rests on the outsourced service provider, unlike with on-premises disaster recovery, where the burden falls on the internal IT team. With Disaster Recovery as a Service (DRaaS), the service provider can regularly test the reliability of the cloud backup in maintaining critical data.  

Why Financial Institutions Are Hesitating

The financial services industry is highly regulated, requiring strict privacy controls and tight IT security. Despite airtight systems in place, malicious cyber attacks can sometimes sneak in and bypass security — even through the smallest loophole or opening. Security, data privacy, and compliance standards are among the common concerns of financial institutions when it comes to moving toward cloud computing. While many financial service firms have adopted cloud-based applications, they remain wary of a full migration.

What Can Convince Them to Make the Move

Over the years, third-party vendors have improved their data security and privacy features on cloud applications, allowing them to meet global compliance regulations. Cloud storage is a cost-effective solution with a pay-as-you-go model, as compared to standard disaster recovery with its significant capital outlay and required infrastructure. Cloud disaster recovery also allows flexibility based on the needs of the business, since storage backup capacity can be decreased or increased accordingly.

 

The shift of the financial services industry toward cloud disaster recovery may be slow, but it is on the rise. If you need this service for your business, trust the experts at Halski Systems to give a clear, detailed walkthrough on cloud storage and its potential. Based in Hall County, GA, they also provide cybersecurity, managed services, and data backup to clients throughout the Atlanta metro area. Call (770) 536-2276 or visit them online to discuss tailor-fit IT solutions.

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