Data Redundancy In The Financial Sector

Inconvenience for users in the form of idle ATM or branch office for private financial institutions themselves dispense large losses. The frequency of such situations not only determines the degree of confidence in the company, but its survival in the market. Information technology in business processes, in turn, reduces the number of such failures.

A study on the readiness of the financial sector to backup their data was conducted. The study involved banking and insurance companies, large enterprises with a turnover of  3 to 15 billion dollars. Results of the study suggest that companies in the organization of this sector use certain features of information technology. The subject of the study was to ensure continuity and data recovery.

Half of the companies surveyed felt that the priority in this direction is the restoration of business processes, about 13% – only the restoration of IT-services. Due to the continuity of paying only to the foreign financial companies and their subsidiaries – 75% of them are constantly carrying out data redundancy. Among the companies, this figure is much lower – 23%. And in foreign companies, to address these issues as well as units on risk management, this question remains in the conduct of IT-directors.

Your data center are only a quarter of the companies studied, 37% with an annual turnover of 15 billion, and 45% with an annual turnover of 3 to 5 billion, 18% with a turnover of 5 to 15 billion dollars.

The most common causes of failures were breakdowns of IT-equipment, shortages of electricity and the human factor. To reduce the risk of downtime for these reasons, 42% of financial organizations are planning to backup their data to use the services of commercial data centers.


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