Disaster Recovery for Banks

It would be quite fundamental to talk about disaster recovery or business continuity plan (BCP) for banks because being in 2019; we have moved on from the utmost importance of these ideas to keep the operations up and running. So we would naturally tend to think that today all banks are prepared for any type of disaster which might occur but sadly that isn’t the truth at all. A considerable number of banks are still not well versed with the importance of DR planning for their essential data and day-to-day processes which can easily take a hit in an event a disaster strikes.

It would be quite fundamental to talk about disaster recovery or business continuity plan (BCP) for banks because being in 2019; we have moved on from the utmost importance of these ideas to keep the operations up and running. So we would naturally tend to think that today all banks are prepared for any type of disaster which might occur but sadly that isn’t the truth at all. A considerable number of banks are still not well versed with the importance of DR planning for their essential data and day-to-day processes which can easily take a hit in an event a disaster strikes.

Disaster Recovery for banks is an unavoidable choice which should be implemented by every bank in India based on the guidelines mandated by the Reserve Bank of India.

 

To address the concerns of a disastrous event, it is essential to avail services of an IT service provider who will be responsible for providing you with a business continuity plan to handle business outage or system failures and cyber-attacks. Disaster Recovery as a Service (DRaaS) is an optimum solution for banks to take advantage of a cloud computing environment for faster recovery time and restoration of data. It is crucial for banks to make sure that there customer’s data is kept secured and that there is no data loss either. A cloud-based disaster recovery solution is a step further, which provides service availability at all times by offering an affordable and efficient disaster recovery service.

One of the best advantages the banks can have with a cloud-based disaster recovery service is that they do not need to maintain their own data centre. In the banking industry, excellent customer service is very vital and so to provide an uninterrupted service is like gaining a loyal clientele. So preparedness in the event of a disaster is crucial for a bank’s daily operations, customer retention and brand loyalty.

We at ESDS Software Solution would call ourselves the experts because we have witnessed some of the most disastrous situations which our clients from the banking industry had to face as we have literally repurchased them from the dead. To give you an example, I would pick the Dhule Nandurbar District Co-op Banking (DNDCCB) case to sum up the importance of a disaster recovery plan for banks.

DNDCCB is one of the most reputed banks in the co-op banking sector and has always adopted the latest technologies to improve their services. By complying with all the standards set by RBI, DNDCCB validated the DR and BCP plan from ESDS in the event of a disaster. On April 17th 2016, the bank’s head office was caught on fire which housed their data centre and all the critical documents. It was an unfortunate event in the bank’s history, but their decision to opt for a DR plan had paid off because ESDS’ continuous DR drill practices had made sure that all their data was kept safe and up-to-date.

Shubham Kale

This MBA turned Tech Writer is passionate about Fast Life, Fast Cars and Fast Technology. As a new writer to join the ESDS bandwagon, Shubham Kale loves to project his thoughts on Cloud Computing and related matters...
Shubham Kale