Financial Services Industry at High Risk of Data Loss
Many financial services firms have no confidence in their IT organizations to recover data after a disaster. According to the recent Acronis Disaster Recovery Index, 68 percent of U.S. financial services organizations lack confidence in their companies' backup and disaster recovery capabilities, and only 36 percent believe they have ample resources. Only 32 percent believe they have adequate technologies to execute effective backup and disaster recovery.
Acronis, a provider of disaster recovery and data protection solutions for physical, virtual and cloud environments, put the index together with data from a survey conducted by the Ponemon Institute. Ponemon surveyed over 6,000 IT practitioners in SMB organizations with less than 1,000 seats. The survey was conducted in September and October of 2011 with organizations across 18 countries.
Mistakes happen in the IT world, but how we handle those mistakes is most important. Forty-five percent of U.S. financial services firms surveyed said downtime can cost them at least a quarter of a million dollars a year. In addition, only a third of respondents believed they could recover quickly in the event of system downtime.
Only 39 percent of financial services respondents in the U.S. were satisfied with their overall backup and disaster recovery operations. The study revealed an overall trend of inadequate backup and disaster recovery among U.S. SMBs in all sectors surveyed.
The study showcases the need for better backup and disaster recovery. Downtime costs businesses money, and it's better to spend money on prevention than waste it on expediting recovery.
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