By Brandon Tanner
September 3, 2015
Summary Notes of Article:
• Financial
firms have been very reluctant to adopt the cloud due to security concerns. The
Cloud Security Alliance issued a report where it shows this behavior is
changing.
• The
report showed 61% are developing a cloud strategy, and 47% are considering a hybrid
cloud environment for their firms.
• The
cloud truly gives them more options for hittingbusiness continuity and disaster
recovery (BC/DR) targets. In the event of a significant business interruption,
Disaster Recovery-as-a-Service (DRaaS) could represent an essential role.
• How
financial firms increase resilience in the case of disaster or significant
business interruptions is key.
• Financial
firms are considering new technologies on BC/DR as a priority in 2015. The
firm’s tolerance of downtime has decreased. Another rising trend is
infrastructure for real-time payments (RTP), which will enable customers to
conduct operations (similar to bank-to-bank transactions) in minutes.
• Today,
consumers have higher expectations and firms are launching new services at a
rapid pace. With all of this happening at once, downtime is very undesirable.
• Another
advantage the cloud offers are solutions around cloud-based backup and recovery
for data. These have evolved to become easier to use and efficient at meeting
aggressive recovery time objects.
• The
size of the DRaaS market, according to Gartner, will surpass that of the market
for more traditional subscription-based DR services by 2018.
• Financial
organizations can benefit from DRaaS, since it can be set up quickly with
minimal downtime.
• What
financial institutions should try to find in a modern backup and disaster
recovery plan is the possibility to restore the business' complete environment,
not just the data. It’s also important to watch out for compliance elements and
to get a general risk evaluation and business impact analysis before selecting
a DRaaS solution that fits the organization’s needs.
Link to Summary Notes and Full Article: http://www.cloudtrending.net/article/should-financial-services-firms-shift-to-the-cloud-to-keep-business-moving/
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Jade Witte
Cloud & Network Consultant
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