With the increase of both cyber attacks and natural disasters,disaster recovery plans are an essential part of every business and according to Peak 10, 96% of banks and insurance companies have a disaster recovery plan in place. One way to backup data in case of an emergency would be to utilize a Cloud service. However, many financial services do not use Cloud-based backup.
According to Meg Conlan-Donnelly, using a Disaster Recovery as a Service (DRaaS) would provide banks with a better solution than the infrequently tested, on-site Disaster Recovery plans currently in use. A DRaaS can provide banks with near-real-time redundancy. It will also put the burden of testing the plan on the cloud service.
Nonetheless, many banks and insurance companies are still hesitant to trust the Cloud with their sensitive financial information. Data privacy is cited as a major concern by 82% of IT leaders considering the Cloud. Another 61% said meeting compliance standards would be an issue when using the Cloud for disaster recovery.
Many modern Cloud services are secured and would be safe for banks. Conlan-Donnelly cites an article in The Wall Street Journal saying that most Cloud services have made considerable improvements to their security, privacy, and compliance. It said that nowadays The Cloud is often even safer than a business’s oven database.
Conlan-Donnelly suggests that since these significant improvements have been made to Cloud services, the benefits would likely outweigh the risks for financial institutions looking to create or update a Disaster Recovery plan for their business.
Story via BizTech