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Why Business Continuity Is Important for Financial Services Firms

By September 20, 2020 No Comments
Business Continuity for Financial Services Firms

If you have a financial service firm, then your clients are dependent on your guidance. You can help them in making the most of their financial decisions. Thus, you need to be trustworthy. If your clients don’t trust your firm, then they won’t share their financial decisions with you. You need to make sure that you are maintaining this trust. It is important to ensure that your users can easily retrieve information. Also, they should never face an issue while making withdrawals. You will have access to sensitive financial information. It is important to protect this information from attackers.

Downtime can hurt your business reputation. Sometimes your entire system can fall victim to a ransomware attack. Also, attackers can steal your sensitive data. You need to ensure that you are delivering continuous service even during disasters. In this article, we are going to talk about the importance of business continuity.

Difference between Disaster recovery and business continuity:

Many companies get confused about business continuity and disaster recovery. Business continuity will ensure that you can run your business even during a disaster. It contains backup and disaster recovery solutions. A good business continuity solution can protect both your cloud and on-premise data. You need to backup both your normal data and SaaS application data. BCM solutions can also restore your data in case of a disaster. This process is known as disaster recovery.

This will ensure that you can recover from any disaster. If you have lost your data, then you can easily recover it. This will ensure that you don’t need to worry about data loss. You should look for solutions that are using the hybrid cloud. These solutions can quickly restore your data. Many companies still think that local backups are good. They are great for restoring data but what will you do if your device stops working. You can solve this problem by using a good hybrid cloud backup solutions. These solutions will take the backup from your local device and upload it on a cloud server. If your local backup is destroyed, then you can restore data from the cloud backup.

There are various new technologies that have completely changed the business continuity market. We are going to talk about some of these solutions.

  1. Rapid Data recovery

Even small disasters can destroy financial service firms. You need to deal with threats like cyberattacks, fire, and flooding. Also, you need to protect your firm from attacks like Ransomware. These attacks can affect your entire business operations. You can’t operate due to these attacks. These disasters can disrupt access to your data. Sometimes they can even corrupt your entire data. Thus, you need to protect your firm from downtime.

If you are using old backup technologies, then you need to invest days in restoring your data. You will lose a lot of money as these tools can even take up to weeks.

There are various new tools available in the market. These tools are using the power of cloud-based backups for providing quick recovery. They will use both cloud-based and local backups for recovering your data. Also, you can daily run a backup verification process. This verification process will check the integrity of your data. Thus, you can easily restore your data in case of a disaster.

  1. Protection of confidential data

Financial service firms have access to their customer’s sensitive data. You can’t lose access to your customer data. Also, you have to ensure that only you have access to your customer data. If attackers got access to your customer data, then your business is doomed. Thus, you should use the best data encryption software for encrypting your data. These tools will help you in protecting your business from cyberattacks.

Make sure that your data is stored in secure facilities only. Your data must be secure in both local and cloud storage. This will ensure that you can protect your sensitive data during a disaster.

  1. Maintaining operations

Financial service firms only think about restoring their operations after a disaster has occurred. However, there are various modern business continuity tools available in the market. These tools will help you in maintaining operating even during a disaster. In simple words, you can instantly recover your systems and data. This will help you in reducing the downtime to almost zero.

These tools will ensure that you can do your business operations without any disturbance. You can minimize the risk of financial losses by using these tools. These tools will also help you in mitigating a cyberattack. Sometimes it is impossible to protect your firm from a cyberattack. However, you can still minimize the damage by using these attacks.

  1. Market and customer confidence

Financial service firms are very important for the entire economy. Thus, business continuity is very important for financial service firms. Financial service firms should try to minimize disruptions and downtime. This will ensure that you can maintain public confidence and trust. If the public doesn’t trust financial service firm, then they will stop putting their money into firms. This will affect both your business and the entire economy.

The financial service industry is connected with all the industries. Thus, even a small disruption can have a very big impact. It can affect a lot of businesses and people. You should try your best to prevent downtime. This is more important during a disaster. If you are taking too much time to restore the data, then it will affect your business. It can also affect the entire data as customers won’t trust your financial firms. You can avoid this by using the best technologies available in the market.

Conclusion

These tips will help you in maintaining business continuity. Business continuity is very important for every financial service firm. If you don’t have access to an IT team, then you should consider working with an MSP. Experienced MSPs like Bleuwire will help you in maintaining your data backups. They will also help you in recovering your systems and data. If you need more information regarding business continuity, then you can contact Bleuwire.

Contact us today to learn about Bleuwire™  services and solutions in how we can help your business.

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