[softwar]Data Storage a High Priority in Financial Services

[SaLaH.]

FINCAD is a Canadian financial services company that manufactures software designed to value financial derivatives. To serve its clients — banks, insurance companies, hedge funds, and other investment firms — you need to access and analyze multiple data streams quickly, securely, and accurately.

The company's evaluation system was a legacy web application with a traditional database, application server, and web server, located in a data center and operated by FINCAD employees. The company sought ways to modernize, improve performance, and end reliance on an internal data center, and turned to Onica, a Rackspace company, for a solution.

Data management - the storage, security, and accessibility of information - is perhaps the financial services industry's single highest priority.

The mainstream adoption of digital banking has led to a massive influx of consumer data, with 57% of consumers saying they now prefer online banking over traditional branch banking. Today's financial institutions require secure and robust solutions that allow easy access for trusted users, and they also have a redundancy in place that ensures easy data recovery in emergency situations.

Meanwhile, new compliance standards and regulations, ever-changing consumer behavior, massive amounts of data, and the proliferation of cybercrime are all forcing financial institutions to pursue data security and storage solutions.

What to know about storing financial data in the cloud
Data protection is a vital concern of the financial sector. Verizon's 2022 Data Breach Investigation Report cited more than 2,500 such incidents for financial firms, with confirmed data disclosed in 690 cases. About three-quarters of them were external attacks, and 95 percent were seeking financial data.

These violations have far-reaching consequences, both legal and financial. The average cost of a data breach in 2022 was nearly $4.35 million, up from $3.86 million in 2020, IBM's cybersecurity group reported. The US was identified as the country paying the highest total cost per data breach. This is partly because attackers have plenty of time to identify and collect data: the average time to identify and contain a data breach is 280 days

 

 

Source:https://www.techadvisor.com/nativeprx_t=c8oHAakRXAWNsRA&ntv_acpl=1170264&ntv_acsc=0&ntv_gsscm=798*17;623*19;815*14;&ntv_ht=8UIGYwA