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FINANCIAL SERVICES FIRM?

FINANCIAL SERVICES FIRM?. Add Business Continuity to Your Bottom Line.

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FINANCIAL SERVICES FIRM?

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  1. FINANCIAL SERVICES FIRM? Add BusinessContinuity to Your BottomLine

  2. As a financial services firm, your clients depend on your guidance to help them make the most out of their fiscal decisions. From accounting to hedge fund management, your clients gain peace of mind when advised properly. These relationships require trust,oftenbuiltovertime.Whatwouldhappenifthattrustwerethreatened?Howlong couldyoukeepyourclientsateaseiftheywereunabletoretrieveinformationormake withdrawals?Whatwouldhappenifyoucouldn’tgettheirtaxreturnsfiledintime? Whatwouldhappenifsomeone’sidentitywerestolenandyoucouldn’taccesstheir information to stopit? For businesses in finance, downtime can be detrimental to your ability to do your job. Nowadays, downtime threats are not only weather related. Entire systems can fall victimtoransomware.Individualidentitiescanbestolen.Intheseinstances,yourclients will turn to you for financial security. Being able to deliver that service is crucial to your reputation and business’livelihood. Entire systems can fall victim toransomware. Individualidentities can be stolen. In these instances, your clients will turn to you for financialsecurity. A False Sense ofSecurity While you may be taking some precautions, such as securing and backing up your sensitive data, sometimes that’s not enough. There is a common misconception that dataissafeifbackeduponceaday,butthisoutdatedpracticeisnolongersufficientfor severalreasons: Ifyouforgettoperformthebackuporthebackupprocessfails,you’renot protected. Ifyouonlybackupyourfilesonceaday,you’releftvulnerabletothelossofan entire day’swork. If you don’t properly validate your backup files, you could be in for an unpleasantsurprisewhenyouactuallytrytousethosefilestorestoreyour company’soperations. Ifyouonlybackupyourfileson-site,youcouldlosethemtoo—leavingyou withnowaytomeetclientrequests. If you only back up your raw data, rather than all your application and serverconfigurationfiles,itcouldtakeseveraldaystorestoreyourpractice —becauseyouwillalsohavetorebuildyourservers,operatingsystems, applications,etc. • • • • • Somefinancialservicesfirmsareturningtobusinessinterruptioninsurancetocoverthe costs to rebuild, restore, or regain lost income. However, while an insurance provider may write you a check for the cost of a server that gets damaged because of a broken pipe, it won’t shield you from damaged or lost client relationships. Ultimately, your reputationisn’tsomethingforwhichyoucaneasilybecompensated. How Vulnerable AreYou? Ifyourcompanyidentifiesasabusinessthatdoesn’thavetheITresourcestoeffectively recover from a major outage, make sure you’re weighing all of the factors around the costsofdowntime.Herearethefacts:

  3. • • USbusinesseslose$12billionannuallyduetodataloss.1 93%ofcompaniesthatlosetheirdatacenterfor10+daysfileforbankruptcy within oneyear.2 Best Practices for FInancial ServicesIT In a 2014 survey by the Depository Trust & Clearing Corporation, 84% of financial servicesfirmsreportedcyberriskamongtheirtopfiveconcerns3.Theirconcernseems justified as 2014 was a costly year for the financial services industry. The Ponemon Institutereportedthatthecostofcyberattacksin2014averagedto$20.8millionper “ financialservicescompany.4Thesecostlyincidentsseemtobeontherise,butthereare someprecautionsyoucantaketosafeguardyourdata: Outsourceyourcompany’sITneedstoanexpertwhohasexperienceinthe financialindustry. Don’t sacrifice quality to save money when purchasing hardware. It will benefityou(andyourbottomline)tohavestrongtechnologyinthelongrun. Perform timely hardware and software updates, maintenance andbackups. Establish, review and maintain system security of allpractice technology. • The cost ofcyber • attacks in2014 averaged to $20.8 million perfinancial servicescompany. The PonemonInstitute • • Any company that has not recently re-assessed its backup and disaster recovery proceduresshouldthereforedosoinordertoconformtotheseindustry-standardbest practices. Here’swhatoneMSPhadtosayabouttheneedforastrongbusinesscontinuitysolution inthefinancialindustry: “The big thing is that the decisions made in the financial services industry can result in millionsofdollarsofdifferenceinonedirectionoranother.Ifsystemsaredownandthey can’tmakeatradethey’vegotaproblem.Ifthere’sahiccuporaproblem,beingable tofailovergetscompaniesupandrunning.Knowledgeispowerandthedatathatthey haveistheirknowledge.”-PaulRiedl,CEO,RiverRunComputersInc. Business Continuity for FinancialServices Businesscontinuitydescribesacompletesolutionforbackupanddisasterrecovery. Atruebusinesscontinuitysolutionwillprotectdataon-premisesandinthecloud. Whether data is on servers or in SaaS applications, it needs to be backed up. Businesscontinuitygoesastepfurtherandoffersyoutheabilitytorestoreyourdata, which we call disasterrecovery. Whether a business is faced with a natural disaster, or one man-made, a strong solution will have you up and running in minutes. Solutions that leverage the hybrid cloud can guarantee a quicker restore time as well. Why? Local backups are great to keep data stored on local devices, but if something happens to that device, then what? A hybrid cloud backup solution takes an initial backup on a local device, and then replicatesthebackuptoacloudserver.Cloud-onlysolutionsarenotasreliableontheir own due to bandwidth issues. A hybrid model works to alleviate the vulnerabilities by implementingbothprocessestofillinthegaps.That’sintelligentbusinesscontinuity.

  4. The Better Way with DATTO DATTOoffers a superior solution for safeguarding the day-to-day wellness ofyourbusiness.Automaticallybackingupbothyourpracticedataandyourserver/ application configuration files for you continuously throughout the day—storing them on bothadeviceinyourofficeandinthecloud.DATTO alsocontinuouslyvalidates the integrity of your data and configuration files to ensure your backups are functional andhavenotbeencorruptedbyavirusorothermalware. Intheeventthatyourofficeexperiencesahardwarefailure,extremeweatherevent,or any other calamity, the solutions deployed by REGEN help by enabling you to keeprunningyourpracticefromeitheryourlocalbackupdeviceoryourcloudfiles. Advantages of REGEN supportinclude: A true business continuitysolution will protect your data across on- premises and cloud-based IT environments. • • • Allbackupsareperformedautomaticallyandreliablyforyou. Youcanhavefullconfidenceinyourabilitytorecoverfromanysortdisaster. Youcanrestoreyourpracticeoperationsquicklywithasinglephonecallto REGEN. Have confidence that your practice is protected against any outage resulting from a disaster.Youwon’thavetoworryaboutthepotentialfinancialconsequencesofsucha disaster—and neither will yourclients. It’s time to safeguard the credibility of your practice the same way you safeguard thecredibilityofyourclients.CallEd @REGEN today203-331-9300 Ex 122 forafreeassessment,no-obligationassessmentofyourpractice’sbackupandrecoveryneeds. Sources: 1Beyond Technology, 2National Archives & Records Administration, 3DepositoryTrust & Clearing Corporation, 4The PonemonInstitute

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