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A financial firm’s data is extremely valuable; that’s why it is one of the most sought-after commodities in the hacker world. According to experts on IT services in Houston, this is one of the reasons why your financial firm needs a disaster recovery plan (DRP) in place. Without a proper DRP, your financial firm might not survive a data disruption or loss.
Why Your Firm Wouldn’t Survive
Being able to recover data quickly and efficiently is paramount to the survival of most companies in the financial industry. Here are five reasons why it needs to be your firm’s top priority:
1. Accelerating Recovery
A slow backup system translates to a slow data recovery time. If your backup solution is out of date or relies completely on physical tapes, it’s time to upgrade. A new backup system that uses both physical tapes and cloud storage will speed up your firm’s recovery time— that’s critical for maintaining compliance and client trust.
2. Protecting Sensitive Data
Clients rely on your firm to protect their financial data. That data contains sensitive details that make it easy for hackers to access accounts and to commit fraud. You need protection from an IT services provider in Houston to keep that data safe. You also need the ability to recover it quickly and securely.
3. Maintaining Regulatory Compliance
Financial services are under heavy regulation. You must keep records of all transactions for a number of years. Electronic records must be backed up and recoverable. If you cannot recover the data after a cyberattack or physical disaster, you could face stiff regulatory penalties, lose licensing and insurance, and even shut your business down permanently.
4. Keeping Operations Going
Disasters come in many forms and you need to be able to recover from all of them. This is especially important for day-to-day operations. Being able to service existing accounts and sell new ones will keep the doors open. Plus, in case of a large disaster, the first firm up and running is more likely to grab clients from others.
5. Keeping Customer Confidence
The entire financial industry relies on trust between firms and their clients. If that trust is lost, the client’s business is lost. If the firm’s reputation is lost, the doors close. A fast data recovery service in Houston helps maintain your clients’ trust and confidence— and that keeps the doors open.
These reasons demonstrate why disaster recovery planning should be your firm’s highest priority until it’s in place. If you need assistance with a DRP or other IT services in Houston, contact us at ICS today.