Why cloud-based data backup makes sense for the financial sector

2010 and 2011 were record years in the destruction wrought by natural disasters, and 2012 appears to be following a similar trend. In fact, a recent press release states that nearly $2 billion in total economic losses have already been recorded less than five months into the new year.

Considering such, business officials need to realize that disaster backup and recovery is one of the most important tasks to be given immediate attention. Officials in the financial sector should be especially vigilant about undertaking this task as fast recovery time objectives in the wake of a natural disaster or technical glitch are essential to the economic security of those customers who entrust their information to their bank of choice.

It was reported in a press release published on April 11 though that the Massachusetts-based Bridgewater Savings Bank was having significant troubles facilitating seamless data backup, leaving it vulnerable to the effects of severe weather incidents and other catastrophes that could damage internal servers.

The release states that officials were forced to manually process validation reports daily to ensure that data backup occurred the previous night. Further, it is reported that at times it was necessary for employees to actually drive across the state to physically retrieve information from the vendor.

However, by transitioning to a cloud-connected backup and data recovery system, the bank was able to enjoy a far easier, more comprehensive solution that enabled the leverage of a hybrid system that combined in-house and offsite data protection.

As Bridgewater’s IT officer Chris St. Aubin mentioned in the release, the cloud system “saved us hundreds of thousands of dollars over the long term in our data backups.”

Considering the substantive gains afforded to Bridgewater Savings Bank, other financial organizations in Chicago would be wise to partner with a Chicago IT services provider that can offer cloud computing solutions tailored to specific data backup and recovery needs.