With over 95% of financial institutions in the United States relying on digital banking platforms and customer information systems (CIS), the volume of digital financial data is growing rapidly. The global FinTech market is projected to reach $698 billion by 2030, driving the need for robust data protection.
The average cost of financial data management solutions is $10.93 million, underscoring the importance of secure systems and technologies to protect sensitive client and transactional information.
Outdated software and hardware in financial institutions are 60% more vulnerable to cyberattacks due to the inability to apply timely patches and updates.
Despite best efforts, 32% of backup and restore jobs were compromised by technical issues or unforeseen challenges.
Central Data Storage provides industry-leading recovery time objectives (RTOs) and recovery point objectives (RPOs). Our solutions include malware-free recoveries, which prevent reinfection by failing over to recovery points that have been thoroughly scanned and remediated for vulnerabilities.
With our Instant Restore technology, you can quickly restore large volumes of data, ensuring that financial operations are never disrupted. This technology allows your cloud backup to start immediately as a Windows or Linux virtual machine directly from storage, while your data is seamlessly migrated in the background.
Central Data Storage’s continuous data protection ensures that no in-progress financial transactions or client data is lost. Our agent monitors all changes made within defined applications and continuously backs them up, ensuring that your data is always current and secure.
All backed-up data is encrypted to render it useless to cybercriminals. Our robust encryption helps you avoid costly regulatory penalties and maintain compliance. Enhanced compliance reporting with Data Protection Maps provides detailed tracking of data storage, protection status, and critical files, ensuring that your institution meets all necessary regulations.
Central Data Storage offers disaster recovery solutions tailored to support financial applications, seamlessly integrating with our industry-compliant backup services. Our solutions ensure faster recoveries, streamlined management, and unified protection against unforeseen incidents, safeguarding your critical financial data at all times.
Our Advanced Disaster Recovery cloud solution is fully compliant with industry regulations, ensuring that sensitive client and transactional data is handled with the utmost care. Your financial institution can now achieve complete data resilience without compromising on regulatory compliance or client confidentiality.
Our cloud-based backup solutions scale effortlessly to manage and protect large volumes of financial and transactional data. With flexible, cost-effective hybrid cloud backup options, you can easily manage on-site and off-site backups, accessible from anywhere, at any time.
We centralize your anti-malware protection and enable full disk cloud backup scans from a single, centralized location. By detecting and remediating malware such as ransomware, we ensure that your backups are always clean and malware-free, providing peace of mind for your data restoration needs.
Central Data Storage supports over 30 different workload types through a single, user-friendly console. This flexibility makes it easier for your IT team to manage diverse financial applications and systems while reducing overall protection costs.
Data loss in financial institutions can lead to severe consequences, including compromised client records, disruption of services, legal liabilities, financial penalties, and damage to the institution’s reputation. It may also result in non-compliance with regulatory requirements.
Financial data should be backed up regularly, with the frequency depending on the institution’s specific needs. Typically, daily backups or more frequent backups for critical systems are recommended. Regular backups are essential to ensure data is recoverable in case of a failure, breach, or other incidents.
Data interoperability is crucial in finance because it allows different systems and platforms to share and improve client information seamlessly. This enhances service quality, reduces operational errors, and ensures that clients receive timely and accurate financial services across various departments.
Encryption secures financial data by converting it into a coded format that is unreadable to unauthorized users. During backup and recovery, encryption ensures that even if data is intercepted, it cannot be accessed or tampered with, thereby protecting client privacy and compliance with regulations.
On-site backups are stored locally within the financial institution, offering quick access and recovery. Off-site backups are stored in a different location, providing additional protection against disasters that might affect the primary site. Each method has its advantages, and combining both can offer comprehensive protection.
Hybrid cloud backup refers to a strategy that combines both on-site and off-site backups, leveraging the benefits of each. This approach ensures fast recovery times from on-site backups while also safeguarding data with off-site storage in case of local disasters, ensuring that financial operations can continue with minimal disruption.
To recover from ransomware attacks, financial institutions should have a robust backup and recovery strategy in place. This includes maintaining clean, malware-free backups, regularly testing recovery processes, and having a well-documented incident response plan to quickly restore operations and minimize data loss.
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