Our modern day society wouldn’t even be imaginable today without computers and the Internet. The world is so interconnected that sending a message from one part of the globe to the other is possible within seconds and sometimes even fractions of a second. This is how fast the world we live in today works. However, this speed does not come without costs. Although cheap to the regular day-to-day consumer, this speed of information transfer is at a tremendous expense for companies which continually invest in their IT departments to make communication between them and their clients possible at any time and a solid backup and disaster recovery plan is extremely vital.

When dealing with clients, no matter if you’re operating in the Business to Business (B2B) sector, Business to Client (B2C) sector, or both, every IT Director, VP of IT, CIO, CTO, CEO, CFO of a company operating in the financial industry should keep this in mind.

It’s Better to Prevent Than to Fix

Like in most industries, the financial services sector makes no exception. It is always better to prevent than to fix because when you’re operating in finance, one mistake could cost the company a fortune, or it could even mean the end of it.

To be sure that in case of any cyber-attacks or an unfortunate system crash your company’s and your clients’ data is safe, you need to implement constant backups for each operation your company undertakes. It means paying particular attention to details and having efficient software to deal with thousands of transactions (if not millions) each day.

Always Get the Latest Information from Your IT Department

In the case of a disastrous event for your company, the first department that must be contacted is IT. Make sure that the Disaster Recovery Plan (DRP) is up to date and check the latest updates with the person in charge of supervising it, as it may be crucial to your company’s fast recovery.

Anything starting from a hacker attack to a hurricane can ruin your entire system and make it crash for minutes if not hours on end. Your Disaster Recovery Plan needs to have an analysis of all possible threats, natural or human-caused, and an action plan equipped with tasks for each IT specialist in the event of such a disaster takes place.

Having a strong updated DRP can make the difference between companies losing none, or close to none of its data, funds, and clients; and a company losing everything within minutes, hours or days.

Have a Safety Net Through an IT Management Company

The difference between having your own IT department undergo the best practices for a reliable backup and disaster recovery plan and outsourcing this service is that with your employees you are dealing with people who work on different fronts, thus dividing their attention, as opposed to an IT management company which oversees this process strictly.

Having the solid backup and a disaster recovery plan updated to the latest best practices in the field is a crucial aspect in running any business, whether we’re talking about the financial sector, biotech, healthcare or even non-profit organizations. Everyone is at risk if specialized people are not focused strictly on making this task a priority.

Most of the times, it only takes a few minutes or hours without having a reliable backup or a well-structured disaster recovery plan for the information to be leaked to the press. When this information reaches the public, your company’s stock, credibility, and reputation drop immediately, even if you eventually manage to solve the problems without any severe damage to your clients and their accounts.

Conclusion

However, it takes years to build a reputation and just a few moments to ruin it, so why take the chance? If you’re interested in learning more about best practices for solid backups and disaster recovery plans, be sure to visit our website or contact our specialists for more details and any questions you may have.