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Virtual backup practices are found worryingly lacking

60% of Financial Service Organisations have implemented a full scale business continuity plan in response to the natural disasters of 2011.

 

Date: 13 Apr 2012

According to the Acronis Global Disaster Recovery Index 2012, the financial services sector has pushed disaster recovery to the top of its IT agenda as a result of the wide spread natural disasters of 2011. However, compliance, security and virtual server protection remain big concerns for the industry.

The Acronis survey of almost 6,000 small and medium-sized businesses (SMB) in 18 countries showed that 60% of financial services globally implemented a full-scale business continuity plan in 2011. As a result, the financial services sector is the most confident industry in its backup and disaster recovery processes. On average, the sector spends 12% of its overall IT budget on disaster recovery.

Despite this move towards more stringent processes, virtual backup practices lack with a fifth (19%) of financial organisations stating they don’t back up their virtual servers as often as their physical ones. And over half (55%) back up their virtual servers infrequently (on a weekly, monthly or irregular basis). This is surprising when most stated that the monetary value of data on their virtual servers is equal to that held on their physical ones. With trust being imperative in this industry, it’s vital that organisations treat their virtual servers with the same care as their physical servers.

IT mangers within financial service organisations are also highly concerned about the security risks of backing up data to the cloud, with 47% citing security as the key barrier to entry. Lack of confidence in cloud providers as well as non-compliance with data protection laws are also concerns. As a consequence, 45% of companies are relying on taking a tape or disk offsite at the end of each day as their offsite disaster recovery strategy.

The finance industry is, however, the most likely to consolidate the number of tools it is using for disaster recovery, with 44% of IT managers stating that they only use one solution. Such consolidation can save costs, reduce risk and increase efficiency. In fact, 77% of those surveyed stated that the availability of one disaster recovery solution for physical, virtual and cloud environments would be the best way to improve their disaster recovery.

“IT managers within financial services state that the biggest threat to their disaster recovery strategy is complacency. Because they have not experienced data loss before, they don’t see it as a threat,” said David Blackman, General Manager Northern Europe and MEA, Acronis. “While the industry’s tactics are sound on paper, it needs to wake up and realise that sometimes even Barcelona lose.”
 

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