When it comes to Business Continuity and Disaster Recovery Planning (DRP), an area commonly overlooked is data management. What we mean by this is what happens to your data in a disaster scenario?
Effective data management storage involves understanding what data is held and how it is stored and used. With today’s financial services companies managing an exponentially growing volume of sensitive data, the risk of loss is higher than ever. Disaster recovery helps in designing strategies that can restore hardware, applications and data quickly, so financial organisations can continue to work. Just as people have emergency plans in order to protect their family, companies must do the same in order to maintain business continuity.
With the reliance of businesses on IT infrastructure and staff to run everyday operations, it has become critical for organisations to create a DRP for data storage. Data is under threat from loss or damage through human error, data accidently erased and the physical threat, like failed hardware, natural disasters or the theft of company computers or mobile devices.
There is risk of a data breach online; hackers can break into computers over the internet, certain viruses can erase files and ransomware is used for hackers to steal vital data and issue ransoms for its safe return. There is also the risk of malicious action by an individual or a disgruntled employee. With proper data management and disaster recovery planning a company is more likely to survive through such instances.
The way data is stored is key to keeping it safe. There are some standard practices that can be implemented for on-premise data storage such as:
Because the security of data is a necessity, it is critical that businesses maintain control and visibility of all confidential and sensitive data. A loss of data translates to a loss of revenue. An operational DRP allows the firm to best administer its current requirements and plan its future ones, utilising new technologies, processes and procedures that ensure company assets are protected.