Data protection for financial services and insurance (FSI) institutions continues to be a hot topic as cybersecurity and ransomware dominate news headlines. There is no doubt these threats are here to stay and are growing increasingly more malicious and sophisticated. That’s just one of the takeaways from the largest ever independent research report that is now available.
To better understand organizations’ data protection strategies and methods, Vanson Bourne, an independent research firm, ran a worldwide study of more than 3,000 IT leaders and implementers.
Of those participants, 472 identified themselves within the FSI sector, enabling Veeam to release a dedicated, industry-specific executive brief showing that while FSI organizations have much in common with other industries,, FSI institutions do have some very unique differences that will shape their data protection strategy in 2022.
The rapid adoption of financial technology (FinTech) is transforming the sector at a blistering pace, bringing with it challenges and opportunities to improve. This is likely one of the reasons the study found that over half of FSI workloads will be cloud hosted by 2024.
The study also shows that FSI respondents were right in line with the global average for meeting their organizations’ recovery times and data loss service-level expectation. The bad news… no one is meeting these expectations. Not even close. And unfortunately, when we compare this year’s numbers to previous years’, the gap between the ability to deliver and what is expected is only getting worse. Check out this 4-minute video summary of FSI data protection drivers for 2022.
On the upside for FSI industry, the percentage of their servers that suffered an unexpected outage over the last year (28%) was significantly lower than the global average (40%), and nearly half of their healthcare counterparts (52%). Fewer outages mean few disruptions, which means few mad scrambles to recover. And when compared to other industries, especially healthcare, FSI is generally ahead of the pack.
All this is great insight into the current state and future of data protection in the FSI space. And there is a lot more to be learned from the full report, and other industry-specific views of the date. Check out these recent and upcoming blog posts for additional insights and findings, and don’t forget to download the full report.
- Part 1: What is driving change & what are organizations looking for moving forward
- Part 2: What do Hybrid and Multi-Cloud architectures look like and how does that affect your data protection strategy
- Part 3: Data Protection Trends in Public Sector
- Part 4: What does “Enterprise Backup” mean in 2022?
- Part 5: Data Protection Trends in Healthcare
- Part 6: Alignment of Backup within Cyber Preparedness
- Part 7: Real-World Statistics on Downtime and Data Loss in 2022
- Part 8: What should BC/DR look like in 2022?
- Part 9: What is driving Data Protection Strategies in Financial Services and Insurance for 2022
We would love to hear back from you. Please reach out to Jason (@JBuff) or Dave Russell (@BackupDave) or email us at StrategicResearch@veeam.com to let us know how this research aligns with your organization’s data protection goals for 2022.