There’s no doubt that outsourcing cloud-based data vaulting, recovery and archival can be risky, especially considering that cybersecurity threats are increasing. On top of that, the Federal Financial Institutions Examination Council (FFIEC) IT Examination HandBook, Appendix J holds you responsible for evaluating the business resiliency of each third-party technology service provider (TSP) — and their subcontractors.
Third-party compliance is costly and time-consuming as it is. In fact, 38 percent of financial institutions participating in a PwC survey had 1,000-10,000 active third-party relationships. Almost 25 percent had more than 10,000! With that being the case, extending your resources to cover fourth-party TSP risks seems impossible.
But what’s the alternative to outsourcing? To bring those disaster recovery functions in-house? That has its own risks, considering that human error is the root cause of 52 percent of data breaches. Most reported incidents were attributed to the following causes:
Keeping services in-house might make it easier for you to tick regulatory checkboxes, but it doesn’t necessarily improve your data and network security.
As a disaster recovery and business continuity services provider serving the financial sector, we know how to meet the unique needs of financial institutions. Our fully managed BlackVault Managed Recovery Platform offers several integrated cloud-based data and network security services.
To learn more about BlackVault Managed Recovery Platform, click below.
As a financial institution, you are required to comply with national and state regulations designed to protect investors. These requirements are monitored by the Securities and Exchange Commission and the Federal Trade Commission. To comply with these regulations, your financial institutions must establish business continuity and disaster recovery plans.
When setting up a data recovery plan, you probably know to focus on backing up your clients’ financial information. But, like many businesses, you might have forgotten to consider the fact that you need to prepare physical hardware and establish a network connection to restore data. Assessing these resource requirements through the process of testing and revision helps you confirm that backup processes are working properly.
Re-establishing internal and client communication is vital to the recovery of your organization. Internally, you need the ability to assess and communicate which critical business functions are not working and determine next steps. Externally, calls need to be rerouted to employees who can answer your customers’ concerns about the safety and availability of their finances and personal information.
Securing a fixed or mobile recovery site helps you restore your business operations with minimal downtime. A Mobile Recovery Center (MRC) can provide your employees with the option to work locally during the recovery process, as well as aid in the restoration of the community.
We provide business continuity and disaster recovery services that help you stay in business while maintaining focus on compliance, regulatory and investor concerns. We provide a full range of recovery services that you may utilize for your business contingency plans, including facilities to relocate your employees, recover data and restore communication.
We offer secure, private cloud solutions that give you ready access to your data while meeting compliance requirements.
We provide multiple network and voice recovery solutions to help you establish internal communication and reroute incoming calls.
We can bring an MRC to your desired location fully equipped with voice and data technology, restored backup information and office equipment in as little as 24 to 48 hours.
We offer regional fixed-site recovery facilities with fully equipped, ready-to-use temporary office space following a disaster declaration.
We maintain the physical equipment necessary to restore your business processes, provide on-site support and deliver your required hardware in 24 hours or less.
Our professional planning services can help you meet your specific BC/DR objectives, whether they involve modernizing your current program, developing a new plan or meeting compliance requirements.
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