A new report from NCC Group has highlighted the considerable number of financial businesses that hold reservations regarding the implementation of cloud IT networks due to ongoing fears over the security of data.
Overall, 72 per cent of respondents to the research stated they remain concerned that cloud networks may present an increased risk of data being intercepted or lost and this is therefore one of the biggest stumbling blocks to the greater uptake of this technology across the finance sector at present.
Furthermore, 40 per cent admitted to having fears that a huge data loss could be seen if cloud services fail or are infiltrated by malicious hackers.
However, responding to the findings, NCC Group argued the relative safety of the cloud to other systems should not be called into question, as ultimately, effective network security boils down to the measures individual businesses have in place to safeguard their files.
This means systems like regular data archiving, encryption, staff training in best practice data security and efficient and swift data recovery in times of crisis all play a part in keeping essential business and customer information safe from harm.
However, the majority of financial firms that took part in the research stated they currently do not have effective disaster recovery measures in place to safeguard against data loss and outside threats, with 74 per cent stating it could take more than a week at present to restore lost files following a breach.
Daniel Liptrott, managing director of NCC Group’s escrow division, stated: “As we saw with collapsed data centre provider 2e2 last year, without a proper disaster recovery plan a company can quickly fall to its knees.
“However, there are comprehensive backup solutions available to those using cloud applications, so businesses needn’t shy away from cloud adoption due to fear of data loss, as long as they take necessary precautions.”
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