Data availability has become a pressing issue for auto and equipment finance firms, driven by regulatory pressure and evolving threats such as ransomware and cyberattacks. The old model of periodic disaster recovery testing and isolated backup vaults is no longer sufficient.
To stay competitive, firms need to design resilience from the ground up, incorporating key principles such as multi-region strategies, multi-cloud diversification, immutable backups, and infrastructure as code. Practising recovery until it becomes routine is also essential, with regular workflows and documented plans for handling outages.
Cloud adoption presents both risks and opportunities, but firms that migrate early can design resilience into their architectures from the start. Investing in robust data resilience strategies is no longer simply about mitigating risk; it’s about enabling growth. By prioritizing data availability, auto and equipment finance providers can build trust with customers, earn competitive advantage, and thrive in a rapidly changing market.
Key takeaways:
– Data availability has become a regulatory imperative for auto and equipment finance firms
– Evolving threats such as ransomware and cyberattacks require robust resilience strategies
– Firms must design resilience from the ground up, incorporating key principles such as multi-region and multi-cloud strategies
– Practising recovery until it becomes routine is essential for business continuity
Source: https://assetfinanceconnect.com/building-data-resilience-why-financial-services-must-prepare-for-the-worst