Financial Services and Insurance Data Protection Trends

Modernize Your Data Protection Strategy

Delivering impeccable performance and mitigating the risk of disruptions from ransomware and other cyber threats can be daunting. Veeam provides Modern Data Protection solutions to lower costs, improve automation, increase intelligence, and innovate ways to reuse your data to drive new business.

As cyberthreats like ransomware become increasingly sophisticated, financial institutions must adopt a robust data protection strategy that ensures both security and compliance. Veeam’s Modern Data Protection solutions empower banks and insurance companies to safeguard their data, whether in traditional data centers or the cloud. Key components include reliable, automated backups that meet stringent regulatory demands, efficient recovery processes to minimize downtime, and advanced monitoring to proactively detect issues before they escalate. With the rise of FinTech, organizations must also embrace cloud acceleration to enhance data mobility and streamline operations.

Veeam’s comprehensive platform not only secures your data but also enables its reuse, driving innovation and improving operational efficiency. As financial services evolve, adopting a forward-thinking approach to data protection is essential to maintain trust and competitiveness. By leveraging Veeam’s data solutions, businesses can ensure their data is always secure, readily accessible, and resilient against potential disruptions.

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Protect Your Data, Wherever It Resides: Elements of Data Protection for Financial Services, Banking and Insurance

Backup: Backup is the first critical component of data protection for the financial services, banking and insurance industries. No matter where your data sits in your data center or the cloud, reliable and automated backup is a must. Government and industry regulations demand it, and in many cases, you may need to prove that backups are happening and are successful. Backup for physical, vertical, on-premises, and cloud data should be easy to control so you can meet your business data security needs.
Recovery: But what good is a mountain of backups if you can’t recover them? Industry research tells us that financial institutions still struggle to recover data efficiently. Financial institutions require recovery strategies that allow them to meet increasing business objectives for uptime and availability. That includes data in business-critical systems as well as second and third-tier data and applications. This can get complex without integrated backup, recovery, and replication tools, which give you the flexibility to recover the exact data you need.
Cloud acceleration: The cloud is a significant component of financial data protection, backup, and recovery, both as a backup storage location and as a source of data that needs protection. The adoption of FinTech continues to shape how financial, banking, and insurance companies deliver services to their customers. This new strategy continues to push more applications and data out of the traditional corporate data center and to a cloud and hybrid-cloud architecture. Backup and recovery can also be an efficient tool for moving data to the cloud by allowing organizations to back up, replicate, and recover their production data as their migration mechanism.
Monitoring and analytics: Data monitoring ensures that both backups are performing to expected levels, as well as helping users spot problems before they cause disruption. Again, a holistic approach is best. You should provide monitoring and analytics across your virtual, physical hybrid, and public cloud environments. This gives financial services organizations not only visibility into their recovery readiness but also allows them to ensure they are compliant with governance and regulatory mandates.
Ransomware and data security: Ransomware is everywhere, and few industries have as much at stake as financial institutions. A comprehensive data protection platform both monitors your systems for anomalies that indicate ransomware and allows you to completely isolate backups to keep them malware-free and safe. When ransomware does strike, Modern Data Protection allows you to recover instantly with near-zero disruption to operations and service.
DR orchestration: When problems disrupt service delivery, you must act quickly to minimize downtime and business loss. Orchestration, or automation, of the recovery process, including Disaster Recovery (DR) planning and documentation, significantly streamlines recovery when disaster strikes.
Data reuse: One of the added values of data protection is the reuse of your backup data. By tapping into a complete replica of your production environment for data mining, security, and update testing and development, you can accelerate and increase DevOps efficiencies.

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Why Is Data Protection Important for Financial Services?

How financial services and insurance companies conduct business and offer services to customers and partners is currently undergoing a significant transformation. Our interactions with banks, purchases of transferable currency, and applications for home loans serve as compelling illustrations of the rapidity with which the financial services sector has evolved. Older financial services organizations must adopt more modern technologies to deliver a benchmark customer experience and comply with data, privacy, and security regulations in response to competition from FinTech.

Veeam’s Modern Data Protection approach can help any financial services organization adhere to current and future regulations, accelerate data quality management, and achieve its compliance objectives. The integrity of data is essential for achieving high availability; however, Veeam’s solution provides data portability and cloud mobility through its distinctive data format and data movement capabilities.

Learn How Business and IT Leaders Addressed These Issues

Cloud-powered: 70% of organizations will use cloud‑powered data protection services by 2026
Modernizing backups: 54% of organizations expect to change their primary backup solution in 2024
Enterprise backup workloads: 17% of IT leaders consider reliability as the most important aspect of enterprise backup
Backup solutions: 26% of organizations say improving reliability and success of backups will drive changing their enterprise backup solution in 2023

What’s In Store With Veeam Data Platform?

Veeam Data Platform

Complete your data resilience strategy with the best-in-class platform to protect, manage, and secure your most important asset – your data. Veeam offers a simple yet powerful data management platform that goes beyond backup, providing businesses with reliable data protection, seamless recovery, and streamlined data management. With Veeam, businesses gain peace of mind knowing their data is secure, always available, and easily recoverable, empowering organizations.

Veeam Recovery Orchestrator

Automate Low-Impact Testing to Verify Recovery: Bounce back strong with automated testing to highlight potential impacts.
Orchestrated Recovery, Tailored to Your Needs: Handle multiple plans with hundreds of machines all at once.
Prove Compliance With Dynamic Test Reports: Automatically create reports after each test to show how well you met your recovery goals.

Microsoft 365 Backup & Recovery

Microsoft 365 (formerly Office 365) provides powerful services, but a comprehensive backup of your data is not included in a standard Microsoft 365 license. Veeam’s Microsoft 365 backup solutions eliminate the risk of losing access and control over your Office 365 data, including Exchange Online, SharePoint Online, OneDrive for Business, and Microsoft Teams, so your data is always protected and accessible. Veeam is one of the first companies to embed Microsoft 365 Backup Storage capabilities into its Microsoft 365 data protection solution. Veeam and Microsoft’s joint partnership empowers organizations to quickly back up and recover large volumes of Microsoft 365 data with no throttling, protecting against any cyberattack or data loss scenario.

Veeam provides the ultimate Microsoft 365 backup and recovery experience – speed and scale meet control and flexibility.

The leader in Microsoft 365 backup with 21M+ users protected
Protect Exchange, SharePoint, OneDrive, and Teams
Choose a backup service or self-managed backup software
Backup Made Simple: Log in through a web browser and begin creating your first backup job with the ease and simplicity of a service solution.
Secured and Deployed for You: Offload maintenance to the experts and stay up to date with the latest features and security fixes.
Lightning-Fast Backups and Restores: Specifically designed for large Microsoft 365 environments, seamlessly protecting and restoring 100+ TBs of data or 10,000+ objects.
Infrastructure Freedom: Get the flexibility to change your backup storage at any time, avoiding penalties and vendor lock-in.
Bring Your Storage: Connect any storage, whether on-premises or cloud objects, including Amazon S3, Azure blob, IBM Cloud, or S3-compatible storage.
50 Office 365 Recovery Options: Meet any recovery need in just three clicks, whether it’s granular recovery of individual items or bulk recovery of multiple users at once.
Ransomware Recovery: Bulk restored at scale for increased resilience to ransomware or malware attacks, ensuring business continuity and minimized downtime.
Enhanced Security: Backed by global security certifications, 256-bit encryption, MFA, and advanced role-based access control to create roles and permissions.
Comprehensive Immutability: Leverage immutable backups with immutable backup copies to ensure your backup data is physically unreachable and completely unalterable.

Conclusion

Modernizing your data protection strategy is essential for financial institutions navigating today’s complex cyber domain. Veeam’s solutions provide a comprehensive approach to safeguarding data across diverse environments, ensuring compliance and minimizing risk. With automated backups, efficient recovery processes, and advanced monitoring, organizations can not only protect their data but also leverage it for innovation and growth. As the financial services sector continues to evolve, embracing these modern data protection strategies will empower institutions to enhance operational efficiency, maintain customer trust, and stay competitive. By investing in robust data protection, businesses can secure their future in an increasingly digital world.

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