In the world of banks and finance, IT challenges are all too common, particularly when it comes to legacy hardware.
With high running costs, snail-paced transfer speeds, disruptive downtime, and looming cyber threats, it’s no surprise that many are turning to more modernized solutions like virtualized systems.
If you’re interested in exploring the industry’s shift in this direction, we’ve got you covered! Here we’ll dive deep into virtual storage solutions, their benefits, and how they are revolutionizing the way banks and financial institutions manage and secure their critical data.
What Are the Benefits of Storage Virtualization for Finance?
More and more, financial institutions are in need of modern data solutions to keep up with their customer’s evolving needs, and to stay ahead of opportunistic cybercriminals. Able to help enhance data protection, backup, and recovery, as well as reduce costs, provide high availability, and simplify the management process, storage virtualization tackles these challenges head-on.
Enhanced data protection, backup, and recovery
Unlike legacy systems which require data to travel great distances to be processed at the datacenter, virtualized storage solutions bring data closer to home by decentralizing its processing.
Not only does this effectively eliminate the risk of a data breach during transit, but also adds an extra layer of security, too. Using powerful encryption protocols directly on their edge computing devices, virtualized storage solutions empower financial institutions with the necessary tools for fortifying sensitive client data with minimal headache.
When it comes to backup strategies, these solutions act as a superhero of sorts, efficiently storing critical data redundantly across multiple locations using stretch clusters, and providing or integrating robust backup features. Combined, this provides resilience against hardware failures and cyber-attacks.
Recovery is also a breeze thanks to storage virtualization minimizing planned downtime for banks and finance organizations and effortlessly eliminating unplanned downtime.
Reduced costs
Virtual storage solutions make it easier and cheaper for IT infrastructure to be located where it is needed. Since data is processed closer to its source, any expenses arising from data transfer and high-bandwidth connections are significantly reduced.
This has an added benefit too, with more resources being freed up. So users have more to invest in the critical aspects of their business, like assisting in acquisitions and broker trades, underwriting debt and equity securities, and aiding the sale of securities.
Simplified management
Another benefit of storage virtualization includes its ability to consolidate storage resources by cutting through the complexity of handling storage across various devices within a cluster.
Centralized control and configuration mean administrators can efficiently allocate, monitor, and optimize their storage. In addition to this simplification of management frameworks, it also allows finance companies to effectively oversee their storage infrastructure, reduce administrative overheads, and increase agility when responding to complex threats and scenarios.
High Availability
For banks and financial organizations, unrestricted data flow is non-negotiable, with uninterrupted access being vital to both these institutions’ data and services. For those serious about upholding their reputation, it’s not simply about staying on the right side of regulators like the Federal Reserve Board, and Financial Conduct Authority. It’s about maintaining public trust.
This is where storage virtualization offers something legacy hardware can’t: a safety net for critical financial data. It does this by abstracting and pooling resources and dynamically allocating and redundantly storing them across all devices in the network. This ensures the seamless flow of all data regardless of whether workloads are distributed, there’s a hiccup, or failover mechanisms kick in.
Introducing StorMagic SvSAN: A Secure Virtual Storage Solution for Banks and Financial Institutions
A lightweight virtual SAN, StorMagic SvSAN offers a simple, affordable, modernized storage solution, to the challenges faced by banks and financial institutions, regardless of location.
After witnessing countless financial scandals from the likes of First American Financial Corp, JPMorgan Chase, and Equifax to name a few, it’s no secret that keeping financial data secure from resourceful cybercriminals is no small feat.
Organizations must be as secure as possible while allowing internal systems continuous access to data for the normal function of daily operations, or to recover quickly should the worst happen.
Coupled with its data encryption feature, SvSAN tackles this challenge head-on, while eliminating unplanned downtime and boosting overall performance with as little as two lightweight servers. For additional peace of mind, users also have the option to add SvKMS, our encryption key manager, which removes the pain of encryption using an easy-to-configure centralized key management system.
But don’t just take our word for it. Check out these real-world stories from financial organizations leveraging SvSAN in their organizations:
To learn more about StorMagic SvSAN, the benefits it can deliver to your organization, and its unique features and capabilities, check out this SvSAN data sheet, or visit the SvSAN product page:
