Cloud fears having impact on cloud take-up in financial services sector

Data loss is one of the main concerns for organisations in the financial sector when it comes to adopting the cloud, a new survey has revealed.

According to the report by Vanson Bourne, which was conducted on behalf of NCC Group, some 40 per cent of those yet to adopt the cloud in the financial sector cited the fear of sudden data loss on a mass scale as the reason why they have not embraced the cloud.

Furthermore, the research also highlighted that 74 per cent of the financial businesses surveyed would take more than a week to implement a contingency plan should their cloud supplier fail, while five per cent said it would take between two to three months to fully implement such a plan.

Daniel Liptrott, managing director of NCC Group’s escrow division, said: “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 back-up 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.”

Liptrott also said that some businesses invest heavily in cloud services, yet still don’t have suitable contingency plans in place.

He added: “In a sector where time equates to large sums of money, organisations should ensure that they have comprehensive and effective disaster recovery plans in place to avoid costly delays if something goes wrong.”

Financial Sector Still Fears Cloud

Published date:  09 October 2014

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