Working in the financial sector, pretty much by definition, entails handling a whole lot of data. If you're a financial advisor, either for individuals or large companies, your job is to curate a great deal of information about people's accounts, their investments and their potential future earnings. Your ability to access and cite this information at a moment's notice is essential to doing business.
"If a technical malfunction or natural disaster arises, you need to have a backup plan ready."
This means, of course, that you're sure to be in trouble if your data suddenly becomes difficult to access. If a technical malfunction or natural disaster arises, you need to have a backup plan ready. Fortunately, this is one of the many advantages of cloud computing.
The Cloud Helps In Times Of Crisis
When disaster strikes and you need to recover your data quickly, it can be a life-saver to have cloud backup solutions at the ready, according to Investment News. The news source reported on the example of Jon Ten Haagen, a financial adviser with Ten Haagen Financial Group in Huntington, New York, who encountered a major problem when a fire broke out in his office.
Everything in the office was destroyed – except his files. All of his clients' vital financial information was safeguarded in the cloud, so it remained unscathed.
"If I didn't have it [in the cloud], I would be out of business," Ten Haagen said.
Thanks to cloud backup, Ten Haagen's business is still going strong. He's working out of a new office now, located in nearby Northport, and it was relatively easy for him to notify his clients of the change and continue business as usual. He ordered a new computer and was back to work within 48 hours.
Interest Is Growing Worldwide
Stories like Ten Haagen's are becoming incredibly common. Just about everyone these days knows somebody who's been saved by disaster recovery services – and as a result, people are making the move to invest in cloud backup in droves.
John Rourke, chief executive of Gotham Tech Labs' Wealthbox system, told Investment News that the mindset surrounding cloud backup has changed considerably in recent years, and so too have investment trends.
"It's getting cloudier – in a good way," Rourke said. "We kind of take it for granted now, but it wasn't too long ago that everyone thought having all your data stored on your laptop was more secure than on the cloud."
No longer. Today, everyone sees the value of the cloud. The 2015 "State of the Cloud" report from Bessemer Venture Partners revealed that 62 percent of CRM programs will be cloud-based by 2018. In addition, the global value of the cloud computing market will reach $127.5 billion during that same time period.
Minimizing Downtime Is Essential
When financial professionals use the cloud to back up their data, their goal is to minimize downtime. They want to get their business back up and running ASAP if anything happens. That's why many financial institutions today are trusting Virtacore, one of the best in the business at recovering data with zero downtime along the way.