Phoenix Uxbridge -0004_smallThe most striking comment made by the FCA was its commitment to ensuring banks shift away from a focus on recovering from disruptive events to resilience where systems can withstand risks in the first place. This requires a totally different mind-set not just from the banks but from the boards of most British businesses.
Our experience suggests that most businesses would be unable to recover in anywhere near the time that would be expected of them by regulators or their customers. The sheer complexity of modern IT with the addition of mobile and interdependent applications, all accessing huge volumes of data, requires a commitment from firms to continual risk assessment and annual-testing of IT and business recovery plans that go far beyond what most organisations currently undertake.
One of the potential solutions leverages the revolution in technology i.e. the Cloud to deliver effective recovery and resilience. So called Disaster Recovery as a Service (DRaaS) allows companies to reduce their own direct infrastructure costs, gives greater resilience against risks such as natural disaster and climate risks (e.g. a flood knocking out the firm's server room) and provides an infinitely scalable compute and data storage solution that contains and safeguards highly confidential customer information which customers entrust companies with.