What do financial firms need from their servers? Much of the finance industry is currently in an important period of transition that requires robust data solutions (we may not need to tell you that). From new compliance and transparency requirements to making sure that data routed swiftly and accurately, challenges are common. To help, here are a few of the most important features and tools for servers that you should consider when making plans:
The most common question that financial firms have about improving their servers is, "How safe are they? Can we protect our data more effectively?" If they have an older server system, they want to make sure that the security is still robust enough to protect against the latest threats. If they are planning an upgrade in hardware or software, they want to make sure the servers will be structured and secured to prevent data theft. Today, large caches of customer data – particularly financial data – are more common targets than ever before, which means that many firms are facing the probability of hacking attempts (both digitally and through more traditional means). Being prepared for these attempts is key.
Backup and recovery
If anyone should know about the important of data backup and recovery, it should be finance companies, and many are well aware what an important inclusion this is when making server upgrades. Most enterprise server solutions come with robust backup server features, but they need to be used and maintained to prove effective. This can be a particular challenge when dealing with legacy systems that may not have the same formats or requirements for recovery. Disaster recovery plans should always be as simple as possible, which means that part of this feature often involves data transitions.
Careful monitoring and records
As finance firms grow even more digital, industry leaders have come to quickly to spot the holes in their current data management practices – and look for solutions. One particular issue we see frequently is accountability and tracking. It’s very important for financial firms to be able to track exactly who is accessing data, who is moving it, and when it happens. Tools for servers should include a clear record of all changes with required logins and other monitoring practices that can answer important questions when necessary.
Following up on the previous point, one of the other important server features for financial firms to consider is how data is siloed in regards to authorization: In other words, you probably don't want all data to be accessed by anyone in the company. More sensitive data should be restricted to specific departments, managers, or requests as required. The individual circumstances can vary a little – best practices are still being developed in this area – but the goal remains the same: Important data should be limited when it comes to access, and the right server features can help.
Legacy and transition
We briefly mentioned legacy systems before, but for financial firms this is one of the most pressing issues regarding their data policies: It's time to update hardware and restructure the network – how should data be handled in this period of transition? Servers should be set up to encourage easy transitions and acceptance of legacy data whenever necessary. Part of this is a service feature, and part of it is careful planning regarding formats and other important specs.
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