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Data is the foundation of the financial sector. Every transaction, client record, and regulatory document must remain secure, accessible, and compliant with industry standards. Yet, financial institutions face relentless threats. Cybercriminals target financial firms at an alarming rate, and regulatory bodies impose strict compliance standards to prevent catastrophic data loss.
In 2023 alone, financial services experienced 744 data compromises, a staggering jump from 268 incidents in 2022. The consequences of data loss extend beyond financial penalties. Institutions risk downtime, regulatory fines, reputational damage, and loss of customer trust.
To combat these challenges, financial firms need a strategic, structured approach to data protection. At OTAVA, we understand these risks. We developed our S.E.C.U.R.E.™ Framework, a comprehensive system that ensures proactive data backup (Undo) and rapid recovery (Recover), minimizing disruptions and financial impact.
The financial sector operates under high-stakes data management. Without a strong backup strategy, firms risk compliance violations, operational downtime, and cyber threats.
The financial impact of a data breach extends far beyond recovery costs. In the finance industry, the average cost of a single data breach is $5.9 million globally. The impact of lost data includes:
For financial institutions, every minute of downtime costs money. Transactions stall, clients experience service disruptions, and legal consequences follow. The ability to restore operations quickly is critical to preserving financial stability.
Financial institutions are legally required to retain and protect data for years to meet industry regulations. Many regulations require financial firms to retain data for at least seven years to support legal and regulatory inquiries.
Some of the key compliance standards include:
At OTAVA, we take compliance seriously. Our backup solutions are designed for the finance industry, providing fully encrypted, audit-ready storage that meets HIPAA, PCI-DSS, and SOC 1/2/3 certifications.
Cybercriminals are relentless, and financial institutions are one of their top targets. In fact, financial services rank as the second-most targeted industry for cyberattacks, with threats ranging from ransomware and insider breaches to phishing schemes and advanced persistent threats.
Attackers exploit weak security protocols, unpatched systems, and human error to infiltrate financial networks. Without a secure, offsite backup strategy, institutions face severe risks, including:
A resilient backup solution must be designed to counter these threats. This means incorporating encryption to prevent unauthorized access, immutability to ensure backups cannot be altered by hackers, and redundancy to guarantee that data can always be recovered, no matter the attack vector.
OTAVA’s S.E.C.U.R.E.™ Framework is built to ensure financial institutions stay ahead of cyber threats and operational failures. The Undo principle focuses on proactive protection, reducing the risk of data loss before it happens. Meanwhile, the Recover principle ensures that when an outage or attack occurs, systems can be restored instantly without disrupting operations.
At OTAVA, our S.E.C.U.R.E.™ Framework helps financial organizations:
Financial institutions handle massive amounts of sensitive data daily, making data loss, cyberattacks, and compliance failures major risks. A reliable backup solution is necessary for maintaining operational continuity, security, and regulatory compliance.
The solutions below offer enterprise-grade protection, ensuring financial firms can recover from disruptions quickly, mitigate cyber threats, and meet stringent compliance requirements.
OTAVA provides high-performance cloud backup designed specifically for finance, banking, and investment firms that require secure, compliant, and scalable data protection.
Our cloud backup solutions enable financial organizations to protect their critical data while staying fully compliant with evolving regulations.
Financial institutions face unique challenges when adopting data backup solutions.
Scaling cloud storage can become costly. Institutions must balance storage capacity and budget without compromising security.
Backup solutions must integrate with existing financial systems without disrupting operations.
Cybercriminals constantly adapt their attack strategies. Institutions must regularly update their security measures. The Evaluate component of OTAVA’s S.E.C.U.R.E.™ Framework ensures that backup strategies evolve to meet new threats, compliance updates, and infrastructure changes.
Choosing the right backup partner is essential for financial institutions to stay resilient against cyber threats. OTAVA’s S.E.C.U.R.E.™ Framework offers a structured approach—helping organizations Undo threats with secure, immutable backups, Recover rapidly from data loss, and Evaluate their security posture to stay ahead of risks. Contact us today to learn how OTAVA can safeguard your financial data.
