Digital transformation is enabling organizations to leverage data in ways that provide customers with more personalized experiences that engage and delight. Leaders in the financial services industry, in particular, are using data analysis, artificial intelligence, and machine learning to reimagine ways to detect fraud, predict customer behavior, and improve operational decision making.
While rich data is invaluable when it comes to maintaining a competitive edge, the massive increases in the amount and complexity of data being generated present challenges when it comes to cost-effectively meeting compliance mandates around its storage and protection. Because the volume of sensitive data that financial services organizations must store electronically has risen exponentially, IT decision makers are wrestling with how to meet these demands while adhering to budget limitations and enabling the access that enterprise users require.
Regulations dictate that the petabytes of sensitive and personally identifiable information (PII) data that financial services organizations collect must be located in their data centers, be secure, encrypted and optionally masked or anonymized. It is also important to ensure that data is protected from ransomware threats.
Additionally, financial services organizations are required to retain and index electronic correspondences, including email, with immediate accessibility for a period of two years and with non-immediate access for at least six years. Failure to comply can result in severe penalties, ranging from fines to the possibility of jail time.
What’s needed to satisfy these diverse needs is a cost- effective, scalable storage solution that can provide end-to-end data protection to meet compliance requirements, while also enabling fast and easy data access to meet business needs. Fortunately, object storage solutions can help.
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