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Survey: Financial Services Sector At-Risk of Data Loss

Survey: Financial Services Sector At-Risk of Data Loss

The 2012 Acronis Disaster Recovery Index indicates small and medium-sized U.S. businesses in the financial sector are having difficulty preparing for disasters and backing up data.

Overall, the survey found 65 percent of the businesses surveyed expressed a lack of confidence that their IT

The 2012 Acronis Disaster Recovery Index indicates small and medium-sized U.S. businesses in the financial sector are having difficulty preparing for disasters and backing up data.

Overall, the survey found 65 percent of the businesses surveyed expressed a lack of confidence that their IT personnel could successfully engage in data recovery operations, while just one-third believed they could recover quickly after a period of system downtime.

"The Acronis Disaster Recovery Index shows that financial services organizations are in need of better strategies and training, and more advanced and comprehensive technologies to improve their backup and disaster recovery capabilities, which are currently seriously inadequate," Seth Goodling, virtualization practice manager at Acronis, said in a release.

Other key findings included only 36 percent of respondents believed they had adequate resources to implement strong disaster recovery plans. Forty-five percent of financial services firms surveyed said downtime could cost them a quarter of a million dollars per year.

The report follows a another recent study from PricewaterhouseCoopers that found cybercrime is affecting the financial sector more than others.