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Security Is Key for Financial Services Providers

A recent 451 Research survey confirms that financial services providers continue to face challenges around data protection and security (55% of respondents) and governance and compliance (45%) when determining where to house and process data. Because financial services providers tend to have more savvy IT staff, they are typically well equipped to consider which workloads go to cloud or colocation environments and which remain on-premises.

Over 65% of financial services providers are leveraging a hybrid approach to data processing and storage, using some combination of in-house solutions, colocation and cloud services. The most critical data remains in-house, under careful guard, while less critical data tends to move into colocation environments, where these enterprises are able to leverage additional security services stacked on top of basic colocation services.

With multiple technology decision-makers in any one enterprise, including non-IT personnel, IT staff are tasked with reducing the CAPEX associated with in-house data centers, while keeping OPEX down with off-premises colocation and cloud deployments. Over time it’s become increasingly important for enterprises to evaluate the cloud readiness of applications and workloads. Cloud-only solutions have often proved to be costly and ineffective, with many enterprises eventually deciding on colocation as a primary off-prem landing point. The cost to retrieve data from the cloud is also often cost-prohibitive.

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