The financial services industry includes banks, credit unions, insurance companies, investment firms, and securities brokerages. Although these organizations may market different products and services, they have a major goal in common: to provide the highest level of protection for every financial transaction.
How can you ensure your data center delivers financial-grade performance? Which compliant hosting solutions will best address the challenges your financial institution faces?
If you handle sensitive credit card data, you must comply with the Payment Card Industry Data Security Standard (PCI-DSS). PCI-DSS compliant hosting solutions can help you achieve compliance without requiring massive capital outlays to build a company-owned data center.
Cloud computing adoption in the financial services industry lacks uniformity. In a recent report published by the Cloud Security Alliance, six out of 10 financial institutions have only begun to develop a cloud strategy. Some financial institutions, especially large firms, host part of their IT infrastructure and applications in the cloud, while others are dead-set against implementing any cloud policies.
As the fast-growing data center category in the industry, colocation hosting experienced a 22% increase in the number of facilities between 2012 and 2016. This significant growth rate entices a greater number of service providers to enter the market. The fierce competition provides more choices and drives service providers to enhance their service offerings. While battling for market share, service providers remain focused on differentiating their solutions.
Topics: Compliant Colocation
When outsourcing data center services, you need to know your service provider has incorporated the proper internal controls to comply with regulatory standards. Completing the Statement on Standards for Attestation Engagements (SSAE) No. 16 audit confirms your provider offers an SSAE 16 compliant hosting solution. SSAE 16 compliance ensures a reliable and secure operating environment.
Topics: Compliant Hosting
Running an in-house data center requires significant investments in time and money. First, you incur a major capital expense to build the facility and install equipment. Then, you have ongoing operational expenses for managing and maintaining the data center. Colocation for financial services firms can help address challenges and deliver business-transforming benefits.
Businesses continually demand their IT teams deliver more services, in less time, and at an affordable cost. However, lean staff, limited resources, and aging infrastructures create considerable challenges to accomplishing these goals.
Managed colocation hosting services have become increasingly popular. Businesses understand they can gain significant efficiencies through outsourcing data center services.
Data center colocation continues to grow. The Uptime Institute 2016 Data Center Industry Survey notes that colocation data centers already house 20% of all IT assets. By 2021, the researchers expect the market to reach $55.31 billion, thanks to a 14.45% compound annual growth rate.
Topics: Compliant Colocation