Wealth managers need to have client data readily at hand. A natural disaster, such as a flood or fire, can wipe out stored data. Thieves can make computers and drives disappear. Ransomware can wipe out files without physically touching the computer. When businesses suffer a significant data disaster, they often fail within a year. A plan for disaster recovery for wealth managers is essential to their long-term business survival.

Any information which exists only in paper form is very vulnerable. Fire or water damage can wipe it out. If copies exist at all, getting them back to a usable state will be a tedious job. Digitizing all important documents should be a part of the recovery plan.

Beyond backup

Disaster preparation is more than just backup. A local backup is weak protection against serious mishaps. If something physically ruins a computer, it’s likely to do serious damage to any nearby backup devices. Ransomware goes after attached drives to prevent the victim from restoring files.

Essential data needs offsite backup. A remote backup is unlikely to be hit at the same time as the primary system. Ideally, the backup should go to more than one location.

Frequency of backup is important. A backup that happens only once a day risks losing as much as 24 hours of data. A lot of information from valuable clients can disappear in that time. You might not even know exactly how current the backup is. If the failure happened in the middle of a process, getting back to a consistent state will be difficult.

Even a remote data backup isn’t complete protection. It will be necessary to get systems up and running again after a complete system failure. This may involve re-installing software on a new machine.There could be necessary pieces of software that you had forgotten about. You may need to re-configure the network and rebuild databases. That’s a time-consuming and error-prone process.

A cloud-based failover system goes beyond backup to provide true business continuity. When the local system fails, the failover system is ready to pick up the work immediately. You’ll be able to keep running till the primary system is working again.

Two metrics put numbers on a disaster recovery scheme’s expected performance. RPO (recovery point objective) tells you the maximum time period for which you can expect to lose data. The smaller the RPO, the lower the data loss. RTO (recovery time objective) tells you how long it should take to restore full functionality. Lowering RTO and RPO comes with a cost, and a business needs to choose the right cost-benefit tradeoff.

Cloud services provide disaster protection

Cloud-based Software as a Service (SaaS) lets a business keep its data outside the office at all times, with secure, backed-up storage. Relying on high-quality cloud services keeps documents out of disaster’s reach.

The Treeno Enterprise Document Cloud stores encrypted documents in a highly secure data center. Automatic backup and monitoring ensure their safety. Documents stored have some of the strongest protection available. Even if it’s impossible to open the office, the business can access all cloud documents from a temporary location.

A disaster recovery plan, relying on backup, failover services, and cloud services, ensures that wealth managers will always be ready to serve their customers, no matter what happens.