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Manage Volume and Regulation with Compliant Archiving Solutions

BillMannel

The surging growth of financial Big Data, escalating regulatory compliance requirements, and the emergence of dynamic storage technologies are dramatically changing the way financial services firms collect, manage, and preserve data.  

Supporting mounting volumes of data and ensuring compliance with evolving regulatory and statutory requirements have become closely-related concepts in the age of Big Data. As data grows, there is a greater need to create rules and guidelines to ensure sensitive financial information is properly protected, stored, and maintained. As these regulations evolve and expand, more information must be collected, analyzed, and archived in order to guarantee compliance.

However, many financial IT departments are struggling to adapt their storage infrastructures to meet the ever-increasing demands of Big Data. Traditional storage architectures have become ineffective and cost-prohibitive, and typically store data in siloes which limits enterprise-wide business insight. Many also experience challenges with frequent data migrations as both data and required retention lengths expand.

These challenges are driving demand for storage infrastructures that are tremendously scalable, easy to use, and cost-effective, and prompting financial services firms to seek end-to-end storage solutions which can help them meet and exceed compliance requirements.

According to a recent report from Vormetric, 41% of financial services organizations in the U.S. have experienced a data breach or failed a compliance audit within the last 12 months, which means that almost half of businesses in this sector are failing to properly manage and protect their data in serious ways.

Industries that encountered a Data breach in last 12 months.jpg

 Source: Vormetric 2015 Insider Threat Report, February 2015

In order to survive in this stringent regulatory environment, financial services firms must reevaluate their enterprise-level storage infrastructures and invest in storage technologies that can both flexibly and cost-effectively accommodate growing data volumes. Solutions built on object storage can help organizations confidently comply with the expanding number of regulations, enhance data security, and future-proof their storage infrastructures.  

Object storage is becoming an ideal storage method for long-term archiving of fixed content data, such as the financial records, transactions, and correspondence that must be retained for compliance purposes. By leveraging the private cloud for storage of complex archival data, financial enterprises can transform their storage infrastructures, achieve massive scalability, and dramatically lower total cost of ownership (TCO).

Risk compliant archive solutions based on object storage can help financial organizations improve their storage architectures in a number of ways:

  • Reduce costs: Enterprises can save money and lower TCO by leveraging components of their existing storage infrastructures, and cut capital expenditures by 50-70%.
  • Save time: Simplified storage architectures eliminate the need for constant in-house IT management, help avoid time-consuming data migrations, and allow for in-place upgrades with little to no downtime.
  • Enhanced security: Object storage technologies are proven to deliver better data security with extra data protection features such as compression, encryption, and erasure coding.
  • Increased flexibility and scalability: Customers can have the freedom to mix-and-match the storage device and technology that best suits their data storage needs, while cloud-like scalability helps protect and prepare the business for future data growth.

Software-defined storage technologies like HPE’s Risk Compliant Archive are purpose-built for the strict storage requirements of the financial services industry, and can help companies in this sector achieve superior performance and simplify the management of their storage infrastructures. Powered by the versatile and reliable HPE Apollo 4000 server, the solution runs on a single platform to catalogue and protect data in a consolidated environment.

Rapid data growth and expanding regulatory requirements mean that financial services companies must invest in storage solutions that are designed to deliver higher levels of efficiency, reduce costs, and scale in accordance with data demand. Those that do will enjoy the benefits of dramatically simpler storage infrastructures, reduce the risk of fines and penalties due to non-compliance, and capitalize on data-driven insight to improve operations and data management capabilities.   

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About the Author

BillMannel

As the Vice President and General Manager of HPC and AI Segment Solutions in the Data Center Infrastructure Group, I lead worldwide business and portfolio strategy and execution for the fastest growing market segments in HPE’s Data Center Infrastructure Group which includes the recent SGI acquisition and the HPE Apollo portfolio.