Business continuity planning is the hope of the future. It is a chance to prepare for risks and build strategic resilience against unforeseen circumstances. Businesses in the finance industry take years to build customer trust and invest a lot of time and money in achieving compliance. Continuity plans built by IT consulting experts in Los Angeles can help ensure survival and loss prevention.
Risk assessment and impact analysis is a critical first step when building disaster readiness. This is the part where a business looks at the extent of risk exposure they have. You analyze the data security risks in your system and the losses that they would cause.
The biggest threats for financial industries during a disaster include:
- Service unavailability and staff remote connection challenge
- Identity theft and impersonation and data manipulation
- Interrupted trader surveillance and regulatory compliance
- AI-powered malware
IT consulting experts in Los Angeles can furnish you with the critical information regarding your system’s readiness against these threats. Your final business continuity plan should clearly state ways to seal the vulnerabilities.
Keep Things Running?
Once your tech department and customer-facing teams finalize and summarize the results of gap analyses, the next step is drafting a framework that can keep operations running. The right plan should cover every aspect of your business at both the macro and micro levels.
Adopt platforms and measures that can forestall the risks revealed in your analyses. For instance, data security and service availability can be improved by adopting hybrid or multi-cloud platforms. IT experts propose the following measures:
- Adopt multi-factor authentication
- Regularly update system and antimalware solutions
- Establish ways to maintain an audit trail even when working with distributed teams
- Restrict access to customer data
- Secure processes with data loss prevention solutions
- Back up regularly and communicate with customers
Companies in the financial sector should adopt solutions for fraud detection, patch management, and cyber threat alerts.
Adopt and implement artificial intelligence (AI) for your system monitoring and surveillance. Business survival through disaster often means that an organization must work with a leaner team. Automation solutions can keep things running, even as you focus on getting your people back to work.
What Can a Small Financial Business Do?
The odds are stack against SMBs. A small financial firm won’t have the resources to bolster business continuity and disaster preparedness. Customers may get poor services or be exposed to data breaches.
Outsourcing the function to IT consulting experts can significantly reduce costs and improve efficiency. Outsourced specialists come with advanced solutions and expertise to reinforce data security and support company operations through uncertain times.
At Advanced Network, we have helped clients like you through hands-on IT consulting services in Los Angeles. Our business recovery and continuity services include backup and disaster readiness, security and regulatory compliance, and infrastructure management and monitoring. Let us help your business survive. Contact us now for more information.