April 14, 2012
Press release

Financial Services Industry at High Risk of Data Loss, Acronis Survey Shows

2012 Disaster Recovery Index Reveals 68 Percent of U.S. Financial Services Organizations Lack Confidence in Backup and Disaster Recovery Capabilities

WOBURN, MA, APRIL 13, 2012 - According to the 2012 Acronis Disaster Recovery Index, small and medium sized businesses (SMBs) in the U.S. financial services sector are stumbling when it comes to backup and disaster recovery preparedness. With 65 percent expressing a lack of confidence in their IT personnel to execute data recovery operations in the event of a disaster, and only a third believing they could recover quickly in the event of system downtime, it is clear that a serious gap in backup and disaster recovery planning exists within the financial services sector. This gap is so serious, in fact, that 45 percent of U.S. financial services SMBs surveyed said downtime can cost them at least a quarter of a million dollars a year.

Respondents cited several key challenges to implementing a proper backup and disaster recovery approach. Only 36 percent believe they have ample resources, and only 32 percent believe they have adequate technologies to execute effective backup and disaster recovery. Additionally, a mere 38 percent felt they had sufficient support from their executives.

Keeping up with IT developments was also a major issue, with 68 percent of financial services organizations seeing the increasing complexity of infrastructure across physical, virtual and cloud platforms as their greatest challenge to backing up. Businesses are looking for technologies that can better address this complexity, with 76 percent citing the availability of a comprehensive solution across physical, virtual and cloud environments as a pertinent way to improve their disaster recovery strategy.

"Data backup and recovery is absolutely essential for the financial services industry," commented Seth Goodling, Virtualization Practice Manager at Acronis. "These businesses are dealing with enormous amounts of sensitive information every day, and any data loss or server downtime can be fatal to their business. The Acronis Disaster Recovery Index shows that financial services organizations are in need of better strategies and training, and more advanced and comprehensive technologies to improve their backup and disaster recovery capabilities, which are currently seriously inadequate."

The 2012 Acronis Disaster Recovery Index revealed a general trend of inadequate backup and disaster recovery among U.S. SMBs in all sectors surveyed, with just slightly more than half expressing overall confidence in their disaster recovery operations. Surprisingly, financial services organizations were even more lacking in backup and disaster recovery capabilities than many of the other sectors surveyed. Only 39 percent of financial services respondents in the U.S. were satisfied with their overall backup and disaster recovery operations, compared with an average of 51 percent across all sectors surveyed.

Notes to the editor:

The survey was conducted by the Ponemon Institute across 18 countries in September and October 2011. Over 6,000 IT practitioners were surveyed in small- to mid-market organisations with no more than 1,000 seats. Details of how the index was calculated and where each country appears can be found here:

Full research report

Infographic report

About Acronis:

Acronis is a global cyber protection company that provides natively integrated cybersecurity, data protection, and endpoint management for managed service providers (MSPs), small and medium businesses (SMBs), and enterprise IT departments. Acronis solutions are highly efficient and designed to identify, prevent, detect, respond, remediate, and recover from modern cyberthreats with minimal downtime, ensuring data integrity and business continuity. Acronis offers the most comprehensive security solution on the market for MSPs with its unique ability to meet the needs of diverse and distributed IT environments.

A Swiss company founded in Singapore in 2003, Acronis has 45 locations across the globe. Acronis Cyber Protect is available in 26 languages in 150 countries and is used by over 20,000 service providers to protect over 750,000 businesses. Learn more at www.acronis.com.
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