Financial institutions are focusing on IT resiliency as outages repeatedly disrupt operations, including affected operations. cloud strike, bank of america, Monzo There are other things this year.
Software companies are mindful of the impact of outages and are investing in infrastructure, IT teams, and resiliency strategies to reduce downtime and losses. Cockroach Research Institute Co-founder and CEO spencer kimball say Bank automation news In this episode of the podcast “The Buzz.”
In a study conducted by Cockroach Labs, wakefield research100% of respondents said they experienced unplanned or unexpected downtime in the past 12 months. The report surveyed 1,000 senior cloud architects and engineering and technology executives from August 29th to September 10th.
The report also found:
- 53% of banks and financial services companies experience outages and service interruptions weekly or more frequently.
- 93% of executives surveyed said unplanned downtime causes them to lose sleep. and
- The cost per outage ranges from $10,000 to $1 million.
Kimball explains what causes these outages and how to build a resilient infrastructure.
identify the vandal
As downtime increases, it becomes important for organizations to find the root of the problem and determine the cause of the outage.
According to the report, causes of downtime include:
- Reliability of cloud service provider.
- Third Party Service Failure.
test, test, test
To make their platforms more resilient and reduce the likelihood of outages, financial institutions need to test their resiliency, Kimball says.
But today’s testing is not where it should be, he says. The report found the following:
- 62% of organizations fail to perform regular system updates.
- 71% of organizations don’t perform failover testing.
“Performing failover tests and making sure the system is working at least as designed is invaluable,” Kimball says.
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