Controlling Data to Reduce Risk and Exposure
Financial and insurance institutions rely on computers for all aspects of their business activities. Every stock or monetary trade, customer interaction, banking transaction, prospectus developed and claim processed generates data that requires storage. The volume of daily transactions between financial institutions, between insurance companies and between all their customers are the main drivers of unstructured data growth. In addition, with increased government oversight, including the requirements of SOX and GBLA, companies find themselves now being required to retain data longer than ever before. For example, to reduce liability and potential lawsuits, mutual fund institutions, stock brokerages, banks, and insurers record conversations between their agents and clients. Each recording is stored and must be available for confirmation and retained for compliance with SEC regulations, state insurance commission rules and company policies. Multiply 1,500 calls a day, for a large financial or insurance organization, by an average of 1.5 MB per recording. This provides an idea of the immense storage requirements (approximately 2.5 GB per day) for this single business requirement alone.
Regulatory compliance is greatly simplified. Preserves file names, locations, owners, date and time in log file(s) along with the date and times that the files were moved and by whom, providing traceability and accountability for each movement transaction
Run a daily sweep of new or updated files or files of a specific type, and reposition them in the correct storage tier based on their significance. This repositioning not only ensures optimized performance, it also prevents critical business systems from running out of capacity.