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Banks, credit unions and other businesses always have the threat of cyber attack. Cybersecurity has become one of the greatest concerns for all organizations around the world especially for those which are associated with sensitive data are highly vulnerable to this. These attacks slow down or at times put the financial services at a halt with data theft as another outcome but sometimes many other types of disaster also result in such scenarios. Banking organizations and financial institutions need to have a robust disaster recovery plan to minimize the loss.
Steps to get started with a disaster recovery plan
• Apart from hackers and outside threats, there are various other disasters such as natural and fire which result in hindrance of the workflow. A proper analysis of such threats must be done prior to designing data recovery plan and maximum must be eliminated at the infrastructural level only and for the rest best possible countermeasures must be taken.
• Organizations must analyze the technology they will require to overcome disasters and in the least possible time. High storage devices, faster computing operating system, and modern applications that are capable to keep the data safe. The disaster recovery plan must be designed on basis of recovery time objective and recovery point objective as these two are pillars of it and define institution’s tolerance level.
• Restricted Access for security is very essential. Financial institutions must authorize only a few persons to access the security system making it less vulnerable to cyber threats. Also, the same must be applied to manipulating processes and recovery efforts.
• Organizations must test their disaster recovery plan before deploying it as the outcomes will permit them to eliminate flaws with the plan. During this process, new alternatives can also be thought of which would enhance the efficiency and result in much organization specific recovery plan.
• Regular maintenance and update in disaster recovery plan are necessary as it eliminates the newly coming cyber threats and faults in the infrastructure timely. New technologies must be taken into consideration for updating the recovery plan as it makes it more efficient.
With emerging and futuristic technologies, one must keep researching and experimenting to find new and effective methods of recovery.