At no other time has data played such a crucial role in the success of our commercial sector, and no more so than in financial services. We can see this powerfully illustrated when we pause to consider the growth of data driven ‘technologies’ such as Artificial Intelligence and their prevalence in driving innovation in areas such as risk management, multi-channel customer experience and fraud detection.
While we’ve touched on the financial costs of downtime, the damage goes further. Imagine high frequency trading is paused even for moments. What if the data that your insurance agents use to analyse the optimum premiums goes down even for a few minutes. The reputational damage to your brand is significant, not to mention the lost revenue from stalled trading. Ultimately, who is responsible? The CIO and above – so the cost of the personal reputations is increasingly factored in, given the publicity that so often surrounds the failure of IT systems to ‘perform’.