Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Technology

Using the Cloud to Maintain Business Continuity During Uncertain Times

Untitled design 2020 10 07T104430.598 - Global Banking | Finance

By Dominik Birgelen, CEO of oneclick

All businesses, no matter the industry, size or age of the company, have experienced their share of challenges. Whether these are experienced through challenges to grow, addressing skill gaps and shortages or talent retention, every organisation experiences trying times. However, what’s different about the current climate is the sheer number of companies that have been hit simultaneously on a scale like never seen before.

When the UK first went into lockdown, business leaders were forced to make some difficult decisions – whether letting staff go or stop trading altogether. According to the Office for National Statistics, 20% of businesses either temporarily stopped or paused between the period of 20 April to 3 May 2020. What’s more, of those businesses still operational, many found that their turnovers were significantly impacted due to a decreasing customer base or a reduced scope of work. For instance, 61% of all UK organisations that continued to operate said their turnover had decreased, with almost a quarter (24.5%) reporting a reduction of more than 50%.

In addition to businesses facing critical financial challenges, many have had to transition to a working from home model. While some companies already had remote working policies in place, according to Deloitte, 25% of workers were working from home at least once a week pre-lockdown; meaning a vast majority of employees remained office-based. As a result, lockdown forced those not working from home to change their routines so that workforces were able to stay operational.

A robust and secure continuity plan; powered by the cloud

During the current climate, business continuity has been a hot topic of conversation as companies around the world brace themselves to face further financial challenges and make some difficult decisions to determine the future of their companies. However, according to a study from global consultancy firm Mercer, a quarter of businesses are developing their first business continuity plan as a response to Covid-19 and the current climate. Whatsmore, the study found that more than a quarter (27%) of businesses do not have a continuity plan at all and are not currently developing one. As fears of a second lockdown loom, these businesses could be making some significant errors that have long-term implications.

Dominik Birgelen

Dominik Birgelen

In order to have an effective continuity plan, organisations need to focus on two key areas. The first is providing the ability to remotely access data, app and software that enables staff to continue performing their roles effectively. The second is having a recovery plan in case their infrastructure is compromised due to cyber attack or data breach.

Now, it’s more important than ever for a business to ensure it has a continuity plan in place; particularly with new Government restrictions encouraging businesses to work from home, where they can. What’s more, business leaders need to make sure they are utilising emerging technologies that make their plans robust and resilient. For example, Everything-as-a-Service (XaaS) has continued to gain traction – particularly as staff continue to work remotely – as it enables all IT services to be offered in the cloud. XaaS provides remote workers with advanced flexibility and security due to it encompassing other solutions such as IaaS, PaaS and SaaS.

As businesses across the country rush to work remotely, these tools can be rolled out almost immediately as a direct response to companies needing access and the ability to store business-critical applications and data. A business’ key applications will run automatically through XaaS; providing employees with remote access to the tools they need to carry out their tasks but also delivering the additional flexibility of working remotely.

Security within the cloud has been a criticism of the technology with many enterprises raising concerns about storing confidential information online. However, cloud services providers will often be able to assist businesses in setting up a robust and secure cloud infrastructure, especially those that offer a cyber insurance model that further secures the entire company. In addition to being able to roll out hybrid and multi-cloud infrastructures depending on the individual business’ needs.

From a business continuity perspective, XaaS solutions make it more viable for a business to operate in the event of an incident or disaster. As local lockdowns continue to be implemented in an attempt to restrict the spread of Covid-19, employees are being told to return to working from home. For those organisations that still find themselves without a reliable XaaS solution, staff productivity and overall operations could take a significant hit or stop altogether. Rolling out an effective solution to keep inline with your business continuity plan will enable you to carry on despite facing such an uncertain and anxious landscape.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post