It’s no secret that over the years more and more businesses are migrating to virtual environments (remember our recent blog post on cloud trends in healthcare?). Increased efficiency, organizational agility and data storage are only a few reasons why migrating to cloud-based solutions makes sense. There has been one vertical market, though, that has remained somewhat stagnant in their interest in migrating its data to the cloud and that is the financial services sector. While security and compliance concerns remain significant barriers for financial institutions, recent studies have shown that cloud computing is finding its way into the industry, with a mixed, hybrid cloud solution being the service of choice.
As the client-corporation relationship within the financial sector becomes more reliant on the sharing, storing and analysis of data, cloud adoption is bound to increase. Interestingly, according to a recent study conducted by the Cloud Security Alliance, it’s the small companies and larger enterprises that have the highest cloud adoption rate. The reasoning for this can be explained by the agile nature of small businesses and the need for robust data storage options that many large enterprises require. And while the majority of financial institutions are finding the hybrid cloud approach to be the most well-suited for their day-to-day needs, some organizations resort to a strict, “private cloud only” policy – with security concerns being the number one driver for that choice.
So, where does Faction come in? Simple: the Faction cloud offers the flexibility and customizable solutions that today’s financial institutions find appealing. According to the same Cloud Security Alliance study, “A company’s willingness to adopt the cloud has much to do with whether the cloud services offer specific functions and features critical to the users…The service itself and, more importantly, how the cloud provider accommodates theses top features will determine how readily a particular cloud service is embraced.” In other words, control and flexibility are essential – as they should be. After all, financial institutions handle large quantities of remarkably sensitive data.
At Faction, we believe in giving financial institutions the highest degree of control and access to their virtual environments, with exceptional performance and broad customization. The Faction Cloud Bloc simplifies the customization process even further by allowing customers to build their cloud components from top to bottom. Plus, each Faction core bundle you deploy can be customized with additional compute, storage and IOPs, plus solutions for private cloud and disaster recovery.
Most importantly, at Faction we put data security at the forefront. Faction provides the essential resource pooling, elasticity, and network access for a cloud-based alternative to offsite data storage—ensuring you have access to your data anywhere, anytime. For more information on how Faction addresses security concerns, read our Guide to Data Protection for a rundown of options and recommendations.