As one of the most heavily regulated industry sectors, the handling and storage of financial services data is subject to compliance with a plethora of laws and regulations. The management of financial services data may also differ between public, private and not-for-profit organisations, the size of the organisation and whether the financial data relates to domestic or a global field.
Financial services data covers many sub-sectors accounting, banking, stock market, superannuation, investment, insurance, credit, tax and other related services. It is all complex, transactional information, the majority of which is confidential and requires high levels of security, encryption and traceability. It can be subject to periodic auditing by governing bodies and data retention periods can vary significantly between each sub-sector or type.
For many organisations, the complexity of managing the various data sets creates challenges in deciding what data needs to be retained, what data can be destroyed securely, and what data is needed purely for compliance and auditing matters. With most of the financial services data in question residing on backup tapes in offsite vaults, it is difficult for organisations to proactively manage the data without the help of Tape Ark.
The types of services that Tape Ark provides the financial services sector include:
- Restore archive tapes
- Reformat legacy tape backups for ingest into newly deployed backup systems
- Restore and import large volumes of tapes to Amazon or Azure
- Prepare large volumes of data for analytics platform ingestion
- Restore and reformat financial data from one system to another. (List of formats here)
- Data segregation for joint venture, divestitures of assets, or legislative requirements