A report from Veritas Technologies claims that the finance and insurance industries are failing to maintain data backups, visibility and scalability in their digital transformation ambitions and journey to the cloud.
The Veritas 2020 Data Management in a Multi-Cloud World: Finance and Insurance report explores the pressures facing both industries as they continue to transform to meet competition, compliance, flexibility and security challenges. The report said that while that cloud adoption is experiencing strong growth, with 48 percent of organisational data stored or managed in the public cloud. IT decision makers in finance and insurance expect this figure to rise to 78 percent in just five years’ time.
The disruption caused by COVID-19 has accelerated this process. Prior to the pandemic, 50 percent of respondents listed cloud adoption among their top three organisational priorities. Following the outbreak, this has shot up to include 62 percent of finance and insurance IT leaders. Cloud has become a central tool to help companies cope with modern working practises, which have only been exacerbated by working from home during the pandemic.
