Why Financial Institutions Need a Reliable Business Continuity Platform

Written by Anneri Fourie | Marketing Executive

Financial institutions hold the keys to economic stability, with their operations directly impacting customers, businesses, and governments worldwide. A single disruption, whether from a cyberattack, natural disaster, or system failure, can have far-reaching consequences. The need for a robust business continuity solution is not just a best practice, but a necessity. 

This blog dives into why a Business Continuity Platform is critical for financial institutions and how Crises Control’s tailored solutions help protect operations, reputations, and compliance.

The True Cost of Downtime for Financial Institutions

For financial institutions, downtime is more than a temporary inconvenience, it’s a direct threat to their bottom line and customer trust. Let’s break down how downtime really affects businesses:

1. Financial Loss

Studies reveal that IT downtime costs businesses thousands of pounds per minute. According to Gartner, downtime costs financial institutions more than $5,600 per minute, equating to over $300,000 per hour. For larger financial institutions, this figure can climb to millions. With trading platforms, payment systems, and customer portals all relying on continuous uptime, even a brief disruption can have cascading effects.

2. Loss of Trust

The financial sector thrives on trust. When services like online banking or payment gateways are unavailable, customers are quick to lose confidence. For institutions, rebuilding this trust can take years, impacting long-term profitability.

3. Regulatory Penalties

Governments and regulators impose strict guidelines on financial institutions to ensure stability and accountability. Prolonged service interruptions not only risk fines, but also invite scrutiny that can damage an organisation’s reputation.

The recent ransomware attack on Deloitte highlights these vulnerabilities. Sensitive data was reportedly compromised, underscoring the critical need for a reliable Business Continuity Platform for Finance. Such a platform not only supports rapid recovery, but also secures operations during crises.

How a Business Continuity Platform Protects Financial Institutions

A modern Business Continuity Platform is more than a set of tools, it’s a comprehensive framework for minimising disruption and ensuring resilience. Here’s how it safeguards financial institutions:

1. Rapid Recovery with Incident Management

When a crisis strikes, speed is everything. Financial institutions need to act quickly to restore services and minimise customer impact.

• Pre-configured Response Plans: Having clear, actionable plans in place ensures teams know exactly what to do.
• Centralised Coordination: A single platform allows teams across departments to work together seamlessly.
• Real-Time Monitoring: Advanced dashboards track recovery efforts, keeping stakeholders informed at every step.

How Crises Control Helps:

Crises Control’s Incident Management Tools provide a central hub to execute recovery plans efficiently. Accessible from anywhere, its cloud-hosted platform ensures that critical services remain operational, even during local outages.

2. Strengthening Cyber Resilience

Cyberattacks like ransomware are increasingly targeting financial institutions. Business Continuity Management Software ensures preparedness by:

• Providing data to help identify vulnerabilities and assess risks proactively.
• Providing secure, cloud-based backups to protect critical data.
• Enabling rapid deployment of containment plans to limit damage.

How Crises Control Helps:

With the Incident Plan Builder, financial institutions can create detailed, step-by-step plans for handling cyber threats. From securing data to notifying key stakeholders, Crises Control ensures organisations are ready to respond to breaches immediately. Additionally, Crises Control offers over 200 templates, making it easier for institutions to customise and implement plans based on their specific needs.

3. Ensuring Effective Communication During Crises

When emergencies occur, miscommunication can escalate the situation. A robust Business Continuity Platform ensures clear and consistent messaging through:

• Mass Notification Systems: Rapidly send alerts to anyone, anywhere.
• Multi-Channel Alerts: Deliver messages via SMS, email, phone calls and app notifications.
• Customisable Templates: Tailor communication to specific scenarios for clarity.

How Crises Control Helps:

The Ping Mass Notification System delivers messages to all stakeholders in seconds. Whether it’s a security breach or service disruption, Crises Control ensures that everyone stays informed, reducing confusion and panic.

Case Study: How Crises Control Helped a European Trading and Investment Company

Crises Control proved invaluable to a leading European trading and investment company in managing crises effectively. During a major incident, the platform enabled the company to quickly notify employees in affected areas, ensuring safety and a prompt response. The system’s rapid incident notifications and real-time updates were crucial in coordinating a timely response.

The company also uses Crises Control for bi-annual evacuation drills, enhancing staff preparedness and improving coordination. By empowering local managers with Keyholder roles, Crises Control streamlined crisis communication, improving response times and overall crisis management efficiency.

Feel free to read more about this real-world example.