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Disaster recovery planning in a changing risk environment

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In a world that can be quite unstable, the risks to your servers and business continuity can come from potential blind spots in what were perceived to be well thought out risk planning.

Disaster recovery plans should be reviewed regularly in the light of a changing world and where new risks have emerged especially within the political landscape and with the experiences derived from the pandemic.

All financial services business must have a robust and dependable contingency plan should a disaster strike in their primary jurisdiction and that without doubt will include remote and back up servers.

Disaster Recovery Plan considerations:

There are many factors that should be considered when drawing up a disaster recovery plan aside from the obvious preparedness. It's important to focus on the location's attributes and ask yourself the following the questions about the infrastructure:

- How secure is the location both physically and policitally?

- Does your primary location offer multiple reliable sources of power and data?

- How easily and how quickly can your Disaster Recovery Plan be implemented?

- What are the the DR regulations of your primary jurisdiction and what are the possible implications on your DR?

The Isle of Man can provide you with firm reassurance to all of the above the questions if selected as the jurisdiction of choice for your Disaster Recovery plan. The Island offers a well-connected environment to host, that is robust, resilient and well-regulated. With legislation in place that allows computer equipment to be located in the Island, (subject to appropriate notification to the Isle of Man Financial Services Commission and certain conditions being met).

The Isle of Man is the Natural choice for Disaster Recovery planning.

Disaster recovery planning and preparation can be your lifeline to retaining your customers and staying in business! The main objectives of a disaster recovery plan is to prevent disruption to your customers, ensure continuation of operations and minimise any potential loss of profits. Hosting your disaster recovery in the Isle of Man can ensure that happens.

The Isle of Man is a politically stable, self-governing jurisdiction that boasts a strong economy thanks to the continual collaboration between the government, the regulators and the business industry. As well as being physically safe with some of the lowest crime rates in Europe, the Island is also geographically safe, away from fault lines and natural disasters. But, most important of all the Isle of Man boasts a world-class power network and telecoms infrastructure, including six top-tier datacentres.

Basing your disaster recovery provision in the Isle of Man will ensure you are receiving a service fully supported by a jurisdiction which specialises in the provision of data centres.

The Isle of Man boasts five data centre providers:

So now may be the time to really review the emerging risks of where your back up recovery site is located, with the Isle of Man being the natural choice for many financial services businesses.

By John Hunter, Head of Banking and Fiduciaries, Finance Isle of Man 

 

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