This Financial Brand article examines how banks can build stronger resilience against large-scale cloud outages through redundancy, multi-cloud design, and strategic planning. Connect with Play Good Group to explore how to enhance your organization's cloud continuity strategy.
What caused the recent AWS outage?
The AWS outage was caused by disruptions in Amazon Web Services' cloud services, which impacted many essential online services, including those used by banks and fintechs. This incident highlighted the fragility of the internet and the increasing frequency of such outages.
How can banks protect themselves from outages?
Banks can implement several strategies to enhance their resilience against outages. This includes participating in organizations like the Financial Services Information Sharing and Analysis Center (FS-ISAC) for cyber intelligence, utilizing backup systems through initiatives like Sheltered Harbor, and ensuring redundancy in their operations to recover quickly from disruptions.
What regulatory changes are needed for better cybersecurity?
Regulatory reforms should focus on creating a more collaborative oversight process that involves industry executives and their expertise. This approach would enhance the quality of regulations and strengthen the cyber defenses of financial institutions, addressing the evolving risks posed by new technologies and cyber threats.
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