Because of increasing governmental intervention and tightened privacy requirements, it has become a regulatory imperative in financail industry to ensure transparent and appropriate risk management and protect customer information. Also, the governments’ strict standard regulations require internal controls to minimise the risk of inaccurate financial reports and customer privacy issues.
While complying to government restriction, many financial institutions must transmit data securely, receive timely fraud alerts, monitor information use and provide security for transaction record storage in order to protect transactions. Effective storage management is required to help ensure
adequate space, prevent data loss, and preserve business continuity.