Veeam® Software today announced that it is participating as ‘Availability Solutions Partner’ at MEFTECH, the largest and most prestigious event that convenes the entire financial technology community from across the Middle East and North Africa (MENA) region. The company will use the event as a platform to demonstrate its latest innovations that ensure 24.7.365 availability for the ‘Always-On’ enterprise.

Discussing Veeam’s participation at the event, Mr. Gregg Petersen, Regional Director, Middle East and Africa at Veeam Software says, “Financial Services organizations face increasing pressure to comply with rapidly evolving regulatory requirements for data integrity and security. In addition, valuable stored data continues to grow at exponential rates. Meanwhile, customers expect around-the-clock access to their account information from their computers and mobile devices. In fact, many banks have developed customized mobile applications that enable 24/7 account transactions, including deposits and transfers of funds. Considering the highly sensitive nature of financial information, the effects of lost or compromised data can be detrimental for firms, investors and customers. In fact as per the Veeam Availability Report 2016, the average per hour cost of data loss resulting from downtime for a mission-critical application is just under $90,000.”

“Banks and insurance companies need to deploy availability solutions that meet regulatory requirements, enable high-speed data recovery, avoid data loss, verify the recoverability of enterprise data and provide complete visibility into enterprise backup infrastructure. Financial services firms will lose customers if there are any doubts about the security or reliability of account information. Enabling an always-on enterprise is critical.”

Veeam intends to highlight to conference attendees the fact that ‘Availability’ is central to digital transformation.

“The modern enterprise needs to be anchored with key technologies provided by virtualization, modern storage systems and cloud technologies in order to be fully transformative. What is critical is that availability is at the forefront of the digital transformation strategy, so that when applications and workloads are being moved across different infrastructures, there’s a backup and disaster recovery plan in place to ensure that downtime is not an issue,” concludes Mr. Petersen.