Financial institutions rely heavily on data communications – both dedicated connectivity and Internet connectivity – to perform most every transaction. Additionally, many voice calls rely on the data communications circuits. Natural disasters, cyber incidents, terrorist attacks or something as common as a backhoe can all create severe business disruption when such an incident impacts the central office of a telecommunications provider.
Similar to the streets and highways we drive, software is helping create multiple paths to the destinations you need to reach electronically. However, it also takes reliable physical infrastructure to be effective and specialized technical talent keep up.
The BankOnIT Managed Network (BMN) has been developed over a number of years and continues to evolve as technology changes and more options for connectivity become available. BMN routes data and voice traffic across networks in a more efficient manner that is also more resilient to disruptions. Using artificial intelligence and machine learning the network is able to select the best path using not only binary up/down decisioning, but also based upon factors such as latency, packet loss and other real time metrics that can adversely impact data connectivity. It also helps defend against specific cyber-attacks such as Distributed Denial of Service (DDoS) attacks.
Combined with software is physical infrastructure. The BMN infrastructure design uses multiple physically distributed points for connectivity to multiple peers at each point, providing a physical redundancy that is difficult to match at all but the very largest institutions in the country.
Additionally, specialized IT talent is a critical component to ensure systems are maintained and continue to be developed. The market for top tech has been tight – around 3 percent unemployment – in the sector for several years, with the pandemic and information-security issues pushing the forecast for tech talent demand even higher. Something for banks to consider is can you find and retain top tech talent?
New challenges are constantly emerging and current threats are evolving relating to keeping data networks reliable. Ensuring reliability and survivability of the bank’s data network are some things for financial institutions to consider in their organizations.