financial technology firm invested in 2021

Why this financial technology firm invested in modern data management solution

Following the implementation of a modern data management solution, Neehar Pathare, VP, ICT, and CISO achieved more than 90% compression within 63 months, reducing the entire data backup window from 18 hours to six hours.

63 Moons, formerly known as Financial Technologies India, offers technological solutions in the financial sector and creates innovative trading platforms. The leading security trading platform, ODIN, has a market share of around 80% in India. The technology provider recently assessed the company’s need to simplify data management and improve cybersecurity. The company started thinking of different solutions and the cloud environment was a top priority.

Today, cloud technology has become a necessity to improve business productivity and optimize costs. Companies in all industries rely on cloud technology to improve their agility, speed, mobility, and scalability.

63 Moons have several key applications such as CRM and ERP in the cloud. Therefore, the company was looking for a data management solution that could improve its cybersecurity and provide a flexible cloud computing environment.

‘We believe the biggest threat to data security is an insider. Most mistakes are due to human error. Now that we have to comply with ISO 27000 and ISO 20000, we need to make sure that people are free from errors. Then we can move on to application-level security and perimeter-level security. In addition to data breaches, a cyber attack can lead to system outages, which are unacceptable in this industry. Data must always be available, without exception. 63 Moons wanted to protect customer data in this rapidly changing threat landscape, ”says Neehar Pathare, VP, ICT and CISO, 63 Moons.

Pathare and his team wanted to ensure that security and data management were technically advanced to address critical security challenges while protecting the data within the enterprise.

In the midst of Covid-19, hackers are considered by hackers to be one of the most important and effective sectors. Ransomware attacks, data breaches, malicious botnets, DDoS, etc. destroy the industry. This has implications for companies like 63 Mane, which operates in the sector. Therefore, the company is looking for improvements in backup and data management. After evaluating various technology providers and suppliers, Pathare Veeam decided to implement a data protection and management solution.

Maintaining data security and compliance is the real challenge

Confidential financial data must be protected and shared securely and in accordance with regulations. According to Pathare, these laws are being implemented as cyberattacks increase. As data integrity is critical, it is essential to ensure that regulators are 100% compliant. While new regulations have increased compliance costs, capital and liquidity requirements have reduced returns. Low-interest rates and limited profit opportunities have further reduced the return on capital and have led institutions to try to reduce operating costs, including risk management costs.

‘Since this financial crisis, institutions have experienced a tsunami of new regulations. As data becomes the most important asset for businesses, availability is critical. In fact, the biggest challenge for 63 Lune is to ensure that our data is always securely available to our customers, ”Pathare added.

A multi-cloud approach is cost-effective

The company operates in a multi-cloud environment and is currently migrating some applications and VMs to it. Pathare believes the cloud is the core of any business that wants to improve data management.

The biggest advantage is the cost. With the advent of the cloud, the rate drops. In addition, the cloud allows users to pay as they grow. That’s why we’ve started moving simple workloads like CRM, accounting, business continuity, collaboration, and even cloud access applications. Now our entire Microsoft Office suite is in the cloud as well. “After a multi-cloud setup, we used Azure, AWS, and Nutanix,” Pathare said.

Key benefits after implementation

After implementing the data management solution, Pathare has shown that the enterprise can now integrate better with VMware. In addition to the key benefits for the company, he also noticed an improvement in production

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