How do multicloud setups benefit financial organizations?

Financial institutions have a unique set of requirements when it comes to their IT infrastructure. It's essential that their IT environments comply with regulations that may vary from state to state. They also need to be able to quickly and easily access data regardless of where it is stored. A multicloud setup can help financial organizations meet these and other needs. But what exactly is multicloud, and in what specific ways can it benefit your organization?

What is multicloud?

Multicloud refers to an environment that uses multiple cloud providers, such as a setup that uses both a public and a private cloud. A multicloud approach allows businesses to pick the best cloud provider for each specific workload, giving them more flexibility and control over their infrastructure. It also helps to better manage costs, as owners can take advantage of different pricing models and discounts from different providers.

While multicloud offers a trove of benefits, there are other factors to consider when deciding if it is right for your organization. Some of the key considerations include the type of workloads you need to run, the level of security and compliance you require, the budget you have, and the geographical location of your data and users.

Take a look at the following benefits and find out if a multicloud strategy is right for your business.

1. Flexibility

A multicloud setup gives financial organizations the flexibility to align workloads and interfaces with the most appropriate computing platforms or tools designed specifically for the financial sector. For example, a bank might store customer data on Amazon Web Services while also using Google Cloud Platform for analytics. By using the best cloud provider for each task, your organization can save money and improve performance.

2. Scalability

Financial institutions often need to quickly scale up or down their IT infrastructure. A multicloud setup makes this easy to do. By using multiple providers, your organization can increase or decrease capacity as needed, helping you stay within budget while still meeting demand.

3. Accessibility

Multicloud improves data accessibility by allowing financial organizations to store their data in multiple locations. This makes it easier for employees to access the data they need no matter where they are. In this way, multicloud supports efficient remote or hybrid work setups without sacrificing performance.

By storing data in multiple locations, you can also ensure that your information is always available and accessible even if one of the cloud environments you use is compromised by a disaster or cyberattack.

4. Security

Financial institutions are required to follow a number of regulations, such as the Payment Card Industry Data Security Standard, which dictate how they store and access data. A multicloud setup can help them meet these regulations as it balances accessibility and security. For instance, it allows different workloads to run on multiple platforms in multiple interoperable environments, creating an open but secured hybrid multicloud architecture that encourages workflow portability and data accessibility.

Using multiple clouds also increases the chances that your data will be backed up and available in the event of a disaster. On top of this, spreading your data across multiple providers can make it more difficult for attackers to gain access to a complete set of your data.

5. Savings

A multicloud setup has become an increasingly popular choice for businesses looking to improve their operational savings. This is because by using multiple cloud providers, businesses can take advantage of the best prices and features each provider has to offer. Additionally, using multicloud can help avoid vendor lock-in, which can lead to higher costs in the long run.

Do you want to learn more about multicloud and how it can drive your financial organization to achieve its goals? Contact our cloud experts at Cutting Edge IT today, and we’ll help you get started with this powerful technology.

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