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IT Managers Leverage Technology When Planning For Disaster: Page 3 of 6

  • Had an average revenue loss of only $1.1 million compared to $4.2 million for financial institutions that do.
  • Reduced their business-continuity expenditures by more than 80 percent.
  • Lowered their IT-capital expenditures by more than 20 percent.
  • Were able to improve the use of IT staff and the network to support employees by almost 37 percent.

    Dave Palermo, a vice president at SunGard Availability Services, says that firms looking to do internal backup themselves find it "hard to keep up with extra capital investment." He says firms need deep pockets to build a mirror image of their data center. Voutsakis says another cost-conscious move he made was to rent rack space from SunGard for Glenmede's servers. "We're able to have the flexibility of having our own hardware at the SunGard location, which is five minutes away. We're able to go in there and gain easy access."

    Gary Foster, chief technology officer at Omgeo, a trade-solutions management firm in Boston, says that when it comes to managing disaster-recovery costs, it's a function of distance. "The real cost issue is how much distance you're willing to pay to manage your company." One city and one building, he notes, means "more risk."