According to a Wall Street Journal article, the Nasdaq OMX and the NYSE Euronext are close to an agreement on a plan to back up one another’s streams. Both the Nasdaq and NYSE each operate a data feed called a securities information processor, or SIP. A problem with the Nasdaq SIP led to a market outage in August, which was part of a broader series of financial market outages that led the Securities and Exchange Commission to summon industry leaders to Washington and demand greater cooperation among the exchanges.
Today, data is considered to be the biggest asset held by a business or organization. This is why creating a data back up plan must be a priority for businesses today and even the Nasdaq and NYSE.
Steps to Mitigate Permanent Data Loss:
1. Document the types of data collected and where it is stored.
2. Determine the cost impact of losing data.
3. Conduct a risk analysis to determine how data loss could happen, whether its due to cyber theft, accidental deletion, hardware failures etc.
4. Implement Loss Prevention measures such as backing up your data to an off-site location, as well as providing employee training and assessing which employees have access to sensitive data.
5. Purchase cyber/data breach insurance with data loss coverage to protect from financial hardship.