by Hu Yoshida on Sep 18, 2008
It is hard to blog about technology when the business world is in such turmoil. We wish our friends well, and hope that the financial markets will stabilize soon and begin the road to recovery. In the mean time the retention of data becomes even more important for compliance and regulatory support even in the midst of bankruptcies and mergers.
While Barclays declined to buy Lehman, they agreed to buy $1.75 B of Lehman assets yesterday. They will spend $250 M for Lehman’s North American investment banking and trading unit. The rest of the $1.5B will be used to buy Lehman’s HQ in New York and two data centers in New Jersey. This is a reflection of the value of IT versus business operations.
While others will sort out what happened and what needs to be done for the markets, IT needs to keep focused on the preservation of data and data services, even as budgets are being cut and layoffs occur. The preservation of financial data will be key to an orderly recovery.
Hu: you bring up an excellent point. With all of the turmoil that is occurring in the financial markets, one can only suspect that the dark forces who wish to get their hands on sensitive financial records are eagerly awaiting the deepening of the confusion.
If ever there was a time for firms to be extra careful with their data and to ensure that data retention policies were being followed to the letter, now is the time!
- Dr. Jim Anderson
The Business of IT Blog