Financial compliance requires a proactive approach to end-of-life deadlines

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April 27, 2021 – As one of the most heavily regulated industries, the financial services sector faces many challenges when it comes to compliance. Addressing end-of-life systems and reacting to upcoming deadlines for end-of-support are two challenges financial services organisations currently face. Windows Server 2012 is one such server operating system with an upcoming end-of-life deadline due in 2023. While that may seem a while off, it is vital to begin preparing for this deadline now.

Why a proactive approach to end-of-life deadlines matters in financial services

Up-to-date operating systems such as Windows can provide underlying support for financial services organisations when meeting regulations and providing the foundation for compliant applications. Failure to update or replace a system reaching end-of-life can lead to firms being deemed non-compliant and can also lead to significant fines or a resulting data breach from a cyber-attack on a vulnerable system.

Any resulting loss of critical data will have further implications for organisations such as breaching established supplier agreements and obligations as well as inefficiencies from extended downtime. In turn this can damaged relationships with clients and could even result in contract termination. And then there is the reputational fallout to consider too.

With external factors such as the Covid-19 pandemic or the impact of Brexit bringing firms urgent challenges, it’s all too easy to set aside other pressing tasks such as updating systems and preparing for impending end-of-life updates.

What should financial services firms consider moving forward?

Identifying impending end-of-life deadlines should be matter of urgency for financial services organisations. Ideally, organisations should be aware of upcoming end-of-life deadlines up to three years in advance. From this point they should set out a carefully considered programme with a clear path to compliance. The last 20% of this type of project is typically the hardest part to navigate so it pays to have every step plotted out.

There is no one-size-fits-all approach when it comes to addressing end-of-life. While some applications can be moved to a more modern platform, others will be incompatible with newer platforms. Fortunately, we have developed a proven solution that allows organisations to seamlessly overcome this challenge.

Our Application Compatibility Packaging solution can save business-critical applications that aren’t supported on newer systems. This service sees us lifting applications from legacy environments and optimising them to work as normal in any cloud system. You can consider it as similar to cutting and pasting your application from the legacy system into your new cloud environment with the application continuing to run exactly as it should once it’s implemented in the cloud.

Importantly for financial services organisations that are busy dealing with a myriad of other challenges, we take care of the end-to-end process, including the packaging, redirection, isolation and optimisation of the app for Windows-as-a-Service without the need for any recoding or refactoring. When we’ve completed the process, the app is ready to work without issue in the cloud or with any third-party tool and won’t be impacted by any future operating system updates. It will essentially become an ‘evergreen’ application, removing one set of IT headaches for the organisation. Speak to one of our experts to find out how Cloudhouse can help your financial services organisation take a proactive approach to end-of-life deadlines and take back control of compliance.

To find out more contact us here or email sales@cloudhouse.com.

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