Unlocking Innovation: 

Reclaiming IT Spend with Smarter Cloud & Compliance

How One Financial Firm Cut Cloud Costs While Strengthening Compliance, giving it room to unlock innovation.

Financial Services spend up to 70% of their annual budgets on maintaining compliance, leaving only 30% for innovation. This constraint prevents growth, affects client satisfaction, and reduces marketplace competitiveness.

One of Canada’s leading financial institutions approached Cover-All for help reducing IT infrastructure cost of maintaining records without compromising security and compliance requirements. Their current vendors’ storage costs eroded their IT budget, leaving little room for innovation.

In the financial services industry, a key requirement is retaining and storing financial and other business documents for up to seven years, which is a costly endeavour. They needed a more cost-effective way to provide users with quick and easy access to their data. However, simple cost-cutting was not an option. As a highly regulated financial entity, it had to meet strict security and compliance requirements, including SOC 2, PCI DSS, and FSRA regulations. The leadership team faced a dilemma. They needed to reduce storage spend without compromising compliance, data sovereignty, or operational resilience.

Cutting Cloud Costs, Improving Compliance and Unlocking Potential

Cover-All Managed Cloud and IT Services introduced this financial services prospect to a cost-effective solution built on two powerful technologies: IBM Cloud Object Storage for Financial Services and CTERA, an edge-to-Cloud file services platform.

We demonstrated how the Cover-All and IBM Cloud Object Storage + CTERA Enterprise File Services Solution would boost productivity, reduce costs and strengthen data security – surpassing their expectations, along with other key benefits, which ultimately earned their business.

  • Provides dramatic Total Cost of Ownership savings when compared with existing architectures.
  • Offers deployment based on their preference for a public, private or hybrid cloud environment.
  • Simplifies processes, eliminates redundancies, and optimizes performance across the system.

Cover-All migrated our new financial client’s extensive data archives to IBM Cloud for Financial Services, a hyper-secure, purpose-built environment designed to meet the unique needs of banks, insurers and asset managers. With pre-configured controls for regulatory compliance and zero-trust architecture, we can help our client maintain its security posture without investing in custom frameworks. IBM Cloud for Financial Services helped to free up their innovation budget with built-in compliance and risk controls.

To address data protection and backup needs, we deployed CTERA’s edge-to-Cloud file services, enabling our client to:

  • Store sensitive data locally while syncing with IBM Cloud.
  • Reducing storage costs using smart catching and deduplication.
  • Ensuring fast recovery, minimizing operational downtime.

Cover-All manages the IT infrastructure, which includes all the hardware, file storage, and network connections to CTERA on IBM Cloud. Now their customers can access data archives on their local drive from anywhere in the world, quickly and securely.

Cover-All's Managed Services team manages and supports the solution, which has the expertise and track record that clients rely on to help them achieve positive business outcomes.

One Fintech’s Achievement of IT Infrastructure Everywhere Goals:

  • Unified file access across all environments
  • End-to-end security and complianceSeamless scalability
  • Fast, secure file access from any location
  • Seamless collaboration across sites
  • Full file versioning & collaboration
  • Military-grade encryption & compliance (GDPR, HIPAA, FIPS)
  • Secure access without VPN
  • Simplify endpoint backup
  • Reduce storage costs with global deduplication
  • Centralized management and analytics
  • AI-driven caching that makes file access instant, even from remote offices

To discover how Cover-All Managed Cloud and IT Services can help you achieve positive business outcomes, call 1-833-268-3788, or visit https://www.coverallmcits.ca/cloud-services/ to learn more.