29 September, 2018
How American Financial Companies Can Extend Their Reach In Europe with a Luxembourg Partner
Many American financial companies are expanding their operations into Europe, but poor connectivity can negatively impact their business.
In this blog we’ll explore how working with a cloud and connection provider based in Luxembourg can not only help you solve your connectivity issues, but also improve the performance of your business.
Here are a number of cloud benefits that you can take advantage of.
- Remote working is easier
- Better collaborative tools
- Infrastructure flexibility that reduces on costs
- The cloud provider handles software and security updates
- Your sensitive data is not stored on a single device
These benefits can be fulfilled by any cloud provider, but ideally you’d want to partner with a European provider who can ensure that your operations are not only functioning optimally, but also that your operations are compliant with current or future regulations (such as GDPR).
One of the prime regions for sourcing a network provider is Luxembourg. Here are some of the many ways a Luxembourg-based cloud and connectivity provider can assist your American financial business:
Your data is safe (if your provider goes bankrupt)
We’re not talking about backups or service failsafes in this situation, but rather what would happen to your data if your cloud and connectivity provider were to go bankrupt.
While many companies would take your data with them if they went under, Luxembourg is the first European country to ensure that any person or company can reclaim their data from a bankrupt provider. This is thanks to the amendment of article 567 of the Commercial Code.
Your data is safe (this time from prying eyes)
The Luxembourg government created the Commission Nationale pour la Protection des Données (The National Commission for Data Protection, or CNPD) in 2002. This organisation exists to ensure that personal data is legally processed and that privacy is enforced.
This commission ensures that data is locked, deleted or destroyed as necessary, while also giving companies improved data security and better ways to defend themselves in the event their data is misused.
Your provider can assist with EU compliance
By partnering with a local provider, it’s easier for you to ensure you are compliant with the many EU laws regarding data. This issue is particularly important with the introduction of new GDPR regulations that will affect how the personal data of EU citizens is stored, not only in the EU but also the rest of the world.
A Luxembourg-based provider will ensure that your organisation doesn’t fall into any compliance issues unnecessarily.
Security (which applies to more than your data and network)
While any business is concerned with security, it is particularly important for any company that deals with financial services. This doesn’t only include the security of your data and network, which you and your provider will need to work together on, but also the physical security of the data center itself, and legal security should you need to pursue legal action for any reason.
Luxembourg offers data and network security that you can expect from any provider, but also exists in a stable political environment that prizes the legal rights of the businesses that exist there.
Picking a provider with a physical location that offers stable and fast connectivity
The physical location of your cloud and connectivity provider can also affect the speed of your services. While this may not be critical for all of your tasks, there are latency and time-sensitive activities (such as stock exchange updates) that could be impacted by the physical location of your provider.
Luxembourg is located centrally in Europe, helping alleviate any issues with time and latency.
TERALINK Solutions is a cloud services provider that can offer you these benefits and many more with our world-class products. To find out how our services can be of benefit to your company, regardless of where you are based, be sure to speak to one of our expert consultants today.