Storage Follows the Money

Banks, insurance carriers, and brokerages spend billions of dollars a year on storage networking and are one of the major drivers of storage technologies.

Banks, insurance carriers and brokerages are the major drivers of storage technologies, according to Ken Steinhardt, director of technology analysis at EMC Corp. "Because of the competitive nature of their industry, [financial firms] tend to go out on the leading edge," Steinhardt said.

Network Appliance Inc. counts hundreds of financial services customers and said it has sold over 1 petabyte of systems for compliance alone. Smaller companies also are selling security appliances, backup services, and email retention software to the the financial services market.

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