M&T Bank is, reportedly, planning to build a new data centre in Western New York and invest over $20m to upgrade its online and mobile banking business.
The latest investment is part of M&T’s initiative that began three years ago to strengthen its back-up systems. Location of the data centre has not been finalised.
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M&T Bank chairman and CEO, Robert Wilmers, said the new data centre will house terabytes of data equivalent of 400 times the books houses in the Library of Congress.
Wilmers said to combat increasingly sophisticated cyber criminals, they continue to invest in upgrading their computer security systems to ensure the confidentiality and integrity of the data that their customers have entrusted with them.
"We have devoted time and resources in building an enterprise data warehouse and setting up a governance structure to manage data – work that will continue in 2014," Wilmers added.
At the end of December 2013, the M&T Bank had invested around $60m on upgrading its compliance system.
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