Financial Services Firms Lose $1.8M Per Hour in IT Outages, New Relic Report Finds
Event summary
- Financial services firms report average high-impact IT outage costs of $1.8M per hour, with 29% experiencing such outages weekly.
- Network failures (37%) and software deployment issues (34%) are the leading causes of outages.
- Engineering teams spend 31% of their time addressing disruptions, diverting resources from innovation.
- 50% of financial services companies have deployed AI monitoring, with 38% citing AI as a primary driver for observability adoption.
- 89% plan to deploy browser monitoring, 80% mobile monitoring, and 77% synthetic monitoring within 1-3 years.
The big picture
Financial services firms are under pressure to modernize while maintaining uptime and security. The industry's adoption of observability tools reflects both the high cost of outages and the strategic importance of seamless digital experiences. As AI becomes more prevalent, firms will need to integrate these technologies carefully to avoid introducing new vulnerabilities.
What we're watching
- AI Integration
- How financial services firms will balance AI adoption with observability needs to maintain security and compliance.
- Outage Mitigation
- Whether the industry can reduce outage frequency through increased observability investments.
- Digital Experience
- The pace at which financial services companies deploy digital experience monitoring capabilities.
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