New York, New Jersey financial sector well prepared for Hurricane Sandy

27.10.2012
The financial services sector in New York City and New Jersey are dusting off disaster recovery plans and bracing for a storm that could bring 80 m.p.h.-plus winds and major flooding.

Hurricane Sandy could not have been hyped more by weather tracking services. Some are predicting "the storm of the century." Others, such as Henry Margusity, a senior meteorologist with AccuWeather, said the storm could bring a "disaster of biblical proportions."

But analysts and industry experts agree, New York and New Jersey aren't pushovers when it comes to potential disasters -- particularly their financial services business sectors. The lessons from the terrorist attacks on 9/11 were not lost on them, according to Kevin Knox, a research director with research firm Gartner.

"I think after 9/11 in particular, there was notice taken to how close a lot of the data centers were. Since 9/11, we've seen a lot of work to separate the data centers to ensure a regional disaster wouldn't potentially take out multiple data centers," Knox said.

The New York Stock Exchange is currently working with New York City officials to assess the readiness of safety, power, water and transportations systems.

"At this time all U.S.-based NYSE Euronext Exchnages plan to operate on a normal business schedule on Monday, Oct. 29 and on the days following," said NYSE spokesman Eric Ryan.