Greater New York City Area (PRWEB) August 27, 2013
According to Reuters on August 22, 2013, the technology failure that halted trading on the NASDAQ for more than three hours this past Thursday brought the nation’s second largest exchange to its knees. The technical glitch further showcases how fragile the U.S. trading platforms are. It was the latest in a series of failures to disrupt increasingly complicated markets that rely on and are driven by spiraling data loads. The potential for a financial calamity is prompting the Securities and Exchange Commission to push for rules requiring executives to improve the reliability of their technology.
"These outages are absolutely going to continue," said Neil MacDonald, a fellow at technology research firm Gartner. "There has been an explosion in data across all types of enterprises. The complexity of the systems created to support big data is beyond the understanding of a single person and they also fail in ways that are beyond the comprehension of a single person."(technology/2013/aug/23/nasdaq-crash-data">The Guardian on August 23, 2013)
“As data management becomes increasingly complex, and in the wake of multiple outages, it is an absolute necessity for organizations to deploy mature, proven technologies that have stood the test of time. Human oversight alone cannot keep up with the explosion of data demands. Altibase can handle over 1.4 million transactions per second and no human can intercede at that speed. With the introduction of a litany of unproven and immature products, the real fear is that so many organizations are adopting nascent technologies.” –Chris Chung, CEO of Altibase Inc.
The NASDAQ outage came on the heels of a series of meltdowns at Amazon, Apple, Google and the New York Times. Amazon’s estimated 45 minute crash led to upwards of $5 million in losses according to VentureBeat on August 19, 2013. Google’s five minute outage earlier this month led the search giant to hundreds of thousands of dollars in ad revenue losses and up to 40% of decreased internet traffic during the episode according to CIO Today on August 19, 2013.
“Robust data management, high availability and fail-safe, non-stop operation are the pillars of today’s ecommerce, financial exchanges and industry’s core infrastructure. Altibase simply does not take short-cuts to achieve strict durability, extreme speed and zero-downtime. With over 15 years of pure dedication to In-Memory computing optimization, Altibase has proven itself as the most battle-tested, scalable, mission-critical solution in In-Memory database applications time and time again.” --Chris Chung, CEO of Altibase Inc.