Rebuilding portions of the technology infrastructure of financial services firms whose offices were destroyed in the World Trade Center attack will cost $3 billion to $5 billion, according to early evaluations by the TowerGroup. Larry Tabb, vice president-securities and investment research practice, said it would cost about $3.2 billion to replace the technology destroyed. About $1.7 billion of that would be for hardware, and $1.5 billion would cover the services and software to install and connect networks, operating systems and applications infrastructures. TowerGroup estimated another $300 million would be needed to replace printers, hubs, switches, data storage and networking hardware, and $1.5 billion to install, configure and manage the implementation of replacement equipment. TowerGroup estimates much of the spending will occur in the next 12 to 24 months.
Rebuilding portions of the technology infrastructure of financial...
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