Last Friday’s global WannaCry Ransomware attack is a reminder of just how vulnerable businesses can really be from cyberattacks and the challenges they face with constantly having to execute best practices related to security measures. A comprehensive cybersecurity plan should not just include employees but firm-wide. “…because at the end of the day what is important is your data. Your monitor, CPU, or memory, can be replaced, but the data on your disk storage is irreplaceable and business critical.”- Pravin Khanolkar, CEO of DbCom
How can you lose your data?
There are several reasons for any industry to suddenly lose their sensitive and critical data; due to environmental disasters, disk crashes and corruption, or simply due to “human-error”. Cyberattacks in any form regardless of the reasons above or due to, Ransomware, Malware, or Viruses, have the ability to create havoc and completely paralyze entire businesses. The key to avoiding a chaotic response is to be proactive.
Just how dangerous is data loss to your business?
- Loss of business-critical data, for some businesses recovery may be impossible.
- Loss of money as some businesses are forced to pay off these cybercriminals, as well as, the remedial work required to recover from these attacks.
- Loss of time. As the saying goes, “time is money”, down-time or worse shutting down your business can be detrimental, if not devastating.
- Loss of reputation. Your business name is on-the-line, whether your business is related to government, medical or financial industries -clients place a high-level of trust in your deliveries.
Challenges to protecting critical-data
Experts agree that the best method to defend against data loss from ANY type of failure is to place it in a format that cannot be rewritten again, in other words, in WORM (write-once-read-many) format. Although, this solution is the best practical solution for protecting your data, it has its own challenges.
- The amount of data being stored may require changes in media.
- The daily manual process of tracking timings and media.
- Data at rest must be secured with appropriate level of encryption.
- The high cost of cumbersome manual operational processes.
What is the solution?
Planning ahead is the BEST solution; begin with migrating data to WORM format and automate the entire process. Using a D3P (Designated Third Party) vendor as DbCom-EQube, with it’s EWORM data storage retention product and solution, not only addresses FINRA and SEC requirements, but can also protect client-critical data from sudden lose. Their EWORM, which features double encryption and indexing of data, helps relieve businesses of the high burden of constantly preparing from these unplanned sporadic attacks, and questioning themselves whether or not security measures currently in place -are enough protection.