Why Financial Institutions Must Prioritize Backup [Video]

Financial institutions are an integral part of everyday life, but how well are they protecting their sensitive information? These organizations must pay more attention to backup, and in fact prioritize backup security in order to protect critical assets.

There are a number of reasons that businesses in the financial sector must focus greater  attention on backup technology than similarly sized organizations in other markets.

Attack Spike on Financial Institutions
During the COVID-19 crisis, attacks on financial institutions have exploded by 238%1, seemingly timed with important news announcements. What is even more concerning is recent reports that indicate recent attacks may be more focused on causing the maximum amount of damage possible. A recent Modern Bank Heists report states that 80% of financial institutions surveyed in the last 12 months have seen an increase of 13% over the previous year.

The Types of Data They Store
Over 100 pieces of data can be collected from even a single email address, simply by using publicly available databases2. Financial institutions generally collect data at a much deeper level to better predict their client’s creditworthiness and their own risk. This makes a potential data breach exponentially more damaging.

The Privacy Regulations they Observe
Whether they do business with Europe and follow GDPR standard or even within the United States (CCPA, etc), financial institutions must hold themselves to the highest legal standard. To mitigate the damage that a data breach could cause, information must be securely retained. But this data must only be held as long as necessary in order to protect client privacy. Violations result in strict penalties.

Significant Change Takes Time
Many financial institutions are slow to adopt the latest technologies while attacks become more sophisticated. With 27%1 of all cyberattacks being conducted against either banks or healthcare – the odds of a breach alone should be cause for concern. As institutions make changes to more continually modernize their defenses, they must be able to rely on a thoroughly tested backup solution as a worst-case-scenario recovery option.

Backup helps banks and other financial institutions to recover from a data breach quickly and minimize potential damage - even when all other security defenses fail. To learn more about what NovaBACKUP can do for your financial businesses, speak with one of our backup experts today.

Sources:
1. https://www.carbonblack.com/wp-content/uploads/VMWCB-Report-Modern-Bank-Heists-2020.pdf
2. https://csbcorrespondent.com/blog/10-important-pieces-data-banks-need-collect-commercial-customers
3. https://www.ngdata.com/data-privacy-guide-for-banks-and-financial-institutions