Data security is a pillar of a bank’s reputation and functionality, and needs to be rigorously maintained. Banks and financial companies handle sensitive data, which makes them inherently prone to many threats, like cyber attacks and accidental deletion. Data loss within the financial sector has a domino effect, and can affect not only your company, but your clients, their clients, and so on.
The best way to ensure all your data remains secure and protected is through seamless data backup. Cloud-based backup vendors, like Backupify, can benefit banks in a number of ways.
But first, it’s important to know what types of data banks should backup up:
- Credits cards and transaction receipts
- Billing and invoices
- Internal and external communications
- Client information files and records
- Payroll and employee files and records
- Property and tax records
- Business administration documents
- Computer system files
It may not be entirely obvious as to why you should back up all of this data, but for the security and wellbeing of your bank, it’s time to find out. Read on to learn about data risks banks need to watch out for.
How Backupify can Improve Your Bank’s Overall Data Protection Strategy
There are several risks and concerns banks should be aware of when it comes to data protection, and why backing up your data is a great idea.
- Hackers and ransomware: Cyber threats can be incredibly damaging and costly to a bank. On average, ransoms in the finance sector average around $200,000 per incident. It isn’t solely about protecting your data from being breached and leaked, you also run the risk of your data becoming entirely encrypted--and inaccessible to you. It’s key to invest in a backup solution, like Backupify, that can ensure your information and that of your clients’ are not compromised, and instead remain secure and backed up.
- Power and software outages: Outages and interruptions in software service happen more often than you think. If you’re relying on SaaS platforms like Microsoft 365 and Google Workspaces, it’s possible that you might have data hosted there in the event of an outage--and could lose it. Although these apps offer some data protection under the shared responsibility model, it’s best practice to use a backup service that can ensure everything is preserved, no matter what.
- Accidental deletion: Data loss caused by human error is one of the most common ways data is accidentally deleted. If a staff or IT member accidentally deletes important financial information, there’s no way of getting it back unless you have a backup system in place. Deleting a client’s financial information or losing tax records could be a huge mistake and lead to a damaged reputation. A backup solution can ensure this never happens.
- Malicious insiders: Financial data is very sensitive information, and you want to make sure that no disgruntled former employees attempt to delete, leak, or even sell that data. While a backup system like Backupify can’t help you identify who these malicious insiders are, it can certainly protect your data through backup.
With so much sensitive and confidential information, banks need to anticipate and protect against these risks and threats. Using a backup vendor, like Backupify, is a great way to ensure all data stays protected, confidential, and backed up. In addition to these features, banks can benefit in a number of ways from Backupify. Read on to find out.
Backupify Takes Security Beyond Just Data Protection
Data protection should be a pillar of bank security. Backupify not only provides unparalleled data protection, but also several benefits paired with our other features. With Backupify, banks can take their data security beyond simply protection--they can elevate their overall data management and backup. Banks can do this, easily, with Backupify in the following ways:
- Ransomware protection: Ransomware attacks are expensive and happen every 14 seconds--and can also be damaging when data becomes encrypted or deleted altogether. With Backupify’s private cloud and robust security standards, banks can ensure their data stays protected from ransomware and other cyber attacks.
- Stronger retention policies: Although SaaS platforms like Microsoft 365 and Google Workspaces offer some data retention features, it by no means is comprehensive. But, Backupify offers unlimited retention and can restore bank data whenever, from whatever time frame needed.
- Shared responsibility model protection: As mentioned above, Microsoft 365 and Google Workspaces don’t offer comprehensive retention. These SaaS apps are also limited in their ability to provide backup protection. Microsoft 365 and Google Workspaces operate on a shared responsibility model, which means these platforms only offer protection from certain risks, like power outages or software interruptions. Even though these platforms offer some retention and protection policies, they should not be used as a primary backup solution.
- Better control over lifetime users: Onboarding and offboarding bank employees can be time consuming, tedious, and costly with so many licenses and users in transit. Backupify allows you to easily manage and control user lifetime cycles with granular management and automation options--saving you time and money on licenses.
New Backupify Tools Banks can Benefit From
In addition to our core features mentioned above, Backupify also has new tools that can elevate your data management. Below are the most recent features we’ve added to our repository of data management tools:
- PST export: A highly requested feature from our users, PST export is now available with Backupify. Before this PST export system for Microsoft Exchange was available, Microsoft 365 users had to convert local MBOX copies using a third-party converter. Now, with PST export, Backupify users don’t need a middle man, and can upload data back to Microsoft 365 in the same format. This new feature enables Backupify users to save time and have better, easier access and control of their Microsoft Exchange Mail backups.
- Seat management 2.0: With Backupify’s new seat management system, users have an even easier experience using and implementing this interface. Seat management 2.0 gives users the capacity to better detect and distinguish between active and archived seats. Backupify users can easily see the current status of a seat by clicking “status” to prompt a list of possible actions to change the seat’s status. Additionally, this includes our new “Paused Backup” feature, which halts new backups from happening while a seat is paused. This saves banks’ IT staff from repetitive and unnecessary data management, and allows banks to better manage large clients with overall flexibility.
Data Security You can Bank on with Backupify
In the world of finance, data protection should be of the utmost importance. When handling sensitive data, from client bank information to tax returns, banks need to take preventative measures when it comes to data security. Without it, banks are vulnerable to a number of risks, like ransomware, accidental deletion, and even malicious insiders. In addition, managing a large number of staff and clients can be overwhelming and time-consuming.
Backupify can help you do more than just data protection. Backupify offers comprehensive and automated retention, restoration, data management, and backup capabilities that are all hosted on our private cloud. With multiple backups per day and robust security measures, banks can take their data security to the next level while saving time and money. Plus, any banks using Microsoft 365 or Google Workspaces, the implementation process of Backupify is the same for both!
Interested in trying Backupify? Request a free demo today!