Vertical Page for Finance Industry

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Vertical Page for Finance Industry

August 24, 2018 Writing Portfolio 0

Vertical Page: Backupify

This is more recent, and it’s a vertical page, intended to target an entire industry vertical. In this case, it’s targeting the finance industry for a SaaS backup program that will help to backup Office 365, Google G Suite, and Salesforce data.

 

Solutions: Finance

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SaaS Protection for Financial Products & Services

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Your contracts, spreadsheets, and presentations are stored in Office 365 and Google’s G Suite. Your client information is stored in Salesforce. You need access to all your data at a moment’s notice, and you need to make sure your data is protected and secure.

To protect your company’s critical information from user error, ransomware, or other malicious activity, you need a way to backup and recover your data quickly. Because your data is private, proprietary, or personal, you need a SaaS solution designed to safely secure your data from intrusion and unauthorized access.

Problems

Your Company Could Be Victimized By:

Accidental Deletion/User Error Overwriting data Departing Employees Third-Party Integrations Ransomware and Malware
Employees are human, and sometimes they make mistakes. They can accidentally delete files, folders, emails, or other data. Even though it’s an accident, it can still bring your company to a standstill if there’s no easily accessible backup. Office 365 and Google G Suite don’t (by default) enable version management. This means that your data could be accidentally overwritten in a regular update. If you need to access older data, you might not have a way to retrieve it. When employees leave a company, their Office 365 and Google G Suite accounts may go with them. If your employee’s account is removed, any data they’ve created can disappear. While some accounts may be temporarily retained, any data that’s not exported can be lost forever. Third-party applications or integrations can sometimes overwrite large data sets. These applications may use bulk uploading and may inadvertently change data that you don’t want altered. Without a SaaS backup or recovery solution, you may lose your data permanently. All it takes is for one person in your company to fall victim to a phishing scam, and hackers can access your entire network. Email accounts, shared drives, cloud storage – all of it is vulnerable to hackers who can steal or encrypt your data and extort you for ransom.

Data is essential

These days, finance changes at the speed of light. Every change produces data – information that must be properly input, catalogued, stored, and accessed. And in this era of consumer uncertainty, it’s more important than ever that financial services demonstrate a strong commitment to securing and safeguarding every scrap of data that they generate.

Office 365 and Google’s G Suite allow companies to collaborate and communicate all over the world in real-time. This allows client and product information to be pulled up in any boardroom or airport at any time. That immediate accessibility is what makes your company competitive in an atmosphere of instant everything.

More Access. More Risks.

Source: Okta’s 2016 “Businesses @ Work” Report

Most finance companies use Office 365 for their business productivity needs, with a few using G Suite or a combination of Office 365 and G Suite. Both platforms provide unparalleled collaboration and access to regional, national, and multi-national operations.

Unfortunately, the easier it is for you to access your data, the easier it is for a hacker to access it, or for an innocent employee or agent to corrupt it or damage it. The greater the access, the greater the risk to your company’s critical information.

Risk: Malicious Hacking

“The weakest link in the chain is where exposure happens,” said MasterCard CEO Ajay Banga. 47% of the data breaches in the financial industry target smaller firms, firms doing less than $1 billion of business each year. No financial company is too large or too small to be victimized by malicious hackers.

A Case from the News:

A recent attack on MongoDB took out 27,000 of their enterprise servers. More than 57,000 organizations were victimized and had their data encrypted or deleted in the attack, and they were paid more than $169,000 (more than 25 BTC). Norwegian developer Niall Merrigan reported that most of the data wasn’t exported correctly, so even companies that paid the ransom were unlikely to get their data back.

Source: https://www.techrepublic.com/article/massive-ransomware-attack-takes-out-27000-mongodb-servers/

Google and Microsoft are not responsible for your data.

The GSuite Terms of Service expressly excuses them from any liability related to “unauthorised access to or alteration of your transmissions or data”. Microsoft’s Office 365 terms do not cover any damages “That result from your unauthorized action or lack of action when required, or from your employees, agents, contractors, or vendors, or anyone gaining access to our network by means of your passwords or equipment, or otherwise resulting from your failure to follow appropriate security practices”.

In laymen’s terms, Google and Microsoft aren’t going to cover you for damages to your data caused by hackers or ransomware.

Risk: Employee Error

User error is the most common cause of data loss. The UK’s Information Commissioner’s Office reports that 62% of data breaches are the result of human error. US companies stand to lose up to $277 per compromised record when data is breached or compromised.

Accidental deletion of data accounts for about 42% of all data loss in the US and the UK. Employees, contractors, and team members can easily delete or overwrite your sensitive data, even when there’s no malicious intent.

A Case from the News:

In August 2017, a Cisco engineer accidentally deleted client data like splash page themes, floor plans, logos, summary reports, and voicemail greetings. An engineer working for the Meraki servers accidentally implemented a new policy that deleted all user-uploaded information uploaded prior to August 3, 2017. Even a Cisco engineer can accidentally delete data.

Solutions

Best Practices for Finance IT

Finance companies can hardly move offline. With SaaS and cloud-based storage options, most finance companies are distributing their data more widely than ever before, and protecting that data has never been more challenging.

A layered approach to protecting SaaS data is the best defense against threats like ransomware, accidental deletion, and human error:

  • Proper Employee Training
    Since the majority of data losses result from user error, proper SaaS application training and data control procedures should be mandatory training for all new employees, and veteran employees need regular refreshers on data security.
  • Regular Phishing Prevention Tools
    Most ransomware attacks originate from phishing attempts, and companies are particularly vulnerable. Ransomware viruses can be hidden in files posing as spreadsheets, documents, and other normal office files. Users need regular reminders to help them avoid phishing scams, and the IT department should have a clear policy for reporting any suspected phishing scams.
  • Robust Password Policies
    Secure passwords are essential, but it’s equally important that employees change their passwords regularly and do not write their passwords down.
  • Automated Backup with Easy Data Restoration
    If the worst happens and your data is lost, a regularly-scheduled automated backup can help you recover more quickly and more easily.

Cloud to Cloud Backup: Essential Protection for Finance

Despite your best efforts to prevent data loss, accidents happen. The only way to reliably restore your critical data is to use a third-party backup tool like Backupify.

The best backup tools will make daily backups of all your SaaS data automatically. This makes it easier to keep an updated backup in the event of a data corruption or breach. With Backupify for Office 365, Microsoft Exchange, OneDrive, Sharepoint, Calendar, and Contacts are backed up 3X daily. Admins can simply set it and forget it.

While protecting your data, you also need to know that it’s secure. Backupify is SOC 2 Type II audited with TRUSTe certified privacy features. Data is encrypted while in transit and while in storage at both endpoints. Backupify offers monitoring tools, audit logs, uptime and availability SLAs, and the ability to export your data with a single click.

Backupify makes your SaaS data secure and easily recoverable.

Protect your business from:

Accidental Deletion/User Error Overwriting data Departing Employees Internal Malicious Deletions External Malicious Deletions
Easily recover a single file or an entire folder from any historic snapshot in time Recover files back to their original location or to a new location you specify. Backup files and restore to other accounts to avoid data loss and cost associated with maintaining inactive accounts. Maintain ownership and control by restoring versions backed up before the malicious activity. Never pay a ransom because you can easily restore files to a point in time preceding the attack.

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Finance | Insurance | Financial Services

If your company values its data, your data needs Backupify

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