Hackers love to destroy backups
Backups are an organization’s security net. If you’ve got a backup, you’re safe even if your system gets hacked, right?
WRONG.
Hackers understand the importance of backups and targeting backups has increasingly become a part of their game plan. A 2021 study in France showed that in 21% of ransomware attacks, backups were targeted until they were rendered completely useless.
But even if hackers are not targeting backups specifically, the backups can be affected as collateral damage. In cyberattacks, backups can be encrypted by ransomware, which means the victim will have to rebuild before they can be restored.
This can be an expensive nightmare, and it could mean the loss of valuable information.
Having backups is important for your wealth management company, but that’s not enough. You need to make sure those backups are protected. Hackers typically target backups to cover their tracks, sabotage operations, retaliate, or seek financial gain. To make sure your data is always protected, you need to find the best type of backup for your company. There are multiple types of backups your company can choose from.
Nearline backups: this backup is both online and offline. Data is stored on a storage device that is not online 24/7 but is still easily accessible. This kind of backup is typically used for data that is not frequently accessed but needs to be readily available.
Offsite backups: this type of backup is stored in a different location than the primary data center. This can help protect the data from physical damage. Offsite backups can be online or offline.
Offline backups: for offline backups, data is stored on a device that is physically disconnected from the network. This helps to provide a high level of protection against attacks but can require more time and effort to restore data.
Physical backups: this type of backup is when your data is on a physical device, like an external hard drive. They can either be online or offline. Typically, larger amounts of data or data that is harder to transmit over the network are stored on these backups.
Archival backups: this kind of backup is used for long-term items such as compliance or legal documents. These backups can be offline or online in a secured, read-only format to ensure the data is not altered or deleted.
Each type of backup has its benefits but choosing the one that fits your wealth management company is key. Picking the wrong one can make it easier for hackers, who are actively searching for backups to break into. They know that if they steal the data on your backup, you’ll have to pay them a ransom to get that information back. That’s why it’s so important to pay close attention to the kind of backup you have and how many you have.
Another important component when it comes to your data is encryption. It’s important that all data is encrypted, and the backups are encrypted. Unencrypted data is what puts your company at risk.
If you want to make sure you’re utilizing the right kind of backup, consider having a cybersecurity analysis done. An analysis will show you how your security stack is doing and can teach you how to better protect your data. If you are interested in an analysis, go to howard-globus.com/analysis.