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what is third party risk management

What is Third-Party Risk Management?

As business operations become increasingly complex and interconnected, third-party risk management (TPRM) is no longer optional.

what is third party risk management

You Are Only as Safe as Your Vendors

Companies rely heavily on third-party vendors, suppliers, and partners to perform critical functions in today’s business landscape. A recent study reports that 71% of organizations have seen their third-party networks increase in the last three years. While these relationships can drive growth and efficiency, they also introduce potential risks that need to be carefully managed.

What is Third-Party Risk Management?

Third-Party Risk Management refers to the strategies and processes used to identify, assess, and mitigate risks from doing business with third-party entities. These external entities can include suppliers, vendors, contractors, affiliates, or any other organization your business interacts with.

The risks associated with third-party relationships can be varied, ranging from operational and financial risks to reputational and legal risks. For instance, if a vendor suffers a data breach, your company could be exposed to operational risks, financial losses, regulatory penalties, reputational damage, lawsuits, and even dissolution.

The Importance of TPRM in Today’s Business Environment

In recent years, high-profile incidents have highlighted the significant risks that third-party relationships can pose. 59% of organizations reported experiencing a data breach caused by a third party, with 54% reporting breaches within the last 12 months.

The consequences of not effectively managing third-party risks can be severe, from data breaches involving third-party vendors to operational disruptions caused by supplier failures.

Furthermore, regulatory bodies are increasingly focusing on third-party risk management. Data regulations like HIPAA, SEC, CCPA, and the New York Shield Act, among others, include requirements for data protection that require robust third-party risk management practices in place.

Implementing Effective TPRM: Key Steps for Business Executives

Effective third-party risk management requires a strategic and proactive approach. Here are some key steps that business executives should consider:

  1. Conduct Thorough Due Diligence: Before engaging with a third party, conduct a comprehensive due diligence process to understand their capabilities, reliability, and track record. This process includes assessing their financial stability, compliance status, and cybersecurity measures.
  2. Establish Clear Contracts: Ensure your contracts with third parties clearly outline roles, responsibilities, and expectations, including defining performance metrics, data protection requirements, and penalties for non-compliance.
  3. Regularly Monitor Third Parties: Continuous monitoring of your third parties is crucial for detecting and responding to potential risks promptly. Implement regular audits, performance reviews, and compliance checks.
  4. Develop a Response Plan: Have a contingency plan in place to respond to incidents involving third parties. This plan should include steps for mitigating damage, notifying stakeholders, and resolving the issue.
  5. Leverage Technology: Utilize technology solutions to streamline your TPRM processes. This can include a solution that will automate due diligence, monitor third-party performance, alert you to potential risks, as well as strategic guidance.
  6. Conduct a Risk Assessment: Regularly review your third-party relationships to identify any potential risks and address them promptly.

The reality of today’s digital ecosystem means that third-party risk management is a critical aspect of modern business strategy. By understanding the potential risks and implementing effective solutions, business executives can protect their organizations, enhance operational resilience, and drive sustainable growth.

DOWNLOAD THE FREE GUIDE → Comprehensive Guide to Third-Party Risk Management

 

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Cost of Cyber Attacks: One Company’s Worst-Case Scenario

Cyber attacks are becoming increasingly common, and cybercriminals see small to medium-sized businesses as prime targets. The devastating consequences of a cyber attack can be long-lasting and far-reaching, as demonstrated by the chilling story of Expeditors, a logistics company that fell victim to a ransomware attack in 2022 and discovered the true cost of cyber attacks.

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cost of cyber attacks

The Immediate Effects of Expeditors’ Cyber Attack

The ransomware that hit Expeditors left their data and infrastructure at risk, forcing them to halt operations. The immediate effects of the attack were catastrophic, resulting in $47 million in lost revenue, overages, and payouts to customers. Additionally, the company spent $18 million on remediation and recovery efforts, further impacting its bottom line.

Ongoing Impacts: The 2023 iRobot Lawsuit

The fallout from the cyber attack didn’t end with the initial shutdown. In February 2022, Expeditors CIO Christopher J. McClincy said, “The cyber-attack limited our ability to arrange shipments or manage customs and distribution activities, or to perform certain accounting functions, for approximately three weeks after the attack.” Later in the statement, he added, “We continue to navigate residual effects.”

Then in 2023, the company was hit with a lawsuit from iRobot, one of their biggest customers. The lawsuit claims “Expeditors’ own inattentiveness and negligence exposed its systems to attack, and Expeditors lacked and/or failed to implement the necessary business continuity plan to ensure that it could continue providing services to iRobot.”

This legal action added to the ongoing financial impact faced by the company and reignited news stories about the attack—likely impacting the company’s reputation with potential clients, current clients, partners, investors, and other stakeholders.

What’s Your Risk Exposure?

The story of Expeditors should serve as a stark example of the increasing threat that cyber attacks pose to all businesses, but especially to small and mid-sized companies. According to a recent report, 47% of all U.S. businesses suffered some kind of cyber attack in 2022. At the same time, another report found that companies with less than 1,000 employees are three times as likely to be the target of a cyber attack as larger businesses like Expeditors.

Cybersecurity experts say that it’s not if a company will be a target, but when. In fact, a study of penetration testing results found that cybercriminals can penetrate 93 percent of company networks.

Invest in Proactive Measures

Small to medium-sized businesses are seen as easy targets by criminals since they often invest less in cybersecurity and lack security expertise. Cybercriminals understand this and take advantage of these weaknesses, using techniques like phishing, malware, ransomware, and other malicious tactics to gain access to sensitive data or disrupt operations. As a result, it is essential for businesses to invest in robust cybersecurity solutions that can help protect them from cyberattacks.

However, according to the Cyberspace Solarium Commission, many “cybersecurity budgets at U.S. organizations are increasing linearly or flat” when they should be growing in response to the exponential growth of cyber threats.

Best Practices to Mitigate the Risk from Cyber Attacks

Investing in multi-layered cybersecurity is the surest way to keep you and your company out of the headlines. By implementing cybersecurity solutions utilizing best practices, businesses can significantly reduce the likelihood and severity of a cyber incident.

Some key strategies include:

  1. Investing in robust security solutions: Deploying firewalls, real-time monitoring, and intrusion detection systems can help identify and prevent unauthorized access to your network and data.
  2. Regularly updating and patching systems: Keeping software and systems up to date ensures protection against known vulnerabilities, making it more difficult for cyber criminals to exploit your systems.
  3. Implementing strong access controls: Restricting access to sensitive data and systems through multi-factor authentication and the principle of least privilege minimizes the risk of unauthorized access.
  4. Educating employees on cybersecurity best practices: Regular training on topics such as recognizing phishing emails and creating strong passwords can reduce the risk of employees inadvertently compromising your network.
  5. Developing a comprehensive incident response plan: A well-defined incident response plan outlines the steps to be taken during a breach, including containing the incident, assessing the damage, and recovering from the attack.

By learning from the Expeditors case study and prioritizing cybersecurity, businesses can better protect themselves from the devastating consequences of cyber attacks and ensure long-term success. Protect your business from cyber threats with a comprehensive security risk assessment that can help identify any areas of vulnerability and provide guidance on best practices to shield your organization.

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Data Breach Detection

Breach Detection: Could You Detect a Data Breach?

With the increasing reliance on technology in today’s business world, the risk of data breaches is at an all-time high, making breach detection a crucial factor in protecting sensitive data.

Data Breach Detection

Detecting a data breach early on can help organizations limit the damages, preserve their reputation, and prevent further unauthorized access to their systems. Despite this importance, many businesses struggle to identify data breaches as they happen, only realizing something is wrong when it’s too late. We outline some helpful insights about the importance of breach detection and the strategies they can adopt to improve their breach detection capabilities to protect their business before, during, and after a data breach.

Causes of a Data Breach

A variety of factors can cause a data breach, including human error, malicious attacks, and software errors. Human error includes misconfiguring security settings or sending sensitive data to the wrong recipient. Malicious activities, such as ransomware attacks or phishing scams, are escalating and increasing in frequency and can lead to unauthorized access to sensitive information or data loss. Additionally, software system errors or vulnerabilities can provide entry points for attackers to exploit.

The growing reliance on third-party vendors and the complexity of supply chains have also increased the potential for supply chain attacks, where attackers target a third-party vendor’s systems to get access to valuable information. Therefore, understanding the causes of data breaches is vital for businesses to identify vulnerabilities and implement appropriate security measures to prevent them.

Data Breach Detection

The majority of data breaches are discovered by external sources, meaning that an external entity, rather than the affected business, was the first to recognize the breach. This makes it clear companies need to improve their data breach detection systems to monitor and detect potential breaches in real time.

With so many data breaches occurring every day, it’s critical for organizations to stay vigilant and invest in the latest technologies, and to detect potential breaches as soon as possible. By prioritizing breach detection and response, businesses can mitigate the damage caused by a breach, protect their customers’ data, and maintain their reputation.

Identifying High-Value Data

Identifying and securing high-value data is critical in protecting sensitive information from unauthorized access, loss, or theft. High-value data can include business trade secrets, intellectual property, financial information, personally identifiable information, and other sensitive information that could harm your business or customers if leaked or breached. To identify high-value data, a company must conduct a thorough inventory of data assets, categorize data based on sensitivity, and apply appropriate security controls to protect it from unauthorized access.

Effective security controls should include access controls, encryption, multi-factor authentication, and data loss prevention tools. Protecting high-value data may require additional resources and investment, but the potential cost of a data breach can be devastating. By prioritizing data protection for high-value data, businesses can minimize the risks associated with a data breach and build a trusted reputation with their customers.

Active Monitoring Processes

Active monitoring processes are essential for preventing data breaches and protecting sensitive information from unauthorized access. Active monitoring involves continuous monitoring of a system’s security posture to identify potential threats, suspicious activities, or vulnerabilities. By proactively monitoring networks, applications, and data usage, businesses can quickly detect and respond to security incidents before they become full-blown breaches.

Active monitoring processes can include but are not limited to, security information and event management (SIEM) solutions, intrusion detection and prevention systems, network and endpoint protection tools, and data analytics platforms. These tools provide a holistic view of the organization’s security posture and enable businesses to take timely action against probable security threats. Through active monitoring and timely response, organizations can prevent data breaches, protect sensitive information, ensure compliance, and maintain their reputation.

Rapid Remediation After a Data Breach

Rapid remediation is a crucial step in limiting the damage caused by a data breach. Once a breach has been detected, acting quickly and decisively to contain it and minimize the harm is essential. Rapid remediation strategies may include, among others, isolating affected systems, disabling breached accounts or systems, restoring from backups, identifying and removing malware or other malicious software, and conducting forensic analysis to determine the extent and root cause of the breach. The ultimate goal of rapid remediation is to lessen the severity of the breach and protect sensitive data from further exposure.

By responding to a breach quickly, businesses can reduce their financial and legal liabilities, safeguard their reputation, and mitigate operational disruptions. Effective remediation requires a well-defined incident response plan, including clear roles and responsibilities, thorough documentation, and continuous improvements in response to changing threat landscapes.

In conclusion, data breaches are becoming more sophisticated and prevalent, making breach detection an essential component of data protection strategies. Therefore, organizations must stay up to date with the latest technologies and adopt a multilayered approach to cybersecurity, including monitoring, training, and incident response planning.

Related Content

Looking to evaluate your organization’s current security coverage? Use our Cybersecurity Evaluation Checklist to help you appraise your firm’s cybersecurity readiness. This checklist is a jumping-off point to help your enterprise determine its ability to mitigate the risk of cyberattacks before it is too late.

Cybersecurity Checklist

 

Only by adopting a proactive, comprehensive approach can organizations hope to prevent significant breaches, mitigate their impact, and protect sensitive data. However, when it comes to data breaches, it’s not a matter of if but when. Therefore, businesses must continuously assess their IT security posture and adopt proactive measures to detect and respond to potential breaches. Only then can they safeguard sensitive data, ensure compliance, maintain operations, avoid liability, and avoid the headlines.

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CPRA vs CCPA

CPRA Vs CCPA? Ready for the July 2023 Deadline?

Today’s businesses operate in a global landscape where data privacy and security compliance are more complex than ever. Case in point, there is a significant amount of uncertainty about the upcoming CPRA requirements and how it differs from the CCPA. Let’s look at CPRA vs. CCPA.

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CPRA vs CCPA

CPRA Vs CCPA

The California Privacy Rights Act strengthens the consumer privacy rights outlined in the CCPA and establishes new data security requirements for businesses with enforcement beginning on July 1, 2023.

Businesses must protect the privacy of personal information, including taking steps to implement authentication procedures, updating policies, and securing user data. In addition, businesses must comply with CPRA by July 1, 2023, or face potential fines, lawsuits, and more.

In terms of CPRA vs. CCPA, it is important to note that the CPRA does not replace the CCPA. Instead, the CPRA amends CCPA by adding clarifications and strengthening provisions.

What is the California Consumer Privacy Act (CCPA)?

Enacted in 2018, the CCPA was the first significant privacy law in the US after the EU adopted the General Data Protection Regulation (GDPR).

The CCPA is a baseline law that created consumer privacy protections like the right to know what personal information a business collects and shares. It required companies to provide notice of their data practices and more. It applies to all businesses operating in California, whether they have a presence in the state or not.

The CCPA requires businesses to provide certain notices and disclosures, such as a dedicated privacy policy, to individuals before collecting their personal information.

What is the California Privacy Rights Act (CPRA)?

The CPRA builds upon the CCPA by further expanding consumer privacy rights and strengthening data protection requirements. For example, the CPRA grants consumers even more control over their personal information by requiring businesses to obtain explicit consent for data processing activities outside the scope of contractual necessity or legal obligation. It also adds more data security requirements and expands the scope of data security procedures covered by the law.

Key Differences Between CCPA and CPRA

Businesses should note that the main distinction between the CCPA and CPRA is the addition of strict consumer data privacy and security provisions. For example, the creation of a new category of sensitive personal information expands the data types that are subject to greater protection measures. Additionally, the mandatory cybersecurity and risk assessments and third-party audits required for some businesses will add additional layers of complexity to compliance programs.

 CPRA Data Security Updates

Here are some data security requirements outlined in the CPRA:

  1. Reasonable security measures: California privacy law expects businesses to implement “reasonable” security measures to protect the personal data they collect.
  2. Sensitive personal information protection: CPRA expands the categories of personal information, and businesses must employ reasonable security measures to protect this data, including encryption and access controls.
  3. Annual security audits: The CPRA requires that businesses performing higher-risk processing (as defined by the CPPA) conduct annual cybersecurity and risk assessments, as well as vulnerability assessments and penetration testing.
  4. Third-party vendor security: Companies must conduct due diligence on vendors that handle personal information, ensure they have adequate data protection measures in place, and only transfer data to vendors with confidentiality agreements in place.
  5. Training and education: Businesses must train their employees to manage personal data and ensure they understand how to protect it.
  6. Data breaches: The CPRA now considers email account leaks as data breaches, particularly if such leaks result in the exposure of personal details linked to people residing in California, as well as when security question leaks occur.
  7. Data minimization and retention: Companies must limit the data they collect, store, and retain to a reasonable amount necessary for their operations.

Potential Consequences of Non-Compliance

The potential outcomes of non-compliance are significant. The CPRA clarifies consumers’ rights to sue for violations and creates the California Privacy Protection Agency (CPPA) to enforce the CCPA and CPRA. Companies that violate the laws can face hefty fines and sanctions, including criminal penalties or suspension of the company’s ability to conduct business in the state. Additionally, organizations that fail to comply could become subject to costly and time-consuming lawsuits.

Announced in August 2022, the first enforcement action of the CCPA was a $1.2 million settlement against Sephora for neglecting to inform consumers about the sale of their data and to adequately process sale consumer opt-outs.

Enforcement actions are expected to increase after the full force of the CPRA goes into effect in July 2023.

How to Navigate a Changing Regulatory Landscape

It is critical to know what data your business collects and how it is secured to ensure compliance with the CCPA and the CPRA. Working with an IT partner that understands data privacy laws and regulations and data security requirements is essential for organizations looking to stay compliant in this increasingly regulated environment.

Your organization may also be required to follow additional requirements like the European GDPR or New Yorks’s Shield Act. By enlisting the services of a qualified IT services provider, organizations can make certain they are up to date on all the latest regulations and utilizing best practices for data protection. In addition, having an experienced IT partner means businesses can avoid disruptions and safeguard operations and focus on growing their bottom line.

Related Content → Read about how a GRC-enabled solution can streamline and simplify compliance  Understanding Governance, Risk Management, and Compliance for Financial Services.

 

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Data Loss Prevention

The Importance of Data Loss Prevention

We are all aware of the anxiety losing something can cause. If you’ve ever misplaced your wallet, you are aware of the lasting impact it has. First, you have to get in touch with your bank, then request a new license, and then update all your existing accounts with the new information when it arrives. Even after handling the seemingly endless immediate effects of the loss, the fear of what happened to your personal information may last a while.

Now imagine if you were an organization that lost hundreds of thousands of records containing personally identifiable information (PII) or intellectual property (IP). In 2022 alone, several major companies such as Uber and Rockstar Games have been affected by data breaches that have compromised large quantities of their stored PII.

Numerous factors, including internal and external threats, system flaws, or even human conduct, can lead to data loss. Whatever the source, your company can take steps to stop data loss, shorten the duration of the incident, and lower the overall cost to your organization. The SEC’s Office of Compliance Inspections and Examinations (OCIE) notes data loss prevention as a critical area in their Cybersecurity and Resilience Observations report.

What is Data Loss Prevention?

Data loss prevention (DLP) involves having systems, tools, policies, and training to prevent data from being misused, lost, or accessed by unauthorized users. Preventing data loss is especially crucial for businesses that handle sensitive information like personally identifiable information (PII), intellectual property (IP), and personal health information (PHI). IBM’s 2021 Cost of a Data Breach Report found that PII was the most common type of record lost, included in 44% of breaches. PII is also most costly type of stolen record costing businesses up to $180 per record.

For those in highly regulated industries, like financial services and life sciences, data loss prevention is required. Data management and security are crucial elements in FDA Title 21, CFR Part 11, HIPAA, Sarbanes-Oxley Act (SOX), FINRA, and SEC rule 17a-4. Keep in mind that many of these regulations require preventative measures, specific actions, and documentation in the event of a data breach.

The Cost of Data Loss

Whether you experience a data breach from an inside user or permanent data loss from a malicious attack, there are long term consequences. Decreased productivity, loss of consumer and investor confidence, legal fees, and remediation expenses are only a few of the costs. For many organizations, it can take years to recover from the damage. Unfortunately, some businesses don’t survive these costs and are forced to close.

Even if you experience a breach, having a data loss prevention strategy can reduce the costs. The average cost of a breach is $4.24 million. Data loss prevention can reduce the overall cost of a breach by $136,992, according to IBM’s 2022 Cost of a Data Breach Report.

Developing a Strategy

To meet compliance standards and secure your data, your organization needs to have a comprehensive security plan that includes preventative and responsive actions.

Develop Comprehensive Policies

When we think about cybersecurity and data protection, we often think of technology. Although technology is a significant factor in security, policies set the tone for the organization and provide guidance on which technology solutions are needed. A lack of policies and procedures can undermine even the best technologies.

Create an Asset Inventory

You can’t protect your data if you don’t know where it is. Develop an asset inventory that lists all your data, where it lives, and how it’s currently being protected. Be sure to note your critical assets and systems that would affect your business operations.

Assess and Treat Vulnerabilities

To understand how your organization could experience data loss, you need to be aware of what vulnerabilities exist in your environment. Establish regular, comprehensive vulnerability assessments and penetration tests to stay on top of your current weaknesses.

Create and implement treatment plans for discovered vulnerabilities, e.g., patch management schedule, awareness training, and comprehensive policies.

Implement Access Control

Determine paths of ingress and egress for sensitive information. Determine who has access to sensitive data and implement the principle of least privilege to ensure that access is restricted to only those that should have it. Ensure access and usage are audited. Implement appropriate restrictions and logging at all points of egress.

Conduct Security Awareness Training

Since human error remains among the top causes of data breaches, it’s essential to conduct quarterly or semi-annual security awareness training. Users who have received training are better equipped to spot harmful emails and phishing schemes. It also teaches them what steps to take if they have received this type of communication.

Implement Perimeter and Endpoint Security

Remote work is here to stay, and as such, the perimeter of your network is no longer limited to the boundaries of your office or data center. You need to ensure that you have total visibility into all incoming and outgoing network traffic, including endpoints. Implement firewalls, endpoint protection platforms, and email security. These tools will give your IT team or MSP the visibility they need to detect and respond to threats straight away.

Having a dedicated security team to actively monitor your environment around the clock allows them to respond quickly to suspicious activities occurring on your network.

Properly Dispose of Legacy Systems

Remove software that is no longer receiving security patching from the vendor. Ensure that all sensitive data is removed when disposing of outdated software and hardware. Use disposal or recycling vendors that provide a certificate of destruction.

Create a Backup and Disaster Recovery Plan

Unfortunately, even with the best security measures in place, data loss is still a possibility. That’s why you need to have regular and tested backups along with a comprehensive disaster recovery plan. A plan will help your organization maintain business continuity and compliance while addressing a disaster or breach.

Staying Compliant and Protecting Your Data

Data loss can have a significant and irreversible impact on your business. Data loss prevention is an essential component of your overall security posture. To maintain compliance, your organization must secure and monitor your data continuously. As the threat of cyber-attacks continues to grow, it can be challenging to balance security, compliance, and day-to-day support. Coretelligent can help to strengthen your cybersecurity posture and protect your data. You can learn more about what we offer, including cloud-based solutions, backup and business continuity services, IT planning and strategy, compliance solutions, and more here.

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disaster recovery as a service

Disaster Recovery as a Service (DRaaS): Everything You Need to Know

Disaster Recovery as a Service (DRaaS)

The modern business runs on IT and data. Both underpin every business function and act as revenue generators. But as IT becomes more valuable to your organization, protecting your investment with backup and disaster recovery solutions like Disaster Recovery as a Service (DRaaS) becomes even more critical.

What is DRaaS?

Disaster Recovery as a Service is a flexible and robust cloud computing backup solution delivered with the ease of Software as a Service (SaaS). The SaaS approach means organizations have a reliable and flexible backup solution without the hassle of owning, maintaining, and managing those resources. Brien Posey sums it up best in Conversational Disaster Recovery as a Service, co-sponsored by Veeam, “DRaaS is essentially a subscription-based disaster recovery service.”

DRaaS differs from a traditional backup solution that merely creates a copy of an organization’s data. With DRaaS, in the event of a disruption, an organization can simply switch over operations to the cloud allowing for business continuity.

The best disaster recovery (DR) services and DRaaS providers make it simple and easy to maintain business continuity and ensure data loss prevention via file syncing for your systems. However, as business data can often be fragmented between different systems, applications, and IT infrastructure, extra attention to detail is required to prevent data loss and ensure operational continuity.

Even the most severe failure can result in minimal disruption if you have good continuity and recovery planning. DRaaS providers work with the most complex data sets, often within native or hybrid clouds, to ensure business continuity in the event of loss or failure of data and critical systems.

Expect the Unexpected

DRaaS can help protect your business from any number of threats, including:

  • Severe Weather

Because DRaaS is a cloud-based solution, you’ll be able to access your data from any location with an internet connection. If a natural disaster makes your office unusable,  your business can continue remotely.

  • Cybersecurity Threats

Data breaches are a major concern for businesses, and DR and DRaaS can help protect against them. Malware and ransomware are a particularly dangerous and prevalent threat, but human error and natural disasters can just as easily disrupt applications, workflows, and revenue production.

  • WFH Security

As remote working has become a regular part of business, DRaaS is powerful and flexible enough to handle the demands of the modern workplace.

The Importance of SLAs in DRaaS

The key element to any DR plan is will it work when needed. Best practices indicate that DR plans be tested every six months. Without that testing, there is no assurance that your organization can recover from an event. An experienced and comprehensive DRaaS provider will assist with DR testing and offer guarantees of successful testing along with solid service level agreements (SLAs) to back up their DR capabilities.

An SLA should clearly document the recovery plan’s RTO and RPO. A Recovery Time Objective (RTO) is the time that elapses between an incident and the resumption of critical business processes. A Recovery Point Objective (RPO) defines how much data it can afford to lose measured in time. These are essential metrics for any DR plan, and the SLA should be clear about how the DRaaS provider will ensure these standards.

How DRaaS Provides Ransomware Protection

With the rise of ransomware, businesses must implement a bifurcated cybersecurity model to ensure long-term resiliency. The first branch comprises a business’s security program to prevent cyber incidents. At the same time, the second branch consists of all company preparations for recovery if the cybersecurity program fails. Both must receive equal care and attention in their planning and execution.

DRaaS falls into the second branch. DRaaS can help recover from a cyber event quickly, including ransomware. When paired with Backup as a Service (BaaS), which focuses on preserving data, DRaaS can offer fast recovery for parts of the IT ecosystem that haven’t yet been affected by malware or ransomware.

Additional Benefits of DRaaS

  • DRaaS can free your internal IT team to focus on core operations and innovation.
  • In business, time is money, and DRaaS can shorten your recovery time in the event of a disruption.
  • DRaaS solutions are more cost-effective than fully in-house disaster recovery programs.
  • Since DRaaS is a cloud-based solution, you can run your business from anywhere–even in the event of a natural disaster.
  • By choosing a DRaaS provider, you benefit from their years of experience and knowhow. This assistance can help your company avoid costly DR planning, testing, and execution mistakes.

DRaaS: Reliability is the Goal

A good disaster recovery plan should ensure the data protection and continuity of your business, no matter the type of disruption. This planning requires both due diligence and dialogue with all stakeholders to ensure that nothing is overlooked.

In searching for a DRaaS provider, an excellent first step is connecting with trusted peers to inquire about their solutions, ask what lessons they have learned, and seek out recommendations for managed DRaaS vendors.

After gathering information from vendors, compare their expertise, benefits, and results. Most importantly, talk to your business’s leadership about disaster recovery. It’s a business decision, not one for IT alone.

About Chris

As Chief Technology Officer at Coretelligent, Chris Messer is a transformational and strategic IT leader who establishes and leads Coretelligent’s technical vision and technological development. Click here to learn more about Chris.

 

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Financial Services Vulnerabilities

Identifying Common Financial Services Vulnerabilities

Financial services institutions have long been a top target for cyber threats. Access to a large amount of sensitive and confidential information makes the financial sector a target-rich environment for cyberattacks. In addition to mitigating cybersecurity threats, financial firms must also prioritize maintaining and strengthening compliance. These balance of these two priorities presents a unique set of challenges for companies in financial services.

With the inherent diversity of the financial services sector and the shifting cybersecurity and compliance landscape, identifying a one-size-fits-all set of vulnerabilities for all financial services institutions is impossible. However, there are common vulnerabilities to be aware of.

  • Reactively Evaluating Current Cybersecurity Posture:

    Institutions cannot address cybersecurity and compliance vulnerabilities of which they are unaware. Moreover, leaving these vulnerabilities unaddressed can have costly consequences. If unaddressed until an incident occurs, institutions have no choice but to utilize a reactive approach that can leave the business facing outages and shaken customer confidence. Instead, financial service firms should consider taking a proactive approach. By utilizing Coretelligent’s Cybersecurity Evaluation Checklist designed for financial services as a jumping-off point, financial service firms can do an initial assessment of existing vulnerabilities to discuss with a managed service provider (MSP).

  • Ransomware Attacks:

    As the world continues to become more digitally integrated, opportunities for ransomware attacks grow exponentially. In a ransomware attack, attackers use malware to gain access to your organization’s systems or data and hold that data until a ransom is paid by the organization. The results of these attacks are devastating. In addition to the price of the ransom, there are legal fees and other costs associated with damage control, as well as potential loss of data.

  • Access Vulnerability:

    Flaws in various levels of access to information can leave sensitive data exposed and vulnerable for attackers. Cybersecurity integration is key across all divisions and at all levels of access in an organization. Cybercriminals will seek to exploit any weaknesses identified at any level, regardless of the internal structure of the business.

  • Managing Compliance:

    The evolution of information technology has increased the compliance burden on the financial services industry. Financial service organizations are amongst the most regulated business segments in the U.S. However, simply maintaining compliance may no longer be enough. Instead, actively managing compliance risk and strengthening compliance overall is key in earning customer confidence and avoiding costly penalties.

  • Business Continuity:

    What comes next if the worst happens and a cyberattack hits your company? Is your data backed up safely? How quickly would you be able to restore access to users? A proactive and dynamic backup and disaster recovery solution is critical for preventing business interruption and loss of essential data, which could trigger a compliance violation. Off-the-shelf, onsite backup solutions often do not provide the level of performance required to meet the needs of financial and investment organizations. It is vital to establish a solution before an outage to ensure timely recovery and minimize interruption time for clients.

Addressing security and compliance vulnerabilities may seem challenging, but Coretelligent can help. Working with Coretelligent means working with an IT partner who understands both the security and compliance needs of the financial services sector. Contact us today at 855-841-5888 or fill out our online form.

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How to Effectively Assess Enterprise Backup Solutions?

How to Effectively Assess Enterprise Backup Solutions?Disasters and cyber-attacks happen, but data loss does not have to be inevitable. Data loss can be avoided or mitigated with a robust backup and disaster recovery solution (BDR). Surviving a catastrophic data loss event depends on choosing the right BDR solution. But you need to understand the critical components in order to successfully evaluate enterprise backup solutions.

What is BDR?

Comprehensive BDR solutions offer recovery options for various data loss scenarios. Determining the correct solution is a deliberate and tactical process that evaluates business data, applications, operations, and risk exposure.

Solutions often include a hybrid of daily backups and more frequent replication of virtual servers to a secondary storage site for rapid recovery. They may also include cloud-to-cloud (C2C) backup, especially for companies that use SaaS applications like Microsoft365. Daily backups provide long-term recovery capabilities. While backup replication allows for the rapid failover of business operations to a disaster recovery (DR) site.

At this point, it’s important to point out the pitfall of relying on a primary cloud provider as a backup source for your data. Several of the larger cloud services note that they are not responsible for maintaining the integrity of data stored on their systems. Instead, it is critical to choose a BDR partner with an appropriate backup and disaster recovery solution. A true BDR solution involves more than just having a second copy of your data. A BDR process ensures that your data is redundant, accessible, and viable.

What Does a Secure BDR Solution Encompass?

Every company has its own set of data recovery requirements. Therefore, recovery point objectives (RPOs) and recovery time objectives (RTOs) will vary. RPOs identify how often data should be backed up or replicated. In contrast, a RTO describes how quickly data can be recovered.

Furthermore, regulatory or compliance standards must be evaluated to see whether they have any consequences for data security. For example, financial services and life science companies are subject to stringent rules regarding the protection of digital assets.

Another necessary element in a data backup and disaster recovery strategy is developing and documenting a BDR plan. A BDR plan includes procedures for recovering data and systems, testing and validation methods, and identifying essential recovery personnel. This plan is crucial to ensure business continuity.

A final must-have component for any BDR plan is testing the recovery process regularly. Any difficulties or failures discovered throughout the testing process can be recorded and analyzed for modifications to the BDR strategy. In addition, test laboratories can be set up within a “sandbox” environment to minimize disruption to the manufacturing environment.

The ABCs of BDR WhitepaperWhite Paper Download

The ABCs of Backup and Disaster Recovery (BDR)

This white paper explains how data loss occurs, how backup and disaster recovery (BDR) works and helps you understand what to plan for and how to evaluate your BDR solution.
Free White Paper Download

Three Core Principles

Whatever your BDR strategy entails, it should provide the core values of scalability, reliability, and resiliency.

  • Scalable BDR solutions expand as your business grows without exceptional effort by your team.
  • Whether on-premise or a cloud backup, a reliable solution is fully redundant and accessible from any physical location.
  • Resiliency requires protecting data from ransomware attacks and other threats.

Advanced recovery solutions take a multi-pronged approach in managing risk, including a dedicated team of professionals available for client support.

A Trusted BDR Partner

CoreBDR, Coretelligent’s fully managed backup and disaster recovery solution, meets the data protection requirements of the digital enterprise. CoreBDR offers secure, high-performance, cloud-based backup and restoration to deliver operational resiliency to your organization. CoreBDR is available for organizations with on-premise infrastructure and cloud environments and can be customized to fit your business operations. Our expert team has deep experience delivering to clients of all sizes in financial services, life sciences, and other industries.

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Are You Getting the Most Out of Your Data Governance Program?

Are You Getting the Most Out of Your Data Governance Program?   

Last month we shared the first in our series about the importance of having a data governance program. With this post, we go more in-depth about why data governance is the key to unlocking the power of your data to drive growth and avoid risk.

Are You Getting the Most Out of Your Data Governance Program?

What is a Data Governance Program?

Data is the new currency in today’s business climate, and data governance ensures that your company has an organized system for managing this invaluable asset. A data governance program combines people, processes, and technology to guarantee reliable access to data so it can be effectively leveraged. To learn more about data governance basics, read The Future of Analytics is in Data Governance: Are You Prepared?.

How Does Data Governance Fit into Data Management?

Where data governance is a program for managing the roles, responsibilities, and processes of data assets, data management is the operation concerned with the quality and accessibility of data. Data management oversees all aspects of data— storing, maintaining, protecting—but data governance provides the raison d’être. If data management comprises the tactics, then data governance encompasses the strategy. One comes before the other.

Related Content → Best Practices for Good Enterprise Data Governance Guide

Why is a Good Data Governance Program Necessary?

There are two main forces behind establishing good data governance in an enterprise.

1. Improve Efficiencies, Reduce Costs, and Increase Revenue

A primary goal of data governance is to eliminate data silos that can occur in an organization. When data silos build up, they can inhibit the flow of information and make sharing knowledge difficult. Data governance is a collaborative process that recognizes the value of data and aims to break down barriers by harmonizing data within an organization through collaboration and coordination with the implementation of enterprise data architecture. Ideally, that will lead to competitive advantages and increased revenue and profits.

2. Increase Compliance and Reduce Risk

Another data governance goal is to ensure that data is compliance appropriate. That can be accomplished by creating uniform policies and procedures to monitor usage and include enforcement to eliminate risk from data loss and other issues. In addition, data governance can help to strike a balance between data collection practices and privacy mandates.

Data Solutions with Coretelligent

Coretelligent works with a variety of technology partners to provide next-generation cloud-based file sharing and collaboration. Building upon this foundation, Coretelligent adds its experience and support to offer powerful controls for data management. Our approach combines an effortless solution with maximum usability, so your enterprise can focus on what’s important—growing revenue.

Providing guidance and support is just part of what we at Coretelligent offer our clients. Our solutions include IT planning, 24/7/365 support, cloud computing, cybersecurity, disaster recovery readiness, and more. Reach out to learn about any of our technology solutions.

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