A group of financial firms has adopted the idea of a vault for the age of the cyberattack, building a tool to encrypt and lock away the most critical customer account data at the end of each workday. Now it's being expanded to other financial sectors.
Participants in Sheltered Harbor, a nonprofit industry initiative, store key information in a vault that's separate from the institution's infrastructure.
They also must devise a plan to restore operations and services as quickly as possible in the event of a cyberattack or other crippling event. This plan includes designating a restoration platform-which could be another financial institution or a service provider-that can recover data from the vault and quickly provide services to customers.
This story is from the December 26, 2022 - January 02, 2023 (Double Issue) edition of Bloomberg Businessweek US.
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This story is from the December 26, 2022 - January 02, 2023 (Double Issue) edition of Bloomberg Businessweek US.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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