A Key Milestone in the Protection of Critical Financial Data from Cyber Threats Like Ransomware
Today, Dell Technologies is announcing that Dell EMC PowerProtect Cyber Recovery Solution for Sheltered Harbor is the first solution to earn a product endorsement from Sheltered Harbor, a non-profit, finance industry-led initiative to enhance financial sector stability and resiliency. The endorsement represents another important milestone for our leading Cyber Recovery offering and is the culmination of two years of working alongside the Sheltered Harbor team to develop this solution for Financial Services organizations.
Unfortunately, throughout 2020 we have seen cyberattacks grow in sophistication and financial, operational and reputational damage. Today, ransomware attacks threaten organizations of every size, industry and geography.
According to Sophos, over half of organizations worldwide report being hit by a ransomware attack during the prior year, with attacks successfully encrypting data 73% of the time. The average cost of remediation was almost $1M per attack for organizations with 1,000 to 5,000 employees. And criminals are working to take advantage of shifts in IT caused by the pandemic, with the FBI noting a 400% increase in attacks since its start.
As a leader in end-to-end security, Dell Technologies has been a driving force behind cyber resilience and products, solutions and services that offer the best protection against the sophisticated this explosion of cybercrime. We saw the need to develop modern data protection solutions that protected our customers’ most asset – their data, from these attacks. We believe Cyber Recovery represents that paradigm shift in how critical data is protected from a full spectrum of cyber threats from basic ransomware to insider attacks and beyond.
Our PowerProtect Cyber Recovery solution protects the most critical data in a vault environment – and is doing so for hundreds of customers across all geographies and industries. The vault is ideally physically isolated – a locked cage or room – and is always logically isolated via an operational air gap. The vault components are never accessible from production, and access to the vault target – when the air gap is unlocked – is extremely limited.
In parallel, the US Financial Industry founded Sheltered Harbor in 2015 to help it solve a similar, but more focused issue – how to protect public confidence in the U.S. financial sector if a devastating event like a cyber-attack causes a financial institution’s critical systems, and their backups, to fail, thereby limiting its ability to continue to service its customers.
“Sheltered Harbor and Dell Technologies together are dedicated to the safety and stability of the financial sector,” said Carlos Recalde, President and COO of Sheltered Harbor. “PowerProtect Cyber Recovery is a solid option for any financial institution looking to preserve their critical data sets and ensure its rapid recovery, in accordance with Sheltered Harbor’s resiliency standards.
What does the Sheltered Harbor endorsement and relationship mean for customers?
If your organization is a Sheltered Harbor participant, or eligible to be a participant, you can now purchase and quickly deploy a turnkey data vault that meets all of the stringent Sheltered Harbor criteria. Contrast this with the time, effort and complexity of building a custom solution that meets the Sheltered Harbor criteria. Using PowerProtect Cyber Recovery for Sheltered Harbor can shorten the deployment process to weeks, provide a stable and operational platform – and prepare you to vault other critical data. You just add capacity, everything else is already in place.
If your organization is not part of the Sheltered Harbor community, you can deploy PowerProtect Cyber Recovery and protect your organization’s data using the same capabilities and technologies providing the foundation which meets the stringent Sheltered Harbor standards.
The Dell EMC PowerProtect Cyber Recovery Solution for Sheltered Harbor helps participants achieve compliance with data vaulting standards and certification, plan for operational resilience and recovery, and protect critical data into the next Data Decade. Consider it your shelter from the potential storm of cyber-attack.
Dell Technologies is proud to be an early and committed member of Sheltered Harbor, and this announcement further illustrates Dell Technologies’ leadership and commitment to improve data protection and cyber resilience for global organizations, governments and critical infrastructure.