Providers of financial and related services have a unique requirement for security of data placed upon them by the SEC (Securities and Exchange Commission), FINRA (Financial Industry Regulatory Authority) and various state privacy laws such as the CPAA (California Consumer Privacy Act) recently in effect on January 1, 2020. These agencies, rules and acts require a stringent adherence to protection of data of clients, maintaining privacy, and a strict reporting policy of breaches.
Recent revelations that hackers have bypassed even two factor authentication (2FA) methods demonstrate the need to seek out the best security solutions to prevent theft of data, and the tremendous costs (fines, client loss, etc.) associated with hacker breaches and ransomware. The financial services industry contributed 62% of exposed data in 2019 and has the second-highest cost per breached record, behind healthcare. The United States has the highest costs in the world for data breaches, costing an average of $8.19 million or about $249 per record.
Fragglestorm aids in providing secure management of access to financial files and data. It assures data is available and resilient even after a ransomware attack to protect an organization from the penalties of such attacks.
Fragglestorm provides several core functions that address the needs of those faced with providing services in the Financial Services field:
Data is always secured by use of:
o Smart Data Fragmentation™
Data is kept highly available by replication
Loss of access to a given storage location is transparently handled with no user or IT intervention
Data is resilient by versioning
o Ransomware attacks - Once the ransomware has been contained, a Fragglestorm utility can identify attacked files and automatically revert the last ‘good’ copy in place
o This function allows rapid recovery from ransomware infections
Managed Data Distribution for supporting data transition to multiple cloud services
o Fragglestorm can actively aid in management of storage in hybrid multicloud storage environments
o Data according to specified filters, and parameters can be distributed across cloud, and local storage to specification
Interfaces with everything
o The main interface is presented as a letter-drive, such as a C:\, in Microsoft Windows
o Allows any activity or process to be performed in a secure manner
o Fragglestorm provides for data sharing and access to multiple users
o Several users can be defined for every defined drive
o Select folders and files can be shared securely via methods similar to Google Drive, Dropbox, and etc.
o Fragglestorm was designed with performance as a primary requirement, the user sees no change in speed
o Utilization of low level operating system components provides the highest level of security possible
o Fragglestorm provides the user the same performance experience by utilizing low level operating system methods
Fragglestorm can be easily adopted to work with existing applications and systems to further armor the data and files against hackers and other issues that would prevent the required access to financial records.