Banks Open Data-Protection Vault to Other Financial Businesses
Sheltered Harbor offers a way to restore crucial files lost in hacker attacks.
A group of banks 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 they’re expanding it to other financial businesses.
Participants in Sheltered Harbor store key information in a vault that’s separated 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. That 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.