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.
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