# Modern Data Protection: How organisations can protect against cyber attacks
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-03-06
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: The 2022 Data Protection Report: Cyber Security Threats in
Meta Description: Discover how cyber threats are impacting the financial sector and the importance of implementing modern data protection practices to ensure customer trust and
URL: https://financedigest.com/modern-data-protection-how-organisations-can-protect-against-cyber-attackshtml

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_By_ **_Dan Middleton,_** _VP, UK&I, Veeam Software_

![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/dan-middleton-vp-uki-veeam-software-450x674-1736815996682-compressed.jpg)

Dan Middleton, VP, UK&I, Veeam Software

Cyberattacks are on the rise across all sectors and while IT and security teams are keenly aware, their frequency and damage have now captured mainstream attention. Recent [research from Veeam found that 47% of consumers](https://www.financedigest.com/gumgum-powers-into-europe-as-new-research-shows-consumers-reject-behavioural-ads.html "GumGum Powers into Europe as New Research Shows Consumers Reject Behavioural Ads") have noticed an increase in cybercrime and attempts at data theft. With heightened [consumer awareness comes accompanying concern and pressure for businesses](https://www.financedigest.com/citigroup-says-will-close-russian-consumer-commercial-business.html "Citigroup says will close Russian consumer, commercial business") to take this seriously.

The [2022 Data Protection Report from Veeam](https://go.veeam.com/wp-data-protection-trends-2022.html) found that cybersecurity is creating a data protection emergency – with 68% of UK organisations surveyed saying they suffered at least one cyberattack in the last year, with ¼ of the data being unrecoverable. For the finance sector in particular, leaders need to [keep in mind that as the cyber](https://www.financedigest.com/auditing-in-cyber-how-organisations-can-keep-track-of-their-data.html "AUDITING IN CYBER: HOW ORGANISATIONS CAN KEEP TRACK OF THEIR DATA") landscape remains rocky, it is imperative they question whether their data protection solutions are up to scratch.

The [financial sector](https://www.financedigest.com/how-can-the-financial-sector-safely-use-the-iot.html "How can the financial sector safely use the IoT?") has seen a huge shift towards greater digitisation as a result of the pandemic and its accompanying restrictions. According to Deloitte, for example, [35](https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Financial-Services/gx-fsi-realizing-the-digital-promise-covid-19-catalyzes-and-accelerates-transformation.pdf)% of customers increased their use of online banking during Covid-19. Competitive leadership within the sector is increasingly based on the ability to serve customer needs in multiplatform, digital ways – and that means having the underlying systems in place to secure, store and manage the data that powers all of this properly.

If ever there was a time for financial services [organisations to embrace modern data](https://www.financedigest.com/avoiding-a-big-data-car-crash-how-to-organise-your-data-to-detect-fraudulent-claims.html "Avoiding a big data car crash: How to organise your data to detect fraudulent claims") protection in order to mitigate the cyber security risks that are now prevalent in an increasingly data-intensive, digital world, that time is now.

**The [cyber threat](https://www.financedigest.com/5-ways-to-protect-your-company-from-cyber-security-threats.html "5 Ways to Protect Your Company From Cyber Security Threats") landscape**

Given the sensitive nature of the data financial service organisations hold, the sector must be the champions of best practices around Modern Data Protection to ensure that [customers’](https://www.financedigest.com/should-insurers-buy-data-direct-from-their-customers.html "Should insurers buy data direct from their customers?") data is stored in the most resilient, secure and robust way possible. Getting this wrong can result in huge hits to customer trust and even moves to competitors – our research found that 8 in 10 are prepared to stop using a company’s services if they feel their [data is not being secured](https://www.financedigest.com/the-challenge-of-keeping-data-secure-why-in-house-security-isnt-enough.html "The challenge of keeping data secure: why in-house security isn’t enough") or used appropriately.

And yet, its likely a number of banks aren’t set up in a way which allows them to employ better modern [data protection](https://www.financedigest.com/4-steps-you-should-be-taking-to-protect-data.html "4 Steps You Should Be Taking To Protect Data") practices and maintain their system resiliency. According to Veeam’s research, 79% of UK organisations across industries [recognise that they have an “availability gap” between how fast they can recover applications versus how fast they need](https://www.financedigest.com/leaders-recognise-the-importance-of-green-transport-at-cop27-but-we-need-data.html "Leaders recognise the importance of green transport at COP27, but we need data") applications to be recovered (in other words their recovery time objectives are not fast enough and out of step with the needs of the business). Out of all respondents, 79% of those same British firms said they have a “protection gap” between how frequently data is [backed](https://www.financedigest.com/dollar-advances-as-strong-u-s-data-backs-higher-rates-backdrop.html "Dollar advances as strong U.S. data backs higher rates backdrop") up versus how much data they can afford to lose (which means they have a recovery point objective disconnect too). If the pandemic has taught us anything, it is that [customers now expect immediate and always on access to their data](https://www.financedigest.com/manchester-arts-centre-the-lowry-selects-logpoints-siem-technology-to-safeguard-customer-data.html "Manchester arts centre The Lowry selects LogPoint’s SIEM technology to safeguard customer data"), and in a bank’s case, their money. [Financial service](https://www.financedigest.com/data-fake-will-be-the-new-real-in-financial-services-in-2023.html "Data: Fake will be the new real in financial services in 2023") organisations then are in a particularly vulnerable position as any interruption of service could impact customer loyalty, and ultimately their reputation.

Business leaders and IT teams [need to work together to ensure that backups are regularly being made but also tested and protected](https://www.financedigest.com/regulators-need-to-strike-the-balance-between-protection-and-strangulation.html "REGULATORS NEED TO STRIKE THE BALANCE BETWEEN PROTECTION AND STRANGULATION"), while also investing in these teams to ensure their internal processes are clear on where the responsibilities lie should an incident occur. [Data is the lifeblood of a modern business](https://www.financedigest.com/5-simple-ways-to-prevent-a-data-breach-from-putting-your-accountancy-practice-out-of-business.html "5 Simple ways to prevent a data breach from putting your accountancy practice out of business"), and real change is embraced when leaders show its worth.

**Solutions**

Legacy [data protection costs time and money](https://www.financedigest.com/your-money-is-safe-but-your-data-might-not-be.html "YOUR MONEY IS SAFE, BUT YOUR DATA MIGHT NOT BE"), while also putting the data businesses hold at risk. Not embracing modern data protection impacts an [organisation’s](https://www.financedigest.com/protect-your-organisation-from-fraud.html "Protect your organisation from fraud") ability to embrace its full potential and ensure data protection and recovery. As well as economic and productivity benefits, adopting modern data protection will ensure data is always available and protected.

The findings of our research highlighted three key areas leaders at [financial service](https://www.financedigest.com/how-financial-services-are-overhauling-security-to-defend-against-spoofing-scams.html "How financial services are overhauling security to defend against spoofing scams") organisations should be focusing on in order to ensure protection and availability of their data:

**1.Digital resiliency**

Data protection costs and efforts increase as legacy systems [continue to struggle to support](https://www.financedigest.com/adnami-appoints-burnett-and-bukholt-to-support-continued-expansion.html "Adnami appoints Burnett and Bukholt to support continued expansion") modern services and innovation. Being [digitally resilient means](https://www.financedigest.com/making-sure-that-finservs-digital-transformation-doesnt-mean-digital-exclusion.html "Making sure that FinServ’s digital transformation doesn’t mean digital exclusion") businesses can decrease costs and be more efficient, especially when adopting modern data protection.

**2.Data accessibility and management**

Intelligent [data management increases availability through automated and instant recovery](https://www.financedigest.com/wage-data-dents-dollar-recovery-before-fed-rate-decision.html "Wage data dents dollar recovery before Fed rate decision"), keeping data platforms healthy without manual intervention, and reducing non-compliance risks. [Managing data without defined processes serves to reduce efficiency](https://www.financedigest.com/iforces-route-genie-to-drive-efficient-carrier-management-for-freestylextreme.html "IFORCE’S ROUTE GENIE TO DRIVE EFFICIENT CARRIER MANAGEMENT FOR FREESTYLEXTREME") and can lead to increased recovery times. Systems need automated processes to simplify [management and recovery while reducing risk](https://www.financedigest.com/aon-announces-agreement-to-acquire-risk-management-firm-creating-a-comprehensive-cyber-risk-management-advisory-group.html "Aon announces agreement to acquire risk management firm, creating a comprehensive cyber risk management advisory group").

**3.More than just backup — driving innovation**

Innovation accelerates when data is readily accessible. But the vast array of different kinds of data, stored in different platforms and formats, creates silos and makes joining the dots and unlocking its value becomes challenging. Modern Data Protection practices can help unleash this data, informing strategic decisions and helping those decisions to be made faster. An organisation’s backup data can contain all kinds of valuable customer and market insights – and that powerful central repository can be used to [power new products and services](https://www.financedigest.com/emergency-call-services-telcos-urge-eu-to-protect-telecoms-networks-from-power-cuts.html "Emergency call services, telcos urge EU to protect telecoms networks from power cuts"), inform strategic decisions, or improve existing customer services.

As we move into the new normal, businesses need to be as innovative as possible.

**Next steps**

It’s clear that financial service organisations would greatly [benefit from embracing Modern Data](https://www.financedigest.com/the-benefits-of-big-data-how-to-convince-your-cfo.html "THE BENEFITS OF BIG DATA – HOW TO CONVINCE YOUR CFO") Protection, to ensure that the sensitive data they hold is always accessible and protected. In a world where markets have never been so fast paced and competitive, this approach will be integral to not only supporting the kinds of services consumers are demanding, but also in building the trust and confidence that the financial sector [needs in order to thrive](https://www.financedigest.com/10-secrets-every-entrepreneur-needs-to-thrive-in-2023.html "10 Secrets Every Entrepreneur Needs to Thrive in 2023").

(1)Research commissioned for [Veeam® Software](https://www.veeam.com/), the leader in backup, recovery and data management solutions that deliver Modern Data Protection. The study of 2,000 UK consumers, conducted by Vitreous World late 2021, investigated their attitudes to data [protection and perceptions of how businesses](https://www.financedigest.com/finalised-pan-european-data-protection-laws-set-the-new-standard-for-a-privacy-friendly-business-environment.html "Finalised Pan-European data protection laws set the new standard for a ‘privacy-friendly’ business environment") were performing in respect of caretaking and securing the customer data they held.


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