Client: A financial services and insurance company managing over $27 billion in assets
Business Challenge:
The financial services industry faces immense pressure to ensure operational resilience while meeting strict regulatory requirements likeNew York Department of Financial Services (NYDFS) Section 500.16.
To address these challenges, the financial company adopted a secure data vaulting approach, transferring immutable, encrypted backups into a secure bunker account with least privilege access to enable safe recovery in the event of an attack.
However, without the ability to validate the integrity of backups entering the vault, the company faced significant risks: potential non-compliance with NYDFS regulations, a compromised backup strategy that could render the vault ineffective, and prolonged downtime that could disrupt operations and erode customer trust.
CLIENT TESTIMONIAL
“Elastio has been a game changer. It’s not just about meeting NYDFS compliance—it’s about knowing we’re truly prepared to protect our business and our customers.”
— CIO
Elastio Solution
Solution: The financial services company’s backup provider recommended Elastio Ransomware Recovery Assurance Platform (Elastio platform) as the critical component to strengthen the company’s data protection and recovery strategy.
Key features of the Elastio platform included:
- Proactive Backup Validation: Elastio platform inspected every backup for ransomware before it entered the secure data vault, ensuring only clean, compliant data was stored.
- Restore Testing for Compliance: The company leveraged Elastio platform’s integration with the backup providers’ Restore Testing feature to annually revalidate backups against the latest ransomware detection models, meeting NYDFS requirements.
- Seamless Integration: Elastio platform is agentless and integrated directly with their environment, enhancing the data vaulting strategy without disrupting existing workflows.
By ensuring the integrity of backups, Elastio platform transformed the data vault into a reliable cornerstone for the company’s compliance and resilience efforts.
Impact:
Impact:
- NYDFS Compliance Achieved: Elastio platform’s validated backup integrity ensured the company met stringent regulatory standards, avoiding potential penalties of up to $250,000 daily per violation.
- Strengthened Backup Strategy: With ransomware-free backups, the secure data vault became a reliable foundation for swift recovery, making their investment in the strategy worth it.
- Reinforced Customer Trust: Compliance and resilience efforts bolstered the company’s reputation as a trusted financial services provider.
