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SBA Loan and Data Strategy








(Uploaded: 2020-06-24 13:20:36 -- Author: Angelica Minoia)




Small Business Administration (SBA) loans have become a hot button topic with the emergence of the coronavirus pandemic. This translates to SBA loans becoming a hot commodity for cyber attackers to penetrate in order to gain access to PII. With that being said financial institutions are especially at risk for attacks with the influx of applications for SBA loans.

What to expect when you are expecting a ransomware attack?

One unexpected way that this data can be protected in its current state and when it becomes inactive is by data storage via tape. SBA loans are a solution that is being rushed and this leads to vulnerabilities. This is why it is important to integrate data storage via tape into the strategy of financial institutions in order to provide the most protection possible. Data storage via tape has been perfected and keeps evolving versus newer and sexier versions of data storage.

Air gap defense

Anyone that knows anything about fraud knows that that fraud follows the money. With the influx of data coming in from small businesses applying for SBA loans, it becomes necessary to consider your strategy for storing this new data.

Data storage via tape is a great option in these types of situations. One reason for this is because tape storage eliminates the risk of ransomware attacks and breaches. This is especially so when you are storing inactive data. Data storage via tape is stored "off the grid", meaning that it is stored off line and in a secure and temperature area.

Scalability and Flexibility

Tape storage is highly scalable and flexible. Each tape stores up to 30 TB of data. As your data amount increases or decreases, you can add or remove tapes accordingly. This is something to keep in mind when you are taking financial legal retention standards into consideration. The flexibility of tape storage is that it is both backwards compatible and forwards compatible.

Savings

With the current state of affairs, now more than ever is cutting costs important. Utilizing data storage via tape is an extreme cost cutting measure. Tape storage is sold by the terabyte and not the smaller gigabyte. For example, rather than spending $1.00 per GB, you can be lowering your costs down to less than $1.00 per TB.

For more information please give us a call at 716-245-7878. We would love to partner with you!

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