For the uninitiated, ransomware is a type of malware software designed to access and encrypt data and files by generating a private/public pair of keys. The data are impossible to decrypt until the victim pays for a private key that is usually stored on the attacker's server. Unfortunately, in many cases, even once the ransom has been paid, the attackers refuse to provide the decryption key, leaving victims without their money and their data.
As the saying goes, preparation is half the battle. Don't wait for an incident to happen. CFOs need to partner with CIOs to ensure their organizations are not just multiple steps ahead of malicious intent, but also building IT resilience that allows the business to truly thrive in the face of adversity.
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As businesses grow and increasingly move critical data and applications into cloud infrastructures and migrate them between data centers, CFOs are becoming more involved in driving IT decisions, such as the purchase of hybrid cloud disaster recovery (DR) solutions that protect brand reputation.
A CFO’s understanding of the risks that ransomware presents to the business will help the CIO build the infrastructure and services needed to protect and serve the company. As a CFO myself, when I talk with peers and CIOs from customer organizations and discuss their disaster recovery (DR) plans and infrastructure, I always advocate looking beyond the ROI elements to the reputation of a company in the event of a ransom attack. We then identify the areas considered to be risky and channel the requisite investments accordingly.
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