Ensuring Wealth Ownership and Life Recovery With a Comprehensive Data Protection Strategy
Interview with Jennifer Ayers. Jennifer Ayers, COO of Private Office, shares her InfoSec insights and the latest trends she sees on the rise. She is a 20-year cybersecurity industry veteran with extensive experience protecting organizations against sophisticated cybersecurity threats and data breaches, including COO at DNS Filter, Vice President of Overwatch and Security Response at CrowdStrike.
Family offices are entrusted with a vast amount of sensitive and critical data, the intellectual property representing the family’s wealth in many ways. In the event of a catastrophic event, this data is what the family will require to rebuild their lives. A global cybersecurity expert Jen Ayers, likens this to a house burning down – the property might be lost, but as long as critical data is safe, recovery is possible. This analogy illuminates the importance of protecting and managing the family’s data.
In the United States, data is not governed by real property laws, which means family offices must devise strategies for data protection. Ms. Ayers believes the challenge lies in protecting this intellectual property from external threats like cyber-attacks and ensuring it’s well organized and easily retrievable for internal use or audits.
THE SOLUTION – IMPLEMENTING A “DATA AS INTELLECTUAL PROPERTY” STRATEGY
Ms. Ayers perceives the family’s data as intellectual property – embodying their wealth ownership. This includes vital documents like operating agreements, contracts, trust and estate documentation, tax filings, and bank account information. The task is to ensure that this data is safe, accessible, and recoverable in case of need.
STEP ONE – DATA CLASSIFICATION
The first step in this solution is effective data classification. Understanding the nature of the data and its significance helps organize and store it appropriately. This way, not only is the data safeguarded, but it’s also easily accessible when required.
STEP TWO – ZERO-TRUST ACCESS
The second step in this strategy is implementing Zero-Trust Access. Granting access based on roles minimizes the risk of data breaches and ensures that only authorized people can access specific data. It’s a preventive measure against potential internal data threats.
STEP THREE – DATA LEVEL ENCRYPTION
Data-Level Encryption is the third step. Encrypting data at an individual level ensures that the data remains inaccessible even if a system is compromised. This is a safeguard against external cyber threats.
STEP FOUR – SWIFT BACKUPS
Finally, having backups available within hours is the last piece of this strategy. In case of a system outage or ransomware attack, readily available backups ensure minimal disruption and quick recovery.
iPaladin: THE CHOICE FOR COMPREHENSIVE DATA PROTECTION
To implement this strategy, Ms. Ayers chose iPaladin. It not only aids inefficient data classification but also provides security measures like Zero-Trust Access, Data Level Encryption, and swift backups. For Jen, iPaladin’s commitment to data protection and its role-based access mechanism were compelling reasons to opt for it.
In an era where data is the new gold, it’s essential to have a comprehensive strategy to protect it. Jen Ayers’ insights emphasize the need for family offices to view their data as intellectual property and protect it accordingly. With the right approach and tools like iPaladin, family offices can ensure the safety and accessibility of their data, providing them the confidence to face audits, threats, and even the metaphorical house-burning down scenarios.
2022, Brad S., MFO Founder/CEO
2022, Susan L., Principal Accounting Advisor
2021, Tebbi P., SFO Office Leader
2019, Scott W. SFO Executive
2021, James K., Partner MFO Business Leader