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.
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.
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.
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.
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.
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.
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.