By Chris Bremer
More and more, credit unions managing large volumes of consumer data are required to adhere to strict compliance and regulatory guidelines. While these guidelines are put in place to protect both consumers and businesses from cybersecurity attacks, the increasing need for data security and management can be painful for many IT departments.
As the amount of data continues to grow and technology continues to evolve, credit unions are forced to take a good look at their current configuration and start exploring new options.
Here’s a look at trends that are still prevailing in the archival data storage industry and a glimpse into the future.
Deduplication
Think about the amount of redundant data that is archived in a credit union setting. If systems are automated, data passed between credit union employees will be saved automatically numerous times, taking up precious storage space.
Deduplication solutions identify unique data segments, compares those segments to data stored previously and save only the unique data. Since deduplication saves only compressed, unique data, storage requirements are reduced dramatically.
Security
It seems as though every time new security technologies enter the market, hackers manage to find a way to gain access to valuable information shortly thereafter. Data encryption is a basic level of security that all storage should include. Encryption refers to mathematical calculations and algorithmic schemes that transform data into an unreadable format, protecting valuable information from unauthorized users.
However, gone are the days of relying solely on encryption. Hackers are using sophisticated methods to break cryptography and enter into networks.
Utilizing proper backup methods is just as important as your storage solution when it comes to securing data. Backups should be performed automatically, on a dependable system. Many organizations backup data daily without ensuring everything is in proper order. Peace of mind does not come from backing up data; it comes from the reassurance that when your system fails you can easily recover important information that impacts aspects of your business operations.
Monitoring
Once a data storage system is in place, constant system failure monitoring must be performed. Although most storage systems are redundant—protecting data from potential system failures—many credit unions neglect to monitor storage system health. If a single method fails and no one is aware of the failure, there is usually a back-up plan. However, if you lose two solutions, there is a high risk of data loss.
Capacity monitoring is vital to all credit unions, and especially to those that perform day-to-day backups. With capacity monitoring, a trend analysis is performed prior to implementing a storage system to determine the amount of storage required. If the storage system is not being monitored, capacity could be reached, leaving day-to-day backups vulnerable.
Future of Data Storage
Due to strict regulations, credit unions have experienced a difficult time fully adopting cloud storage as a legitimate solution. Cloud storage regulation has been a bit like the Wild West, and until recently no one was really sure how to regulate this new industry.
Now, regulations are being put into place to make sure cloud storage companies follow certain rules and guidelines. Once cloud storage providers become fully regulated, credit unions will be able to take full advantage of all the benefits associated with cloud storage.
Savvy credit union leaders will continue to monitor both the regulations and technology solutions available and will seek out the most secure and efficient solutions for managing and protecting customer data.
Chris Bremer is CTO of Dynamic Solutions International (http://www.dynamicsolutions.com/), a Denver based data storage company specializing in providing complete storage solutions to highly regulated environments. For more information contact him at CBremer@DynamicSolutions.com.