- Firevault claims taking valuable data offline reduces risks from ransomware and regulation
- Executives face mounting liability as fines and disclosure rules tighten across jurisdictions
- Offline-first Vault, Storage and Platform products on offer
Ransomware continues to be a major threat to companies worldwide, but one UK startup believes it has the answer to the problem - taking valuable, irreplaceable data offline.
Firevault (not to be confused with the macOS security feature of the same name) is built around what it calls a “disconnect to protect” model, placing critical data in an offline environment safe from potential ransomware attacks.
The startup says its approach offers certainty for boards and executives concerned about corporate losses and personal accountability.
Crown jewel data
The company has three main products. The first, Vault, is a secure offline store for directors, shareholders, and professionals, identity-locked to one verified owner, and available in 2TB, 4TB, and 8TB tiers.
Second is Storage, which is aimed at enterprises, providing a disconnected system for critical business data while promising operational savings compared with online alternatives.
Finally, there’s Platform, a FV-PaaS solution which includes nine offline modules for governments, enterprises, and infrastructure operators that need to prevent sensitive data from being exposed to attackers.
Whether enterprises see offline-first systems as practical against modern cyber threats is the big question, however.
Growing regulatory and financial pressures are an increasing worry for firms, as according to IBM’s Cost of a Data Breach Report, published in July, the average cost of a breach in the UK stands at £3.29 million.
Regulators can impose fines up to £17.5 million, or 4% of global turnover, while directors themselves may face personal fines up to £500,000.
IBM reports that in the US, average breach costs are $10.22 million, with new SEC rules exposing executives to direct liability for disclosure failures, and in the Middle East fines can reach SAR 5 million in Saudi Arabia and AED 5 million in the UAE, with the possibility of imprisonment for the most serious of violations.
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