Huawei introduces groundbreaking ransomware protection solution, setting a new standard in data security for the finance industry at Lao Digital Week 2024

During Lao Digital Week 2024 last week organised by the Ministry of Technology and Communications, distinguished speakers from the finance industry shared the critical theme of Data Protection in the Finance Industry Under Ransomware Threats.
Notably, Alex Wu, Director of Financial Service Industry Solutions at Huawei South East Asia Multi Countries, delivered a keynote address, shedding light on the vital significance of data security and the potential ramifications of ransomware in the digital finance era.
He passionately called upon financial institutions to continuously elevate their IT infrastructure across various facets, including data backup, hot-hot data centres, always-available data storage, and cybersecurity, with a specific emphasis on fortification against ransomware.
Emphasising the alarming surge in ransomware attacks in recent years, he underscored the far-reaching implications across diverse industries, affecting financial institutions of varying scale, from central banks to retail banks and other financial service providers. Wu stressed that as data stands as a crucial asset within the finance sector, the impacts of such attacks manifest as service disruptions, significant financial losses, and severe reputational harm.
The evolving landscape of data threats has compelled a shift in focus from physical damage to human-induced disasters. This transformation has prompted Chief Technology Officers (CTOs) and Chief Information Security Officers (CISOs) to recognise that traditional data resilience systems, such as routine data backup, are ill-equipped to address the novel challenges of the digital realm. Consequently, data storage has emerged as the ultimate bastion for data resilience, serving as the last line of defence.
In navigating these complexities, financial institutions necessitate resilient storage systems imbued with multiple layers of protection and integrated technologies, encompassing ransomware detection, secure snapshots, backup storage, and physical isolation zones.

In response to this critical demand, Huawei has forged ahead to develop a storage ransomware protection solution, engineered to furnish unparalleled safeguarding for the data security of financial institutions. Through this pioneering solution, Huawei endeavours to usher in a new era of fortified data protection, ensuring that financial entities are equipped to confront and overcome the burgeoning challenges posed by ransomware and related digital threats.
Financial institutions across the globe are increasingly recognising the imperative need for resilient storage systems fortified with multiple layers of protection and integrated technologies, including ransomware detection, secure snapshots, backup storage, and physical isolation zones. In response to this critical demand, Huawei has unveiled a groundbreaking storage ransomware protection solution specifically designed to fortify the data security of financial institutions.
Capable of identifying up to 99.9 percent of ransomware pre-, during, and post-attack through network and storage collaboration, Huawei’s storage ransomware protection solution represents a paradigm shift in data security.
Employing a multi-layered approach, the solution initiates at the network level to detect malicious code, cascading down to the data layer to identify anomalous activities and fortify the security of data environments.
At the production level, this innovative solution detects and expeditiously mitigates ransomware attacks, while local storage security snapshots enable rapid service recovery within seconds. Furthermore, local backups facilitate service restoration within hours, and the Air-Gap feature isolates data in a secure zone, providing an accelerated pathway to service restoration.
In collaboration with top banks in Singapore, Hong Kong, Thailand and Laos, Huawei has successfully deployed its secure and reliable ransomware protection solution, constructing an impregnable last line of defence for banking data security. Notably, this strategic partnership has empowered financial institutions with formidable resilience against the escalating threat of ransomware attacks, emblematic of Huawei’s unwavering commitment to fortifying the data security of its esteemed partners.
As a steadfast proponent of pioneering the direction of IT infrastructure development, Huawei Data Storage remains dedicated to collaborating with financial partners and customers to usher in the next frontier of innovative products and solutions.
By remaining at the vanguard of technological advancement, Huawei is poised to align with future business requirements and expedite the digital transformation of the financial industry.
Looking ahead, Huawei eagerly anticipates extending its collaborative efforts to all banks in Laos, with a shared goal of fortifying data protection and enhancing cybersecurity across the financial landscape.
For more information about Huawei’s state-of-the-art ransomware protection solution and its transformative impact on enhancing data security for financial institutions.

By Advertorial Desk
 (Latest Update January 16, 2024)