SoundView IT Solutions
Intronis Keeps Customers Compliant, Ransomware-Free
SoundView IT Solutions spun out of Pequot Capital when the multi-billion-dollar hedge fund closed in late 2009. As a full service IT integration company, SoundView IT Solutions specializes in regulated industries and markets such as banking, healthcare, and hedge funds, where it can add value to their IT services with its knowledge of regulatory authorities (e.g. SEC, FINRA, OCC, HIPAA) and their requirements.
Another differentiator the MSP offers that many of its competitors do not is white-glove services ranging from virtual CTO services to on-premise and private cloud IT infrastructure setup, configuration, and post-implementation management.
In 2011, SoundView IT Solutions investigated best of breed cloud backup solutions and selected the Intronis ECHOplatform for backup and disaster recovery (BDR). Within a short period, its decision paid off in a big way after multiple customers suffered ransomware attacks.
37,000 Ransomed Files Restored in 30 Minutes
One client that stands out is a five-person financial services firm, says Gary Logvin, managing partner of SoundView IT Solutions.
The firm was within a few days of being acquired by another company when the MSP was contacted about the incident. “One of the partners at the firm received a pop-up message on his computer alerting him that his files were encrypted and would remain so unless he paid a ransom of three Bitcoins, amounting to nearly $2,700,” says Logvin. “We had him disconnect his machine from the server, and then we remotely logged into the firm’s network and discovered that 37,000 files associated with commonly used file extensions had been encrypted in less than an hour.”
After scanning the network to ensure the malware was quarantined to the workstation that had been disconnected, the MSP logged into the Intronis ECHOplatform and started the restore process from the cloud. “Within 30 minutes, all the files were restored,” says Logvin. “We then reimaged the client’s infected computer and identified the culprit that led to the infection, which turned out to be an infected URL embedded in a phishing email.”
SoundView IT Solutions’ other ransomware scares had similar results with customers getting their data back without having to pay fines to cyber criminals. “In addition to Intronis proving its reliability time and time again, it’s the perfect fit for clients in regulated industries,” says Logvin. “Our financial services customers are required to retain records for up to seven years, which far exceeds many competitive cloud backup offers that max out between 30 and 90 days. We also like being able to rebrand the Intronis ECHOplatform with our “Safe and Sound” branding and company logo, which is a visual reminder to our customers that we are keeping their businesses up and running.”
Demonstrating value with managed backup
To date, 30 of the MSP’s 70 clients are on the “Safe and Sound” managed backup program. “However, despite the regulations and security threats our customers face, some are still hung up on cheap disk storage, which costs about $10 a month for a 1 TB consumer cloud offering,” says Logvin. “The big difference is that our offering is fully managed. If a laptop doesn’t get backed up, for example, a ticket is automatically created in our PSA [professional services automation], so we can address it right away. This prevents surprises happening during a data recovery such as discovering the last good backup is more than a month old.”
Logvin says educating clients about the value of managed backup goes a long way in overcoming these objections. “Once they understand the value of having consistent backups and complying with data retention laws, then they realize why our solution costs more,” he says. “After they gain trust in our ability to manage their IT environment and recover their data from any situation, they then see that paying higher monthly rates is actually the better bargain.”