Some banks are migrating their complete systems and platforms to the cloud. Others are pursuing a hybrid strategy, moving only a fraction of their components to the cloud while maintaining the remainder of their infrastructure. In either case, these businesses recognize the importance of putting security first. It leads to the use of a cloud security service. But, given today’s complex ecosystems and surroundings, what should the financial services industry look for in a cloud security vendor?
- Data Security
Financial services, security, and regulatory compliance all revolve around data. When you consider the risk of reputational harm, financial loss, and business loss, data security becomes a top responsibility. In reality, when it comes to moving work to the cloud, data security is the top priority for financial organizations.
This fear usually occurs when financial information leaves the organization’s boundaries, and they feel like they’ve lost control. Financial institutions should begin their cloud security selection process by examining the security measures at providers and ensuring that they meet or exceed requirements.
- Scalability
Until recently, it appeared that moving to the cloud would be challenging for any financial institution. Scalability and agility, on the other hand, make it nearly hard to overlook, according to Joseph Stone Capital. Information and apps can get accessed from anywhere by using cloud services. Furthermore, the cloud is economical. It enables financial firms to expand without investing heavily in infrastructure or human resources.
- Visibility and Control
The theft of financial information or consumer data can have substantial repercussions for businesses and severely impair their public image. Controlling data and ensuring security has never been more vital as financial institutions become more digital than ever.
To avert security breaches and save overall expenses, cloud security providers in the financial services industry should give customers the flexibility to evaluate network activities as needed and from a single location. Reporting tools enable businesses to be proactive rather than reactive by providing visibility and control.
- Openness
To provide the best levels of protection, today’s financial institutions require open security solutions controlled through a single pane of glass that allows security and network operations—as well as data, including threat intelligence—to get shared across environments from the IoT to the cloud. Financial firms will be able to evolve and handle all dangers hiding in today’s threat landscape with these types of open and expansive security fabric solutions.
- Making prudent decisions to ensure a secure future
Financial services companies are migrating their applications to the cloud to take advantage of the efficiency and cost savings that this move may provide. However, with fraudsters eager to get their hands on financial data, security is more crucial than ever. There are numerous providers on the market nowadays, according to Joseph Stone Capital. So it’s essential to remember to look for each of these four core features before purchasing. That will provide you peace of mind that all legal obligations get followed, as well as a more secure data environment and the ability to scale.