Financial services companies increasingly leverage the cloud to analyze data, run applications, create disaster recovery plans, and more. The question for many firms is no longer whether or not to use the cloud, but whether to use private or public cloud solutions.
In many cases, the answer to this question ties into cloud security for financial services. Due to the sensitive nature of financial data and regulatory requirements around storing and securing that data, financial services companies need to assess whether private or public cloud solutions can provide sufficient protection while still delivering enough flexibility and cost-efficiency.
Considering the rise of cyberattacks, it’s not always practical to say that 100% of threats will be mitigated. Instead, cloud security for financial services is becoming a matter of limiting the fallout of potential data breaches.
That’s why encryption plays a significant role in cloud security for financial services. Firms need to ensure that sensitive data, like customers’ account information or proprietary investment analysis, is encrypted both in transit and at rest.
When deciding whether to use private or public cloud services, financial services firms should consider two key areas of encryption:
Because of the importance of cloud security for financial services, organizations should look into the technology that public and private cloud providers use to assess whether they can provide sufficient encryption along with overall cloud functionality.
One technology option we recommend looking into is Cisco Hyperflex, which is a hyper-converged infrastructure (HCI) system that has strong encryption and performance capabilities to store and process the large quantities of data used in financial services.
We use Cisco Hyperflex in our data center in order to offer a secure private cloud solution to financial services firms at an affordable, pay-as-you-go price. As a managed service provider, we can also help you assess other cloud options to find the best option for your firm.