Compliant and Secure in the Financial Industry Cloud

Compliant and Secure in the Financial Industry Cloud

Sali Jalalpour

Presales Manager at Tieto

After concluding Tietos trainee program in 2015 as a Sales Manager trainee within banking Sali is focusing on the compliance area as Presales Manager. Sali pay a lot of attention to listening to customers and really defining their needs. Her job is then to find a solution that helps them and hopefully provides them with a competitive edge on the market and helps them gain market share.

Views 262

Compliant and Secure in the Financial Industry Cloud

04.04.2017 11:15 am

Companies owning their servers are becoming increasingly rare. Instead, they’re fueling their business with cloud. Remaining compliant and secure whilst embracing the benefits of cloud can seem like a daunting task for banks and insurance companies. Here’s how to make it work. 

The financial industry is being disrupted by new technologies, affected by new directives from the EU and subjected to industry convergence. Organizations that do not comply with PCI DSS may be subject to fines and costly forensic audits, and today’s regulations impose rigorous demands on server rooms.

Simultaneously, banks have to store increasing amounts of incredibly rich data whilst leveraging it. Data is the biggest asset after all. All this whilst consumers’ buying behavior is changing and expectations increase.

This highlights the want – and need – for a platform that gathers all of this, from regulatory compliance and advice to servers and security. Having a PCI DSS compliant environment should be easy, letting you focus on what you do best. Adopting cloud platforms does not mean less security.

Maintaining a high level of security

Compliance with data security standards and regulatory requirements can bring major benefits to businesses of all sizes, and failure to comply can have serious, long-term negative consequences. But many worry about the level of security that can be provided in a cloud-based solution.

Storing data in a cloud environment is a prospect that brings a certain level of insecurity to many. However, PCI DSS is a great tool and a check list of what needs to be done, so it is easy to see whether the cloud environment complies with regulatory demands or not.

Compliance with PCI DSS means that your systems are secure – the regulations for PCI DSS are updated every year, and so should your platform of choice. Ensuring that your data will be located in datacenters in the Nordics that have passed PCI DSS QSA audits is important and you should be provided with an Attestation of Compliance, AOC. Choosing a provider that guarantees that an independent auditor goes through the cloud environment ensures that security levels remain high.

A Security Partner would further ensure safety and guide you through the whole process of moving to a cloud environment. In our next blog post we’ll go further and deep dive in the security issues you face.

This source originally appeared at: tieto

Latest blogs

Simon Black Awaken Intelligence

Boom or Bust: How the Financial Services Sector is Coping

Covid-19 has had an impact across all industries and businesses are feeling the sting. However, is it equally devastating within every sector? As industry and individual concerns grow during the inevitable economic crisis, financial services are Read more »

n/a n/a

Tips on How to Successfully Trade CFDs

A CFD or contract for difference is a financial product that allows a trader to speculate on asset classed without owning a portion of the underlying asset. A CFD trade is not an investment but high-risk speculation that carries the risk of losing Read more »

Patrick McKinney and Joe Fuchs Wolters Kluwer Finance, Risk & Regulatory Reporting

Building an Integrated Data Management System: A Guide for Digital Banks

Digital banks and other FinTechs are emerging as more nimble competitors to established legacy banks. The digital banks that are on their way to becoming fully chartered have the opportunity to setup fully automated processes and systems without Read more »

n/a n/a

How COVID-19 Is Ushering In a New Era of Cashless Technology

  Image source:   Cashless technology isn't a completely fresh concept. People have been using credit cards for decades, and the market for fintech services has been Read more »

Jean Shin tyntec

Using WhatsApp for 2FA is the Future of Banking

From user authentication and password resets to transaction verification, two-factor authentication (2FA) offers basic but useful protection for consumers. The 2FA process typically sends an SMS sent to the customer with a one-time password (OTP). Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel