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