Cloud computing is generating an incredible amount of excitement and interest from companies across the financial services industry for good reason. In response to concerns about information access and usage, by both public and private corporations, Cloud Computing has spawned an entirely new body of law, generated new policies, created new standards, and raising new concerns.
For the Financial Services industry, specific legislation such as the Gramm-Leach-Bliley Act (GLBA) and regulations surrounding Personally Identifiable Information (PII) requires organizations to adhere to an ever-changing set of standards, laws, and guidelines in order to safeguard their company’s private and business sensitive data, while complying with the law. GLBA’s Financial Privacy Rule requires institutions to provide an annual notice to customers explaining how their data is maintained and shared, as well as the steps that are taken to protect it. Similarly, the Safeguards Rule requires institutions to implement an information security program and the adoption of public cloud services can significantly complicate this task.
In the past, data security and regulations have kept Financial Services companies away from the cloud; but those concerns have dissipated, while care and governance must be taken to assess and address security risks and compliance, Financial Services organizations are realizing that online vulnerabilities do not necessitate a slowing adoption of the cloud.
Sensitive, regulated financial data should never be processed or stored in the clear when outside of an organization’s control. By rendering data undecipherable, and therefore unusable, when it’s outside an enterprise firewall, financial institutions can protect information in the cloud, comply with regulations, and, ultimately, reap the business benefits of cloud adoption while keeping sensitive data secure.
Gerry Grealish is Chief Marketing Officer of Perspecsys, a cloud data control software provider.
Interested in learning more about cloud security for financial services organizations? Connect with Perspecsys at Bluewolf's Engagement Squared Summit in New York, June 18th. Registration is free, but space is limited. Reserve your seat now.
Highlights delivered to your inbox:
Bluewolf, an IBM Company, is a global consulting agency and proven Salesforce strategic partner that builds digital solutions designed to create results. Now.