Mitigating Financial Security Risks with the Cloud

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Mitigating Financial Security Risks with the Cloud

CFO Tech Outlook | Friday, February 15, 2019

Financial services companies today face a lot of challenges such as more demand from consumers and stakeholders, the need to increase security risks, and cost-efficient management. In order to mitigate these challenges, it is essential to adopt new methods and technologies that can regulate with this digital world.

Financial services organizations ought to develop a hybrid cloud environment in order to ensure future-proof IT. However, to do this, they have to overcome their confrontation to set up the cloud as their first option to provide IT and business capabilities. With the cloud, they can scale up processes quickly without the need for substantial capital investments. The augmentation will help banks to operate on a customer-centric model, wealth and asset management centers and insurance companies to create direct and multi-channel relationships with their customers in each case by leveraging the full range of cloud capabilities.

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In order to adjoin with existing infrastructure, many organizations are making use of a hybrid model.  They also adopt a hybrid model to deploy cloud-based innovation methodologies for customers to quickly accept the new services while maintaining their workflow of the existing business. The cloud can help reduce the risks of traditional infrastructure technology where capacity, redundancy, and resilience are operational concerns. The scalability of banks helps to examine the thousands of transaction per second that ultimately contributes to reducing the financial risks such as money laundering and fraud.  The proper adoption of cloud is more beneficial for banks in managing security concerns than any other security methods.

Cloud adoption will also help companies to boost operational and productivity efficiencies. The agility in the cloud helps  banks to enhance the services faster without delay, release new services in a fast and secure way. Also, the upgrading of facilities is fast and consistent, which allow banks to redirect resources from IT infrastructure management and to innovate and deliver products and services to markets quickly. A cloud management platform helps organizations in adopting a hybrid cloud by implementing security policies and reducing the service abstraction level. End-to-end encryption in cloud storage reduces the data breach possibilities in organizations.  The creation of a well-organized hybrid cloud environment will bring financial services organizations an increased market value and efficiencies.

Few Companies : Alooma , Bell Techlogix , Cloudistics

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