The cloud is a powerful — and cost-effective — way to manage the vast amounts of data that today’s financial services organizations have amassed. Still, for many organizations, a cloud storage forecast carries the chance of security risks. Our Spring 2016 FinTalk Report offers some tips on how you can feel more secure in the cloud. Check out the highlights below.
Know Your Responsibilities
Ultimately, cloud users are responsible for securing their applications and data. But providers bear some responsibility, too. That includes the physical infrastructure and the cloud computing software. Clearing up any cloud security confusion from the get-go is critical.
Evaluate Potential Risks
While it may not be possible to know every possible risk associated with cloud deployment, asking a few key questions can highlight potential security issues before they happen. For example: Does the application contain sensitive data? Who uses the application? Does the application demand high availability?
Secure Your Data — and Your Applications
Instead of focusing on securing the system, financial organizations should now focus on securing the data. Likewise, organizations must recognize the threat that poorly secured custom-written applications pose to their data. Application security is all about protecting the data behind the app.
Encryption is Critical
46% of financial services firms say that encryption of data at rest is critical to achieving compliance when moving to the cloud. Unfortunately, many organizations still overlook encrypting data when it’s stored — which can open up sensitive data to cybersecurity threats and compliance nightmares.
Finally, don’t forget that old adage, “It takes a village.” Securing your cloud against today’s security threats takes a collaborative approach. And that includes working with experts that can provide the guidance you need, and the solutions you must have, to feel more secure in the cloud.
To get more tips, read our entire Tech Tips feature, “How to Feel More Secure in the Cloud,” and view the entire Spring 2016 FinTalk Report.
Is cloud security a top financial IT priority for your financial services organization?
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