Convenience and remote access are two of the foremost concerns for customers and companies in all consumer-facing industries. This is especially true of finance, where online banking and trading have taken a strong hold on the market. An important aspect in this migration to a fully online finance experience is the integration of cloud computing.
Because of its advantages in scale, and its ability to make organizations more nimble, financial institutions have been rapidly moving their respective technology infrastructures to the cloud. However, the unique features of cloud computing also lend themselves to unique challenges. One such challenge is the security of vital customer data. Bank codes, credit card numbers, social security information and much more are at risk every day.
Because of the threat of breaches, regulatory agencies have had to tailor their oversight specifically to cloud storage. In August of 2019, Capital One’s cloud was hacked, exposing the sensitive private info of millions. Capital One, a huge entity with a massive customer base, could ultimately afford this misstep, but what about a small to medium enterprise? A local or regional financial institution might not have come out unscathed in a regulatory or reputation sense.
Regardless of their size, all financial institutions considering, or currently on, the cloud need to factor a higher level of security and compliance into their operations. Cloud security is a shared responsibility between the institution and the cloud service provider, whether using AWS, Azure or a private cloud. Preferably, your provider is a true technology partner who can protect and educate you along the way.