In the pursuit to modernize, financial institutions are finding themselves in an arms race against cybercriminals to defend their digital frontlines from much more bolder and sophisticated schemes. We know the impact of a security breach can be severe in terms of financial cost, reputational damage, and loss of customer trust. However, innovation cannot be stalled with increased market competition as consumers demand faster, more efficient digital experiences. Now the addition of a shifting matrix of regulatory rules that vary across geographies can potentially further slow any progress in the digital transformation journey.
In this age of technological disruption, how can financial institutions balance cloud security, industry compliance, and innovation to securely modernize?
The answer is simple: getting people, process, and technology to work together. This can work through timely and accurate management of security and compliance requirements from the onset. At the end of the day, maintaining trust and privacy remains paramount for the world's top banks and exchanges.
Landesbank Baden-Württemberg (LBBW), one of the largest public banks in Germany, has embarked on a holistic digital transformation to improve the quality of customer service, securely and seamlessly, through making greater use of services from both public and private clouds. The bank leverages IBM’s Unified Key Orchestrator, a multi-cloud encryption technology that helps enterprises manage their data encryption keys across multiple key stores across multiple clouds environments – ultimately giving the bank a single point of control for the keys that in turn enables access to their data.
The effort required to generate, secure and manage keys is seamless and helps the bank’s IT team to protect critical corporate data using keys whether the data is in a third-party cloud or in an on-premises environment. Available as a Cloud service, it can improve productivity and reduce operational complexity and skills needed by banks to host and manage their key management hardware and software.
As financial institutions move away from the single-vendor approach to cloud in favor of a hybrid multicloud strategy to best match their business needs, they may risk heightened levels of operational complexity around data encryption. Having IT teams manage cryptographic keys in silos on-premises and across multiple clouds can bring up challenges around demonstrating compliance and therefore, a holistic cloud and security strategy should be considered to mitigate risk of malicious actors to manipulate workflows, prevent access to confidential data, and more importantly, maintain data governance and sovereignty. According to IBM analysis, an overall fragmented approach to cloud can potentially open enterprises up to risk with the average data breach expected to cost a company $4.35 million this year, up 13% from 2020.
Third- and fourth-party dependencies in cloud services can also potentially introduce new levels of risk that need to be managed before they become a problem. To help financial institutions overcome these challenges, industry cloud platforms can also help clients within financial services reduce risk and address compliance requirements - all while driving innovation. It’s essential to take a data centric and risk-based approach as part of a successful hybrid cloud and security strategy.
Within financial services, we have established the IBM Financial Services Cloud Advisory Council which brings together CIOs, CTOs, CISCOs and Compliance and Risk Officers to help address regulatory compliance challenges and drive cloud adoption for mission-critical workloads across the entire industry. This council helps inform the built-in security and compliance controls included in our cloud designed to meet the specific needs of financial institutions across the globe.
Financial institutions will continue to face unique security, regulatory, and compliance obligations in today’s complex digital world. Data resiliency, privacy, and sovereignty will always need to be at the forefront of their decision-making and IT strategy. Customer satisfaction is at the heart of the banking sector and it is critical to pave secure paths in a multicloud world that enables room to build and sustain innovation and trust.
More than ever, there is a demand for IT to deliver innovation. Your IBM i has been an essential part of your business operations for years. However, your organization may struggle to maintain the current system and implement new projects. The thousands of customers we've worked with and surveyed state that expectations regarding the digital footprint and vision of the company are not aligned with the current IT environment.
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Forms of ransomware has been around for over 30 years, and with more and more organizations suffering attacks each year, it continues to endure. What has made ransomware such a durable threat and what is the best way to combat it? In order to prevent ransomware, organizations must first understand how it works.
Disaster protection is vital to every business. Yet, it often consists of patched together procedures that are prone to error. From automatic backups to data encryption to media management, Robot automates the routine (yet often complex) tasks of iSeries backup and recovery, saving you time and money and making the process safer and more reliable. Automate your backups with the Robot Backup and Recovery Solution. Key features include:
Business users want new applications now. Market and regulatory pressures require faster application updates and delivery into production. Your IBM i developers may be approaching retirement, and you see no sure way to fill their positions with experienced developers. In addition, you may be caught between maintaining your existing applications and the uncertainty of moving to something new.
IT managers hoping to find new IBM i talent are discovering that the pool of experienced RPG programmers and operators or administrators with intimate knowledge of the operating system and the applications that run on it is small. This begs the question: How will you manage the platform that supports such a big part of your business? This guide offers strategies and software suggestions to help you plan IT staffing and resources and smooth the transition after your AS/400 talent retires. Read on to learn:
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