The financial industry has not opposed how cloud computing has been a Rockstar since its inception back in the early 2000s. The most renowned and the largest institutions have witnessed how cloud technology has affected some of its sectors, such as insurance and banking, in a very positive way. The finance industry leaders might not be shouting from the rooftops, but everyone agrees with the fact that cloud technologies have helped them ease their operations and improve efficiency.
As per the survey conducted by Skyhigh Networks, an average financial service company uses more than 1,000 cloud services. This report was based on the survey data collected from 3.7 million employees at banks, insurance companies, and credit card organizations, among other financial institutions. The popularity seems to grow the adoption of cloud at a very rapid rate.
The majority of the organizations, when they start embracing cloud, they end-up up facing complexities in managing the cloud. Cloud management is not just about getting control of the cloud costs but also maintaining a high-end security posture, intact governance policies, and regular monitoring of the cloud infrastructure.
In this blog, we are digging into how an organization from the finance industry can manage their cloud to get the values that first drove them to adopt cloud.
Securing the Data Stored in Cloud
Finance companies handle a plethora of data that should be secured. There is not a doubt that security is the primary concern when embracing any new technology, especially the cloud-based offerings. The unlimited storage idea offered by cloud might be intriguing, but at the same time, the larger the amount of data stored in cloud more vulnerable it is to the breaches if not secured. So, never overlook the security aspect and imbibe it into your cloud management strategy.
To manage the top-notch security posture finance company should focus on the security of data storage. For example, AWS offers S3 as the service to store data depending on how frequently the company will need to access the data. S3 comes with the frequently, in-frequently, and glacier storage categories to efficiently manage data accessibility at low cost. Companies need not to focus just on the cost when it comes to data storage but also ensure that mandatory security policies are applied to the storage services.
Finance companies also carry out operations using databases to analyze and deduce certain outcomes. This also makes the security of databases critical. The companies can leverage intact IAM implementation, End-point security, Network Security, etc. to foolproof the infrastructure from any breach.
Follow Laws and Regulations – Be Compliant
As the data privacy issues and the measures taken by individual countries started to be stringent, the compliances become critical to run the business operations.
In 2018, EU GDPR made noise with strict measures like to impose a penalty of about 2-4% if the regulations are not followed. The new compliance made mandatory that the regulations apply on every company regardless of whether the company is based in EU or out of EU, as long as they are handling the data of the EU citizens. It is applicable in Britain even after the Brexit.
So, to manage the cloud infrastructure, finance companies should ensure that their operations follow the global compliances and also the compliances mandated by the country in which they are carrying out the operations. For example, GDPR and PCI becomes crucial if you are from finance industry and want to run operations in Europe.
Manage infrastructure costs before managing finance for others
A finance company, on average, is using about 1,000 cloud services. Every service comes with a cost, even if not it might incur costs if it handles data transfer operations. So, it is the foremost responsibility of the responsible teams to monitor what is the recurring cost of every service closely.
The users in the organization should have granular visibility when it comes to monitoring the infrastructure. There should be an approved process of provisioning resources, and information on the operations carried out in the infrastructure should be passed on to the relevant authorities in the organization.
The monitoring of the services should be followed by a proper analysis of how much cloud resources are adding to the bill. The analysis can help figure out whether which resources are not utilized efficiently, and it’s better to downgrade or upgrade to reduce the cost strain.
The cloud is taking the world of technology and the industries by storm. In the past few years, industries like finance have adopted numerous cloud technologies depending on their use cases. The most crucial challenge in front of the users in managing the cloud.
The financial industry needs to understand that cloud management is not just restricted to the monitoring or controlling the cloud sprawl. Well, this could be the case, depending on your priority, but the overall cloud management should go beyond that. Finance companies should ensure end-to-end security with strategized governance policies that follow regulatory standards, and all these practices should not exhaust the company’s budget.