Few verticals have as many cloud data security and regulatory compliance challenges as financial services, and within financial services, credit bureaus are particularly hard-pressed. Credit bureaus handle vast amounts of extremely sensitive consumer financial information, and a misstep or data breach could cause catastrophic damage to the credit bureau’s reputation and ability to do business. That’s why CipherCloud is proud to have been chosen as the cloud data encryption provider to secure data for the Caribbean Credit Bureau (CCB), which provides credit services to firms in the Caribbean region.
An internal assessment of the CCB’s IT framework led to the decision to adopt cloud computing in order to improve agility and cut costs, CCB general manager Niko Kluyver told Baseline‘s Samuel Greengard. Regional data privacy regulations and internal and industry best practices set a high bar for cloud data security, however, and “the CCB couldn’t move forward without stringent security and privacy protections in place, including strong encryption of all personal data,” Greengard reported.
A cross-functional CCB team, whose members include a business analyst, a privacy expert, an information security specialist, an IT assurance auditor, and Kluyver himself evaluated available options and eventually chose CipherCloud’s secure cloud gateway. The portal encrypts all sensitive data on CCB premises before allowing it to enter the cloud, satisfying CCB’s legal, regulatory, and corporate requirements. The architecture CipherCloud provided also enables assurance audits and eases upgrades and IT workflows while maintaining “integrity of data, uptime, business continuity, data security, and privacy,” Kluyver said.
While one might assume that the data environment of a credit bureau would make for an extremely challenging and complex migration, the CCB found that “the transition went smoothly” with CipherCloud’s encryption portal. These days, the bureau is seeing reduced CapEx and IT costs, among other benefits, and has been able to improve the efficiency of the business overall now that “there is no need to hug the server,” in Kluyver’s words.
The adoption of our cloud data encryption technologies by financial services organizations is a major vote of confidence for CipherCloud. The regulatory burden that financial services firms labor under is a heavy one, and the consequences of noncompliance and data breaches can be severe. That the financial services industry trusts CipherCloud to protect sensitive consumer financial information demonstrates our status as true technology leaders in the growing field of cloud data security.
Want to learn more about protecting financial information in the cloud? Download our free white paper, “Best Practices for Cloud Information Protection in Financial Services,” today.