Watch the video blog below to learn about overcoming compliance challenges faced by financial services companies that have moved to the Cloud.
What challenges do Financial Services companies face when moving to the Cloud?
- Biggest challenges or inhibitors revolve around regulations, and in Financial Services, there are many:
- Gramm–Leach–Bliley Act [GLBA]
- European Union Directives
- Payment Card Industry [PCI] Guidance
- Huge concerns over privacy laws are top of mind all over the world
Who’s responsible if there’s a data breach?
The common theme with respect to these privacy laws is that the company that owns and puts data in the cloud no matter who the cloud service provider is – is responsible for protecting that data.
Have You Considered…The Dilemma of Government-Forced Data Disclosures?
Above and beyond data breaches, companies need to be concerned over Government policies such as the US Patriot Act and similar laws in other countries that can require cloud service providers to turn over your data to that government entity.
The CipherCloud Solution
CipherCloud delivers cloud information protection through AES-256 encryption enabling companies to protect their data before it leaves their enterprise – while retaining sole control of the encryption keys.
Did You Know?…Encryption Can Provide Safe Harbor
There exists a growing consensus that encryption is a valid way to overcome data privacy, security, residency and regulatory compliance risks. One of the biggest risks businesses face above and beyond any fines or fiscal retribution is PR exposure, damage control and reputation management. Many privacy laws include language or references specific to Safe Harbor Exemptions – that if the data is encrypted properly and if the company retains sole control of the encryption keys – they are exempt from Breach Notification requirements in the event of a breach.
Download the free white paper “Best Practices for Cloud Information Protection in Financial Services“. Learn how 5 banks complied with 10 laws in 20 countries with 1 solution.