We are moving toward a world where everything is dependent on technology. From keeping our data secure to extract information about anyone around the world, you can do it instantly and all thanks to technology. It has blessed us with many wonders and cloud computing is certainly at the top.

Every business and sector is switching to a cloud platform like Salesforce to keep their data safe and protected and financial institutions are no exception to it. However, unlike other industries, it is doing so in a well-planned manner taking one step at a time. The financial regulators are using effective techniques and approaches to assess the process service by service to find out how cloud computing can address their demands and obligations. They also update guidelines and rules to make the technology applicable according to emerging trends. 

We are all familiar with the fact that if the process is not organized strategically, it can prove to be a stumbling block while migrating to cloud. As a leading and trusted AWS development partner, we have studied the market for years and narrowed down many factors that financial institutions seek in AWS. So, here are a few points to justify how Amazon Web Services can help financial institutions keep their data safe and secure. Read below:

Data Protection

Needless to emphasize the importance of data security for any banking & finance solution used by any financial institution. They have so much at stake and any breach of confidentiality can have serious consequences. Therefore, finance companies adopt a comprehensive strategy to prevent any data loss and protect significant information about clients and institution. With AWS, they can employ encryption and reduce the chances of alteration or disclosure of sensitive details and any unauthorized access. Moreover, AWS KMS (Key Management Service) enables clients to control encryption lifecycle and how they are used by applications.

All AWS development services showcase encryption features and most of them that are used by financial institutions can integrate with AWS KMS which provides the companies with control over encryption keys to keep the data secure. Also, they encrypt data in transit to limit the access and ensure that only the intended recipient can read it. This can be achieved in several ways, such as encryption of data in transit between AWS service components, API calls to AWS service endpoints and encryption in transit within applications. Out of these, the first two are taken care of by AWS under shared responsibility model while the last one is handled by customers themselves. 

Compliance

Financial institutions had to make sure that the components of a cloud service provider’s services meet their compliance needs. This is certainly a prerequisite for them and to gain confidence, they need to get familiar with the AWS shared responsibility model. This concept implies that secure functioning of application demands action by customers and AWS as the CSP. Of course, the party seeking Amazon Web Service for their company are responsible for the security in the cloud. They have to manage the protection and security of content, systems, applications and networks. On the other hand, AWS deals with proper operations of services and features, the security of the cloud, meeting all legal and regulatory requirements, and maintaining operational excellence. To evaluate the cloud computing services of AWS, clients can have a look at the AWS System and Organization Controls 2 (SOC 2) Type II report third-party auditor. They can get access to confidential information under an AWS non-disclosure agreement (NDA) through AWS Artifact.

Operational Access and Security

What is the priority of financial institutions when they seek AWS consulting services? Any guesses? Well, they want to have complete control of their data. The authorities want to limit access to their sensitive information and make sure that no unauthorized person can retrieve it. Hence, AWS came up with a perfect solution where it offers layered controls with preventive measures so that only an authorized person can have access to the inside information and data along. The base of AWS security is to design a system that keeps any infringements away and minimizes and cybertheft risks. So, AWS introduced a new virtualization technology called the AWS Nitro System. This amazing platform brings software and hardware together to enhance the performance and security of the database. There is now minimized risk of attack and even prevents all administrative access, be it any Amazon employee, thereby, reducing any chances of human error and tempering. 

Cybersecurity

Maintaining cybersecurity and keeping data away from any theft and infringements is of utmost importance for financial institutions. This responsibility is shared by the organization and cloud service provider. The customer deals with managing security in the cloud while AWS looks after the security of the cloud. To achieve latter, AWS has designed and implemented a security control environment that protects the integrity, confidentiality and availability of the content and the complete system. All this is done in compliance with regional and global regulatory requirements.

With some new AWS services, the organizations can ensure automated security. For this, Amazon Inspector is used to assess and scan cloud environments for any deviations and vulnerabilities via effective and the best practices. It also follows security protocols while using automated reasoning. The one tool to leverage automated proofs is Zelkova. It is integrated with various AWS services and assists in obtaining maximum security assurance for the most sensitive data and operations. 

Conclusion

There is no denying the fact that AWS is a blessing for financial companies to protect their data from any unauthorized access. There are different AWS services that organizations can avail to secure their sensitive data and significant information while they pay their attention to core operations and business.

So, if you are also planning to migrate to the cloud, then look no further than A3logics. We have a highly-dedicated team of AWS cloud consultants who will help you attain your goals, that too without hampering any crucial information. We understand how important compliance and security are for you and we spare no effort to meet the highest standards. For more details about our service, connect with us now.