Financial Service Companies Partnering with FSI-centric Cybersecurity Experts Better Positioned to Achieve Compliance
With virtualised customer and employee interactions, there is an increase in data generated, stored, and utilised, particularly in the financial services industry (FSI).
Australia's FSI companies are migrating to the cloud to address the customer demand for easy, fast, and secure digital services. However, this means dealing with a higher frequency of cyberattacks in an evolving regulatory landscape. Partnerships with external security solution providers can help them easily navigate multi-cloud environments, said Frost & Sullivan in a press release.
Frost & Sullivan's latest white paper, Modernising Operations and Customer Interactions in the Australian Financial Services Industry, analyses the opportunities and challenges inherent in FSIs' recent cloud migration. It explores how the right solution provider ensures successful outcomes.
To download the complimentary white paper, please visit: http://frost.ly/64i
“Managing a multi-cloud environment is critical to FSIs as nearly 49% of them employ multi-cloud services globally. Among these, 34% claim to be challenged by moving to the cloud, and 67% have repatriated workloads back on-premises,” said Roberta Gamble, Partner & Vice President at Frost & Sullivan. “FSIs should seek a partner that is experienced in the local market and has expertise in developing cloud and on-premises solutions for the banking industry to improve outcomes and reduce risks.”
“The Australian financial services industry is migrating to the cloud faster than ever before to meet rising customer expectations for digital services. However, the highly regulated industry also needs to ensure it addresses compliance and cloud security challenges,” said Paul Crighton, Managing Director, NetApp Australia & New Zealand. “One way to resolve security challenges is leveraging the capability of advanced cloud service providers. At NetApp, we follow a Zero Trust approach to security and are committed to helping our customers accelerate modernisation, achieve greater efficiency and security, and improve overall business performance through hybrid and multi-cloud environments.”
Choose a security partner that understands the FSI regulatory and security landscape and can apply its solutions across infrastructures and systems. An FSI-centric partner can offer support through several scenarios:
- Highly regulated markets often compel banks to retain some on-premises data storage and utilisation; hence, it is vital to collaborate with a partner that can work across infrastructures.
- Deep technical knowledge is required to help the FSI company migrate to the cloud. The right partner ensures optimised data usage, reduces risk, and allows the business to focus on core competencies.
- It can provide protection at the edge, server, and on mobile devices.
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