John's mind was consumed by a pressing concern: the urgent need for the best cloud data security solution.
As a CTO of a global bank, keeping customer data protected was vital to the success of the institution and necessary to maintain the trust of his clientele.
However, he also understood that implementing multiple data security solutions could burden his budget and risk his operations' efficiency.
In his quest for a reliable and cost-efficient solution, John turned to reviewing cloud-based data security options.
John wanted a unified cloud data security platform to ensure data safety while maintaining operational efficiency.
Below are the requirements that he thoroughly evaluated with this team. Let's dive deeper and understand the factors that influenced their needs.
- Risk Assessment - John first suggested that his officers identify the sensitive data the bank handles, such as customer financial information, transaction data, and other confidential information. He then assessed the potential risks to that data, such as cyberattacks, data breaches, and unauthorized access, and classified the data as appropriate. His team developed a threat model that identified the potential threats to the bank's data and the likelihood of those threats occurring. This helped him prioritize the security measures that needed to be implemented.
- Data Transfer and Processing – The security team had to identify the location and processing of data, whether stored in a data center, on-premises servers, or various cloud environments. As the bank utilized multiple cloud environments to store its data, it became necessary to opt for a solution providing centralized visibility and control.
Another essential factor was understanding the data format, which referred to the type of data the bank managed, whether structured or unstructured. This knowledge will allow the team to select a solution aligned with the bank's data requirements.
- Regulatory Compliance: The legal team identified applicable regulations such as the General Data Protection Regulation (GDPR), the Sarbanes-Oxley Act (SOX), Basel III, Anti-Money Laundering (AML) laws, and Know Your Customer (KYC) regulations.
The security team reviewed the requirements of each regulation to determine the bank's compliance obligations. They assessed the bank's security practices and identified compliance gaps that needed improvement, such as the bank's data encryption, access controls, and monitoring procedures.
- Integrating Old and New – Because of specific compliance requirements, the bank is obligated to maintain its pre-existing data security infrastructure. It is not feasible to completely replace the current infrastructure overnight. The transition process is gradual and lengthy and requires alignment within all teams associated with the solution. John's objective was to find a solution that could integrate the existing infrastructure with the new solution's benefits.
For example, having an HSM Gateway would allow for secure communication between different systems, enabling the bank to securely integrate its old infrastructure with new security protocols. It provides a centralized location for key management, access control, and cryptographic processing, making managing and securing sensitive data easier.
- Scalability: Soon, the bank was set to launch a new product, potentially increasing the data they collect and process. Additionally, the bank was eyeing the expansion of its customer base to include international clients, further escalating the need for secure storage and protection of sensitive data. Consequently, data transfer and migration between clouds were imminent.
To address this, John evaluated solutions that could swiftly scale up to cater to the increased demand for storage and processing power. He sought solutions compliant with data protection laws in other countries to accommodate international customers' needs.
- Ease of use: The operations team insisted on a user-friendly solution that includes necessary training and is compatible with the existing infrastructure. As the bank operates in multiple countries, it requires a solution that could be quickly deployed across regions while ensuring consistent security policies. A customizable solution was required to meet the varying security needs of different teams. This solution needed to provide a centralized view of security, achieved through role-based access control. To simplify operations, the bank needed a single control panel accessible via a centralized management console.
- Customization: John preferred a provider that could tailor the solution to the bank's specific needs, such as adjusting the level of encryption or implementing additional security measures, multi-factor authentication, or advanced threat detection for sensitive data. He avoided providers with a one-size-fits-all approach that could not accommodate his specific requirements.
- Vendor Track Record: When evaluating security solution providers, John considered multiple factors, including their experience, success rate, and customer feedback. He researched the providers' track records of working with financial institutions. He evaluated the providers' customer service records, responsiveness, and support. The C-suite executives preferred a vendor that offered 24/7 support and had a strong reputation for customer service, as evidenced by positive reviews from satisfied customers.
John and his team actively sought a data security solution that would meet all the demanding criteria and adapt to the ever-evolving needs of the banking industry. Recent news reports of data breaches at major banks only added to the situation's urgency.
Fortanix emerged as the clear choice, empowering John to achieve his objectives and safeguard his company's sensitive data with absolute confidence. The security team was happy to deploy the Fortanix Data Security Manager, and it met all the standards of the best cloud data security solution.
With its advanced security features and personalized approach, Fortanix is the ultimate choice for businesses that prioritize the confidentiality and integrity of their sensitive data.
Now, you, too, can experience the unparalleled benefits of Fortanix's advanced solution through a free trial. Why wait? Connect with our team.