July 6, 2020

Protect sensitive data in the cloud

One of the biggest problems for banks and financial services is to protect against unauthorized data access. In addition, there is concern that the relocation rather less, not more security checks brings to the cloud with it. Again and again certain questions arise: How will remain encrypted files if they are moved into the cloud and removed? Or if they are sent to customers and business partners about cloud services? Incomprehension there is often the question whether a cloud environment is consistent with industry-specific and general data protection rules, not to mention loss of data and accessing information across multiple devices.

For banks and financial companies, it is important to carefully choose their cloud provider. After that, those responsible should ensure that all employees only use this one approved platform of the provider. The release of several platforms, however, leads to the fragmentation of resources and the use of various services. Thus, the control and monitoring of data dissemination are complicated and compromised security protocols. Without the clear requirement that employees only these are allowed to use an enterprise-wide cloud environment for their work, it is very tempting to use free insecure cloud services without the IT department of this potential source of danger will notice something.

Furthermore, should the lack of physical control are observed. Plant a person to steal data from our own data center, it must enter the building. Only then can access the systems with sensitive data. In the cloud the situation is different: If a data thief once enters the credentials, organizations can limit access to documents in the cloud retroactively limited. The own sensitive information of a company always have the highest priority. Cloud providers should provide access to the platforms around the clock.

Losses due to unauthorized data access

Banks and financial consulting firm must avoid a loss of capital at all costs. You are responsible for ensuring that unauthorized users can not access data and pull money out of the institution for its own purposes. The challenge is to make the relevant data available to any authorized user. At the same time, all financial assets are to be treated as if they were within the data center of the institution to which only trusted persons have access.

Insurance companies benefit from working in the cloud, because many customer interactions take place in the field. Here, these companies need to prevent fraud in which unauthorized users attempt to modify claims for their own benefit. Of course, these organizations are also responsible to protect personal customer data from unauthorized access.

Companies are required to file daily exchange – to protect financial statements, account records and policy papers -complete, regardless of whether the data is at rest or in motion. Modern technologies that promote mobility and the Internet of Things (IoT) can thereby lead to security problems. Seeking access to services and data in the cloud. The expansion of supported cloud devices leads to insider threats in business since Super Admins can give other end users to access their data. This can even happen without user (including senior management), if the admin look at their files.

Challenges when migrating to the cloud

Financial institutions should also always make sure that employees do not spread their documents – neither intentionally nor unintentionally – as it is permitted or agreed. From an excess of zeal and in the routine of everyday business, it is possible that employees allow customers or business partners access to information and documents that they are not supposed to see. And often sharing the data on the original partnership agreement also grows, which usually starts as a gradual process, so in the end more external users to access more information than they should. Another challenge for companies are so-called “man-in-the-middle” attacks.

Many of these potential threats resulting from “shadow IT” practices in companies and organizations, so unofficially used systems that allow the availability of cloud services. If the employees are not limited to the common cloud, they look for other ways to collaborate and share files with each other, just as their trusted contractors, service providers and partners. So it is advisable to specify clearly defined and understandable rules of use.

Secure data exchange in the cloud

Do employees have the opportunity to use encryption, they are able to create their own trusted group of employees who can view the files. No matter where the files end up: You are always encrypted. Employees have the necessary freedom to conduct business and to improve their productivity, while protecting digital assets. The combination of this approach with central controls and rules creates a powerful security defense system. The user has full sovereignty over the data, while IT has the ultimate control. This method also reduces the time it takes IT for securing documents. Users can select the data they need for their work, without having to wait for the approval of IT or to the updated list of authorized employees and the supportive policies. In addition to ensuring that data is not compromised, the data provided by that approach to the internal staff can be easily searched and sorted. In addition, a secure data exchange between internal and external employees can take place and temporarily employed staff and field staff also can be integrated.

From the perspective of IT and the company’s data is protected from unauthorized access and accidental disclosure. Data is protected from being accessed by providers, Super Admins and government surveillance. The technology is available for apps that run on laptops, desktops, tablets and smartphones. Even if it uses the user, IT can still define privacy policies for the company, manage, enforce, monitor, audit and report. To ensure that the technologies are used correctly, individual users can be monitored. IT can still find the data how far to move within and outside the organization. Although end users have control, the data handling is completely transparent and can be controlled by the organization. While the control is there, the content of the end user is protected from the eyes of Super Admins in IT.

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