In today's digital era, banks are increasingly leveraging cloud and multi-cloud environments to drive operational efficiency. However, the security and confidentiality of sensitive data must remain a top priority. This is where a centralized key management system (CKMS) comes into play.
The adoption of cloud computing has altered the approach organizations take toward security. Rather than concentrating on securing the perimeter of a local database, a cloud-first landscape necessitates safeguarding the data itself.
Companies who use Amazon Web Services (AWS) often choose to do so because of its scalability, ease of use and lower costs than other services or hosting their own data centers. However, it could bring a challenge for those in the EU who need to remain compliant with Schrems II to protect their data. Here we discuss the compliance challenges facing EU companies using AWS to host data and how Cryptomathic’s Bring Your Own Key (BYOK) Service can provide Schrems II compliance for AWS-hosted data.
Keeping data safe in the Cloud has always been a concern for users, hence the need for encrypting data. With more businesses taking advantage of what the cloud has to offer with cloud-based services, there has been increased focus on who should manage the keys used to encrypt and decrypt data.
This article takes a look at how Cryptomathic’s AWS BYOK Service can provide better control and auditability of key encryption keys for the Amazon Simple Storage Service (Amazon S3).
Many industries, including banking, finance and healthcare are required to comply with data security standards under regulations like SOC, NIST, PCI, GDPR or HIPAA. Such industries can be subject to costly penalties if they are unable to prove their compliance in the event of a security breach.
The 2020 Oracle and KPMG Cloud Threat Report focuses on the key risks and challenges organizations face as they implement and maintain cloud solutions. This article highlights some of the report's findings around the growing trust in the security of cloud offerings and asserts why maintaining control of your own critical keys should be considered best-practice when considering migrating to the cloud.
In response to changing and more dynamic market demands, banks and financial institutions are turning into financial service platforms. They increase the extent of their digital transformations across the hybrid cloud, guided by three motivating factors:
In rethinking their strategies, traditional banks have eight digital business model options to consider in order to remain competitive against untraditional newcomers to the industry.
This article explores the concept of financial service platforms and aligns resulting business (process) goals with the necessary crypto architecture. We have a particular look at the integration of MS Dynamics and MS Azure, as it is a rapidly growing service extension platform for many banks.
