While the finance vertical has historically taken a more conservative approach to cloud computing than many other industries, research is showing that these days, even financial services firms are embracing the cloud. They're doing so for the same reasons as other enterprises: reduced costs, increased agility, and accelerated innovation. But the finance vertical faces unique regulatory challenges that can complicate cloud adoption decisions. Here are three tips for selling a secure cloud solution into the finance vertical.
1. Consider your customers' security and compliance needs
Just about every organization must meet at least some data security compliance requirements, but the compliance burden is especially heavy in the finance vertical. Financial services firms routinely handle large amounts of extremely sensitive, high-value customer financial data that must be kept safe not only from cybercriminals, but from the threat of accidental exposure. As you sell a secure cloud solution to financial services firms, make sure you communicate the security tools that will be provided. Those tools should include multiple and customizable encryption and tokenization options that can be applied to deliver appropriate levels of data protection to individual data field types in the cloud.
2. Don't neglect your customers' data privacy needs
In the finance vertical, security is just one piece of the compliance puzzle. Data privacy is another, and data privacy goes beyond ensuring that data is safe from the prying eyes of outsiders, but also from the prying eyes of financial services firm employees themselves, where the employees have no business viewing specific pieces of data. Your finance vertical customers will appreciate cloud solutions that enable granular, profile-based user access privileges and controls to keep the most sensitive customer data on a "need to know" basis, reducing the risk not only of data theft by an insider threat, but also of compliance violations due to improper access.
3. Tie it all together in a low-latency package
The third piece of the financial services cloud puzzle is performance. While the finance vertical demands high levels of security and data privacy in order to protect customer financial information, it also demands high performance from business-critical cloud solutions like trading platforms and Big Data analytics applications. For financial services customers, high-performance cloud solutions with data centers located close to the customer to reduce latency will be the most appealing choices.
The finance vertical is by no means immune to the attractions of the cloud, even though it may take a financial services firm longer to make up its mind to adopt the cloud. IT decision-makers in the finance vertical must juggle concerns about security, privacy, and compliance with the demand for high performance, low latency, and computing power. The better equipped you are to address those concerns and meet that demand, the more likely you'll be to make the sale. To get acquainted with the cloud technologies and solutions you'll need to know, talk to one of our Ingram Micro security experts today.