Financial Services and the Cloud
Please save the date for the upcoming Cloud Security Alliance – New York Metro Chapter Meeting on Thursday, August 15. This is a joint meeting with the (ISC)2 NJ Chapter. We will be discussing cloud security as it applies to the financial services industry.
Like all other businesses, financial services firms, from global banks to insurance companies to hedge funds strive to deliver IT capabilities that meet the ever changing needs of their customers, whether enabling greater use of websites, mobile devices, social media and more. Likewise, as all other businesses, financial services firms seek to drive down IT costs. However, unlike other industries, financial services firms face a large and growing regulatory burden that impacts every IT process and decision.
One of the most important trends in IT is cloud computing, which promises greater scalability, cost efficiencies and ease of use. It is not surprising that the use of cloud computing has been forecasted to grow at rates well above traditional IT spending for the foreseeable future.
- Given their regulatory burden can financial services firms take advantage of cloud computing?
- How do financial services firms meet their regulatory requirements in the cloud?
- How can financial services firms maintain control of their cloud data when it is hosted in a third party environment?
- Is the cloud secure enough for financial services firms?
- What about various international laws governing data usage and privacy?
- How does the cloud impact data retention? Data disclosure? E-discovery?
- Are the challenges of cloud computing too high for financial services firms or can they find a way to take advantage of the cloud and still meet their requirements?
Thursday, August 15
6:00pm – 9:00pm
480 Washington Blvd. (1 Block from the Newport Path Station), Jersey City, NJ 07310
– Mallik Prasad (Secretary), (ISC)2 NJ Chapter
– Rudy Bakalov (Principal), Accenture Technology Consulting
– Gurdeep Kaur (Director, Information Security), AIG
6:00pm-6:10pm: Welcome and CSA-NY Chapter update & news
6:15pm-6:30pm: (ISC)2 NJ Chapter Update
Mallik Prasad, Secretary, (ISC)2
6:35pm-7:20pm: Lessons learned from a salesforce.com implementation in Asset Management
Rudy Bakalov, Principal, Accenture Technology Consulting
Financial services organizations are increasingly turning to SaaS technology to help them revamp CRM, recruiting, HR, and IT help desk and operations. These SaaS solutions—from Cloud/SaaS providers such as Salesforce.com, Workday, and ServiceNow and traditional providers such as Microsoft, Oracle and SAP—are enabling institutions to accelerate the implementation of capabilities that can help them acquire new customers, improve customer insights to drive further growth, provide better customer service, drive effective collaboration, reduce IT cost, and effectively manage talent. SaaS adopters in Financial Services are realizing tangible business benefits, including cost savings, shorter time to market, improved agility and innovation and deeper relationships with their customers.
However, the adoption of such applications—which often include sensitive customer, business, or IT information—has pushed the issue of data protection, regulatory compliance, and security to the forefront of discussions. We have all read the horror stories about rogue departments and business functions embarking on a Cloud deployment while ignoring risk, data protection, and compliance concerns. Perhaps it is such deployments that give Cloud its bad reputation.
This case study is different. Its focus is on a successful, enterprise-wide Cloud deployment at a large, private Asset Management organization. The story will take us from business drivers to a global salesforce.com implementation, enterprise mobility, encryption, data loss prevention, and all other security controls we want to see in a Cloud implementation.
7:25pm-8:10pm: Solutions to Cloud Adoption Challenges within the Financial Services Industry
Gurdeep Kaur, Director, Information Security, AIG Global Finance
Gurdeep will facilitate a discussion to help identify solutions to common challenges faced by firms in the Financial Services Industry adopting cloud-based services.
8:10pm-9:00pm: Open Networking