By Lalitendu Mohanty, Global Lead, Cloud Solutions at Infosys Finacle
The cloud’s numerous advantages, such as low total cost of ownership, extreme scalability, high agility and support for innovation, make a compelling value proposition for banking enterprises. By leveraging the cloud, banks can take more new products to market more quickly, improve customer experience, respond faster to external stimuli and even accelerate digital transformation. But before that, they must ensure that their data and applications will be absolutely secure once they migrate to the cloud; this is not only necessary for regulatory compliance but also for user adoption.
A framework for cybersecurity
A six-step security framework based on certain fundamental principles enables enterprises to safeguard their cloud assets. Here is a brief description:
- Incorporating an enterprise-wide risk management framework: As a first step, a banking security framework must craft a comprehensive and robust policy.
- Defining best practices: The various risk elements and controls must be defined, and the best practices to implement these controls should be laid out.
- Establishing standards for technical and information…
