Meeting compliance standards as a financial services (finserv) company can be incredibly time-consuming and expensive. Finserv has some of the highest regulatory bars to clear out of any industry — with the exception, perhaps, of healthcare.
That said, these regulations exist for good reason. Even beyond being requirements to operate, meeting compliance standards helps financial services companies gain customer trust, avoid reputational damage, and protect themselves from unnecessary or unprofitable risk.
But as I'm sure just about everyone reading this will agree, meeting regulatory compliance standards does not necessarily mean your organization is fully secure. Often, it's difficult for government agencies and legislators to keep up with the pace of changing technologies, so regulations tend to lag behind the state of tech. This is often particularly true with emerging technologies, such as hybrid and multi-cloud environments.
On top of all of that, the cost of not having a well-rounded security portfolio is particularly massive here — the average cost of a data breach in financial services is second highest of all industries (only healthcare is more expensive).
Needless to say, financial services organizations have a complex relationship with compliance, particularly as it relates to business-driven cloud migration and innovation.
Here are four ways finserv companies can embrace the love-hate relationship with cloud security and compliance while effectively navigating the need to maintain pace with today's rapid rate of change.
1. Implement continuous monitoring
Change seems to be the only constant when it comes to multi-cloud environments. And there's virtually no limit to where these changes can occur — all clouds and regions are fair game. In addition, new compliance regulations are continuously taking shape as cloud security best practices contin ..
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