Iryna Savchenko
FinTech Engineering Writer at INSART
15 October 2019

Security Issues on the Way to Cloud Adoption

According to InformationAge, 70% of financial services companies are still in the early stages of cloud adoption. FinTechs identify gaps in skills as the main reason for the lag. The most required skills are these:

  • Cloud platform expertise (named by 46% of firms)
  • Information security (42%)
  • Cloud platform functions (37%)

However, the benefits of using the cloud are undeniable.

Why your FinTech may need the cloud

With digital transformation penetrating all areas of our life, customers expect high levels of agility and accessibility that cloud technologies can provide. Cloud-based approaches facilitate workflows and enable scalability of your business.

Moreover, cloud service providers (CSPs) are expanding the range of services. For example, in addition to infrastructure and data storage, Amazon Web Services (AWS) offers computing, analytics, machine learning, security, compliance, and more.

Our whitepaper “Customer-Side Security on AWS” covers our accumulated expertise in helping FinTech businesses adopt the AWS cloud with a focus on security aspects.

What to consider

Security is one of the main challenges when adopting cloud technologies. It’s important to keep in mind the Shared Responsibility Model, a high-level delineation of security responsibilities between a customer and a CSP. Mostly, CSPs are responsible for infrastructure security, while customers are responsible for security measures in managing access to instances and applications along with firewall and database configurations.

When you plan to move to AWS or any other CSP, you need to consider the following:

  • Define security objectives that your system should meet.
  • Formulate permission policies.
  • Establish rules for logging and monitoring events.
  • Choose the most appropriate data encryption model.

In our whitepaper, we provide you with best practices for the abovementioned issues, and we analyze the tools Amazon offers and which are the best fit.

How to adopt cloud technologies the best way

The most effective way to prevent security problems when you adopt cloud tech is to follow these steps:

  1. Business analysis: Analyze security requirements and discover the most suitable cloud-based architecture for your system.
  2. Implementation: Arrange credential and permission management, ensure security around PII, create separate environments for development and production, and configure logging and analysis of events as well as the notification system.
  3. Support the high level of security in line with the Shared Responsibility Model.

Takeaways

FinTech leaders need to consider the pros and cons of every step made on the technology side of the business. Ensuring security is one of the most significant parts of their job. When it comes to deploying systems on AWS, additional questions regarding security often pop up.

We have collected our experience in adopting AWS and providing strong cloud security in the whitepaper “Customer-Side Security on AWS,” which you can download here.