IBM is rolling out a built-in security and compliance dashboard for its public financial services cloud that it says allows companies to monitor security and enforce compliance across their workloads.
The Dashboard is part of IBM’s efforts to develop security capabilities within its financial services cloud to enable banks and ISVs to meet regulatory, security, and regression requirements when calculating various workloads, multiple configurations, and adequate security.
The industry’s adaptive transformation journey does not change how they design and build new systems and how they monitor their success. It will also change how regulators create and publish new rules, which create a demand for machine-readable, standardized formats. As financial services firms move the workload heavily into the cloud, auditors may also rely on technology and standards for auditing. Such a change in the regulatory compliance process is necessary to allow banks to innovate while addressing regulatory obligations.
IBM announced last month that it was acquiring security assurance software maker Spanugo as part of the same effort. IBM plans to integrate Spanugo’s technology into its public cloud so customers can audit compliance in real-time. Spanco’s site is also used for hybrid cloud deployment.
IBM has also announced that several global banks, including BNP Paribas, the largest European bank, will join the IBM Cloud for Financial Services as anchor bank customers across Europe. About 30 ISVs, including Adobe and VMware, will join the technology providers’ ecosystem.
However, as part of its collaboration with Bank of America, IBM announced the availability of the IBM Cloud Policy Framework for Financial Services, which provides general operational criteria and a streamlined compliance control framework for the financial services sector.
“With major financial institutions and technology partners joining our financial services cloud, IBM is establishing confidence within the industry and around the globe that the IBM public cloud is the enterprise cloud for all highly regulated industries, including financial services healthcare, telco, airlines and more,” said Howard Boville, SVP of IBM Cloud. “IBM is creating a platform with the goal that financial services institutions can address their regulatory requirements while creating a collaborative ecosystem that helps enable banks and their providers to confidently transact.”
IBM’s SecDevOps Initiative
IBM Research has also been a facilitator of the new security-focused SecDevOps initiative, which has led to the development of new analytics that will make it easier for development teams to build secure and compatible applications on Red Hat OpenShift. OpenShift is an hybrid cloud platform for running cloud-native enterprise applications. They have partnered with NIST and the open-source community to improve quality and develop open technologies around it. It strengthens IBM’s commitment to open standards and open communities in the cloud.
SecDevOps is a procedure for making security controls in the development process so that problems can be detected and resolved before applications are applied to production environments. SecDevOps shifts a significant portion of responsibility for workload safety to development teams. Such groups are increasingly needed to address the need to address security issues with the need to develop new application features. SecDevOps is a welcome approach from a security perspective, and it should be realized in a way that supports the productivity of the application groups while providing visibility in the application security and compliance posture throughout the life cycle of the application.
As part of IBM’s SecDevOps initiative, the company will offer Dovops tools in OpenShift as a service that includes a set of compatible analytics for IBM research-developed automated security and cloud applications. Our DevOps Tools can identify vulnerabilities, license violations, and configuration issues, and they can do this throughout business applications thanks to the adoption of infrastructure-code policies. Therefore, security testing includes network configuration, access permissions, and other security concerns and vulnerabilities and container security definitions. Security analysis built into the Toolkit service provides coding security expertise that is automatically and explicitly provided to development teams and integrated with the developer tools and practices they use.
Lets deep dive into Finacial Cloud
The advantages of cloud technology cannot be overstated. It is cheaper, easier to use, and, in many ways, more secure than private data centers. In addition to its benefits, cloud technology can help address the essential concerns of financial institutions.
Cloud adoption is the backbone of digital innovation. It provides companies with access to the resources they need, such as networks, servers, storage, applications, and services – which can be provided and released quickly with minimal management or contact with the service provider.
But some queries arise that Boards, senior executives, chief digital executives, and other key executives need to consider four key things when going to the cloud:
1. Manage risks on the cloud change journey
- How to safely migrate to the cloud is now a question for financial institutions. IoT, machine learning, and AI enable fast cloud adoption and increase risk management concerns, including security, compatibility, cybersecurity, and regression. Third-party providers offer pre-configured solutions, but these often come with additional risk considerations.
- Financial institutions should make security, compliance, cybersecurity, and regression their priorities, while at the same time making every effort to be competitive. Companies need to evaluate their current technologies through a growing risk and compliance lens while ensuring that controls and management are located and accessible.
- Risk integration should take place early during any active product development and processes. It brings risk performance with cloud consumption and helps ensure that cloud-related risk processes and mechanisms are aligned with recommended organizational risk standards.
2. Consider cost improvement and legacy change
- Cloud Solutions allows financial institutions to modernize their operations and embrace all aspects of digital transformation, an essential component of site thinking. Doing so improves customer costs, while at the same time improving customer and employee experiences.
- During an app portfolio appraisal, financial services companies can review how their business services interact with technology. Should they use cloud-native technologies during the migration or move to a “lift and shift” strategy?
- Through cloud-enabled platforms and emerging technologies, the Designated Cloud team helps customers align their business strategy with operating models by prioritizing when and where to modernize their traditional systems, processes, and functions.
These are some concerns that will always be there, so let’s focus on the Future.
The bank of 2030 will be very different from today. In the face of changing consumer expectations, emerging technologies, and alternative business models, banks need to begin putting in place strategies to help shape this Future. An essential indicator of the changing landscape? Cloud computing is at the forefront, focusing on the Chief Information Officer, C-Suite executives, and team members.
Banking and capital market leaders increasingly recognize that the cloud is more than just a technology; It is a place for banks and other financial services companies to store data and applications and access advanced software applications over the Internet.
Leading public cloud providers provide innovative products service accessible on their platforms and enable banks to implement business and operating models to enhance revenue generation, increase customer intelligence, contain costs, and deliver market-related products faster. And efficiently, and helps to monetize corporate data assets. The cloud also offers an excellent opportunity to synchronize the company; Break functional and data loopholes in risk, finance, regulation, customer support, and more. Once massive data sets are integrated into one place, advanced analytics can be applied to integrated intelligence.
After years of focusing on the value of technology as a cheaper, faster, and more “resilient” alternative to data storage in advance, bank leaders are considering how to use the cloud in three areas “above the line” to create new business frontiers. “Below the line” in three areas to improve the layout. The use of cloud technology in these six areas will enable banks to achieve enhanced business performance and share returns.