Cloud-based technology is revolutionizing the way businesses around the world are storing and accessing their data. The flexibility of the services, automatic software updates and increased collaboration make it a prime choice for companies both large and small. Studies show that businesses are adopting this technology at a rapid pace. One report by the Cloud Security Alliance showed that 61 percent of financial institutions are developing a cloud strategy within their organization.
Prior to the advent of cloud computing, businesses primarily used software-for-purchase solutions. These systems are expensive and complex to deploy and maintain, requiring dedicated IT resources, time-consuming infrastructure changes and constant upgrades. With Software-as-a-Service (SaaS) solutions – commonly used at financial institutions for instant in-branch card issuance – the software is updated, maintained and secured by cloud-based service providers. This option requires little IT overhead, eliminates disruptive and expensive software updates and improves security and scalability.
Security
Of the 212 global participants surveyed, according to the report, 73 percent cite data security as their number one reason for not implementing cloud-based projects. Cybercrime, data theft and malware are prevalent, and they have the potential to negatively impact financial institutions’ systems of cash flows, payments, contracts and more.
Cloud computing provides a host of benefits that help safeguard against data breaches and allow for swift disaster recovery in the event that one does occur.
Data Monitoring
One benefit of SaaS solutions is constant data monitoring through your cloud service provider. This is not only a cost-enabler – you don’t have to allocate in-house resources for monitoring – but it also provides optimal security. All data collection happens from a lightweight collector that resides behind your firewall and only makes secure connections via SSL rather than through your network.
Superior Data Encryption Tools
Data encryption strategies are an essential element of cloud-based technology. Financial institutions have access to many pieces of account holder data, and it is crucial that this sensitive information be protected via encryption. Examples of data that encryption services help protect include account numbers, cardholder names, contact info, PINs and track data from magnetic strips and chips. Having these available instantly through Vericast’s Card@Once Instant Issuance machine means your account holders will have the most secure financial tools available, and their information won’t get lost or stolen in the mail.
Incident Reporting Mechanisms
No matter how many security measures are put in place, data breaches will never be entirely preventable. Cybercriminals are more financially motivated than ever before, so it pays to use cloud-based services that offer incident response plans to allow financial institutions to swiftly and efficiently respond to and manage security breaches.
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Card@Once is a registered trademark of CPI Card Group, Inc. U.S. Patent No. 8,429,075.
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