Cloud Migration for Financial Services

To migrate your operation to the cloud, the first step is to enlist the services of cloud migration specialists. Due to the amount of important data involved in a migration, it is crucial that your business is migrated efficiently and securely. Choose to migrate to a cloud platform with 777 Networks to receive a stress-free and reliable migration. To get started, simply contact a member of our team, and we will discuss the best course of action.

There are a number of steps financial institutions can take to maintain regulatory compliance during a cloud migration, including:

• Implementing robust internal policies and conducting regular audits to ensure compliance is maintained over time.
• Partnering with a compliant cloud provider will ensure that your business conforms to industry-specific regulations.
• Collaborating with legal teams will help to identify and avoid regulatory pitfalls.

Cloud migration offers financial institutions agility but introduces significant risks due to sensitive data, real-time operations, and strict regulations. Key cloud security risks include:

• Misconfigurations/Human Error: The top driver of cloud breaches stem from customer errors like poor permissions and insecure APIs. Lack of centralised visibility compounds this.
• Identity and Access Governance Failures: Inadequate IAM is the primary cloud perimeter vulnerability, risking unauthorised access, privilege escalation, and data theft of extensive records.
• Shadow IT: Unmonitored adoption of unsanctioned third-party cloud tools bypasses security and compliance, posing a major threat.
• Data Sovereignty/Vendor Lock-in: Regulatory mandates require data to be housed in specific jurisdictions. Over-reliance on a single provider creates vendor lock-in, complicating future changes and potentially incurring high costs or new vulnerabilities.
• Lack of Real-time Monitoring: Continuous, real-time cloud activity insight, compliance checks, and automated remediation are now foundational requirements.

A comprehensive, cloud-native strategy is essential for institutions to effectively mitigate these risks. Contact the team at 777 Networks to learn more.