Sat, Jun
4 New Articles

IBM Helps Financial Services Industry Manage Risk and Regulations with CSA

Cloud News
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

IBM Financial Services Cloud Council grows to more than 120 members from 70+ banks to help mitigate systemic risk in the industry

Council leverages collective intelligence of BNP Paribas, Discover Financial Services, Banco Sabadell, Banco Bradesco, Nationwide, Virgin Money and more

Today, IBM announced it is working with the Cloud Security Alliance -- a global not-for-profit dedicated to defining standards, certifications, and best practices to help ensure secured cloud computing -- that aims to further advance security and risk management of cloud within financial services.

Building on IBM's mission to reduce risk for the industry with resiliency, security, compliance and perfromance at the forefront, the IBM Cloud Framework for Financial Services is designed to help clients automate their security and compliance posture. The framework is central to IBM Cloud for Financial Services, a first-of-its-kind cloud with built-in security and compliance controls to help clients as they work to mitigate risk, tackle ongoing regulations and accelerate cloud adoption. It has been mapped to the Cloud Security Alliance's Cloud Controls Matrix (CCM) – a cybersecurity control framework for cloud computing, which can help clients to drive innovation faster while addressing third and fourth party risk in cloud. With the alignment, organizations that have adopted CSA's controls can now use services or transact with SaaS providers on IBM Cloud for Financial Services with confidence. 

"As global regulations continue to evolve, it's critical for all organizations to adhere to changing requirements while operating in a secured cloud environment – but this is even more critical for highly regulated industries such as financial services," said Jim Reavis, CEO of Cloud Security Alliance. "With its long history and deep expertise working with some of the world's most well-known financial services organizations on their modernization journeys, IBM understands the importance of establishing a highly secured hybrid, multicloud architecture that can allow organizations to host workloads wherever they need to be. Together, we aim to help financial services organizations drive growth and reduce systemic risk with a more secured cloud landscape and by empowering them to address evolving regulations globally – from DORA to data sovereignty.

Collective intelligence aims to reduce financial services risk  
Designed specifically for financial regulated industries, IBM Cloud for Financial Services was introduced in 2019 in collaboration with partner banks including Bank of America and BNP Paribas. It aims to help financial services organizations address the industry's unique cybersecurity, regulatory and operational requirements, while providing the benefits and flexibility of the cloud in a secured environment. 

Leveraging the collective intelligence of the IBM Financial Services Cloud Council – a network of more than 120 financial services CIOs, CTOs, and Risk and Compliance officers such as Banco Bradesco, Nationwide, Banco Sabadell, Virgin Money and MUFG – the platform includes industry-informed and built-in controls that can help financial institutions meet their security and compliance requirements of this highly regulated industry. These industry-informed controls are not IBM's – they are the industry's collective controls. While IBM Cloud has implemented these controls as part of IBM Cloud for Financial Services, it has also made them available for clients to use on multiple clouds (public or private) – through managing workloads with IBM Cloud Satellite and monitoring their compliance through the IBM Cloud Security and Compliance Center.

"As organizations strive to keep up with the latest regulatory requirements and evolving data sovereignty laws, security and compliance are at the core of our approach. We are on a mission to be the world's most resilient, secure, compliant and preformant cloud, which is why many of the world's major financial services organizations have worked with us over multiple decades," said Howard Boville, Head of IBM Cloud Platform. "IBM Cloud for Financial Services is specifically designed for highly regulated workloads, allowing financial services and other regulated industries to host applications and workloads in the cloud with confidence while addressing third and fourth party risk throughout their supply chains. As we continue our mission to help reduce risk in financial services, through our work with the Cloud Security Alliance, today we can demonstrate alignment to their Cloud Controls Matrix, a globally recognized standard for the industry." 

Leading with security and compliance as the stringent regulatory landscape evolves
With regulations continuing to evolve, financial services organizations must prioritize security and compliance to keep up with the demands of new requirements. However, maintaining security and compliance requirements should not come at the price of innovation. The IBM Cloud Security and Compliance Center aims to help financial services reduce the amount of time and money spent on maintaining compliance by enabling them to monitor and demonstrate their compliance efforts in the cloud and allowing them to free up resources to drive innovation. The offering includes capabilities to monitor security posture with built-in controls and profiles to help clients adhere to industry requirements such as CSA's CCM and enables clients to proactively monitor their compliance posture. 

IBM Cloud for Financial Services also includes IBM's innovative confidential computing capabilities and encryption technology to help ensure clients data remains their data only - even IBM cannot access it. IBM will continue to collaborate with organizations, such as the CSA, to help clients drive innovation while monitoring their regulatory and security posture.

IBM is a leading global hybrid cloud and AI, and business services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM's legendary commitment to trust, transparency, responsibility, inclusivity, and service.

For more information, visit: www.ibm.com.



Support MC Press Online

$0.00 Raised:

Book Reviews

Resource Center

  • SB Profound WC 5536 Have you been wondering about Node.js? Our free Node.js Webinar Series takes you from total beginner to creating a fully-functional IBM i Node.js business application. You can find Part 1 here. In Part 2 of our free Node.js Webinar Series, Brian May teaches you the different tooling options available for writing code, debugging, and using Git for version control. Brian will briefly discuss the different tools available, and demonstrate his preferred setup for Node development on IBM i or any platform. Attend this webinar to learn:

  • SB Profound WP 5539More than ever, there is a demand for IT to deliver innovation. Your IBM i has been an essential part of your business operations for years. However, your organization may struggle to maintain the current system and implement new projects. The thousands of customers we've worked with and surveyed state that expectations regarding the digital footprint and vision of the company are not aligned with the current IT environment.

  • SB HelpSystems ROBOT Generic IBM announced the E1080 servers using the latest Power10 processor in September 2021. The most powerful processor from IBM to date, Power10 is designed to handle the demands of doing business in today’s high-tech atmosphere, including running cloud applications, supporting big data, and managing AI workloads. But what does Power10 mean for your data center? In this recorded webinar, IBMers Dan Sundt and Dylan Boday join IBM Power Champion Tom Huntington for a discussion on why Power10 technology is the right strategic investment if you run IBM i, AIX, or Linux. In this action-packed hour, Tom will share trends from the IBM i and AIX user communities while Dan and Dylan dive into the tech specs for key hardware, including:

  • Magic MarkTRY the one package that solves all your document design and printing challenges on all your platforms. Produce bar code labels, electronic forms, ad hoc reports, and RFID tags – without programming! MarkMagic is the only document design and print solution that combines report writing, WYSIWYG label and forms design, and conditional printing in one integrated product. Make sure your data survives when catastrophe hits. Request your trial now!  Request Now.

  • SB HelpSystems ROBOT GenericForms of ransomware has been around for over 30 years, and with more and more organizations suffering attacks each year, it continues to endure. What has made ransomware such a durable threat and what is the best way to combat it? In order to prevent ransomware, organizations must first understand how it works.

  • SB HelpSystems ROBOT GenericIT security is a top priority for businesses around the world, but most IBM i pros don’t know where to begin—and most cybersecurity experts don’t know IBM i. In this session, Robin Tatam explores the business impact of lax IBM i security, the top vulnerabilities putting IBM i at risk, and the steps you can take to protect your organization. If you’re looking to avoid unexpected downtime or corrupted data, you don’t want to miss this session.

  • SB HelpSystems ROBOT GenericCan you trust all of your users all of the time? A typical end user receives 16 malicious emails each month, but only 17 percent of these phishing campaigns are reported to IT. Once an attack is underway, most organizations won’t discover the breach until six months later. A staggering amount of damage can occur in that time. Despite these risks, 93 percent of organizations are leaving their IBM i systems vulnerable to cybercrime. In this on-demand webinar, IBM i security experts Robin Tatam and Sandi Moore will reveal:

  • FORTRA Disaster protection is vital to every business. Yet, it often consists of patched together procedures that are prone to error. From automatic backups to data encryption to media management, Robot automates the routine (yet often complex) tasks of iSeries backup and recovery, saving you time and money and making the process safer and more reliable. Automate your backups with the Robot Backup and Recovery Solution. Key features include:

  • FORTRAManaging messages on your IBM i can be more than a full-time job if you have to do it manually. Messages need a response and resources must be monitored—often over multiple systems and across platforms. How can you be sure you won’t miss important system events? Automate your message center with the Robot Message Management Solution. Key features include:

  • FORTRAThe thought of printing, distributing, and storing iSeries reports manually may reduce you to tears. Paper and labor costs associated with report generation can spiral out of control. Mountains of paper threaten to swamp your files. Robot automates report bursting, distribution, bundling, and archiving, and offers secure, selective online report viewing. Manage your reports with the Robot Report Management Solution. Key features include:

  • FORTRAFor over 30 years, Robot has been a leader in systems management for IBM i. With batch job creation and scheduling at its core, the Robot Job Scheduling Solution reduces the opportunity for human error and helps you maintain service levels, automating even the biggest, most complex runbooks. Manage your job schedule with the Robot Job Scheduling Solution. Key features include:

  • LANSA Business users want new applications now. Market and regulatory pressures require faster application updates and delivery into production. Your IBM i developers may be approaching retirement, and you see no sure way to fill their positions with experienced developers. In addition, you may be caught between maintaining your existing applications and the uncertainty of moving to something new.

  • LANSAWhen it comes to creating your business applications, there are hundreds of coding platforms and programming languages to choose from. These options range from very complex traditional programming languages to Low-Code platforms where sometimes no traditional coding experience is needed. Download our whitepaper, The Power of Writing Code in a Low-Code Solution, and:

  • LANSASupply Chain is becoming increasingly complex and unpredictable. From raw materials for manufacturing to food supply chains, the journey from source to production to delivery to consumers is marred with inefficiencies, manual processes, shortages, recalls, counterfeits, and scandals. In this webinar, we discuss how:

  • The MC Resource Centers bring you the widest selection of white papers, trial software, and on-demand webcasts for you to choose from. >> Review the list of White Papers, Trial Software or On-Demand Webcast at the MC Press Resource Center. >> Add the items to yru Cart and complet he checkout process and submit

  • Profound Logic Have you been wondering about Node.js? Our free Node.js Webinar Series takes you from total beginner to creating a fully-functional IBM i Node.js business application.

  • SB Profound WC 5536Join us for this hour-long webcast that will explore:

  • Fortra IT managers hoping to find new IBM i talent are discovering that the pool of experienced RPG programmers and operators or administrators with intimate knowledge of the operating system and the applications that run on it is small. This begs the question: How will you manage the platform that supports such a big part of your business? This guide offers strategies and software suggestions to help you plan IT staffing and resources and smooth the transition after your AS/400 talent retires. Read on to learn: