Wed, Jun
3 New Articles

In the Pursuit to Modernize, a Risk-Based Approach to Security Matters

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

In the pursuit to modernize, financial institutions are finding themselves in an arms race against cybercriminals to defend their digital frontlines from much more bolder and sophisticated schemes. We know the impact of a security breach can be severe in terms of financial cost, reputational damage, and loss of customer trust. However, innovation cannot be stalled with increased market competition as consumers demand faster, more efficient digital experiences. Now the addition of a shifting matrix of regulatory rules that vary across geographies can potentially further slow any progress in the digital transformation journey.   

In this age of technological disruption, how can financial institutions balance cloud security, industry compliance, and innovation to securely modernize?

The answer is simple: getting people, process, and technology to work together. This can work through timely and accurate management of security and compliance requirements from the onset. At the end of the day, maintaining trust and privacy remains paramount for the world's top banks and exchanges.    

Landesbank Baden-Württemberg (LBBW), one of the largest public banks in Germany, has embarked on a holistic digital transformation to improve the quality of customer service, securely and seamlessly, through making greater use of services from both public and private clouds. The bank leverages IBM’s Unified Key Orchestrator, a multi-cloud encryption technology that helps enterprises manage their data encryption keys across multiple key stores across multiple clouds environments – ultimately giving the bank a single point of control for the keys that in turn enables access to their data. 

The effort required to generate, secure and manage keys is seamless and helps the bank’s IT team to protect critical corporate data using keys whether the data is in a third-party cloud or in an on-premises environment. Available as a Cloud service, it can improve productivity and reduce operational complexity and skills needed by banks to host and manage their key management hardware and software.    

As financial institutions move away from the single-vendor approach to cloud in favor of a hybrid multicloud strategy to best match their business needs, they may risk heightened levels of operational complexity around data encryption. Having IT teams manage cryptographic keys in silos on-premises and across multiple clouds can bring up challenges around demonstrating compliance and therefore, a holistic cloud and security strategy should be considered to mitigate risk of malicious actors to manipulate workflows, prevent access to confidential data, and more importantly, maintain data governance and sovereignty. According to IBM analysis, an overall fragmented approach to cloud can potentially open enterprises up to risk with the average data breach expected to cost a company $4.35 million this year, up 13% from 2020.   

Third- and fourth-party dependencies in cloud services can also potentially introduce new levels of risk that need to be managed before they become a problem. To help financial institutions overcome these challenges, industry cloud platforms can also help clients within financial services reduce risk and address compliance requirements - all while driving innovation. It’s essential to take a data centric and risk-based approach as part of a successful hybrid cloud and security strategy.   

Within financial services, we have established the IBM Financial Services Cloud Advisory Council which brings together CIOs, CTOs, CISCOs and Compliance and Risk Officers to help address regulatory compliance challenges and drive cloud adoption for mission-critical workloads across the entire industry. This council helps inform the built-in security and compliance controls included in our cloud designed to meet the specific needs of financial institutions across the globe.    

Financial institutions will continue to face unique security, regulatory, and compliance obligations in today’s complex digital world. Data resiliency, privacy, and sovereignty will always need to be at the forefront of their decision-making and IT strategy. Customer satisfaction is at the heart of the banking sector and it is critical to pave secure paths in a multicloud world that enables room to build and sustain innovation and trust. 

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: