How the Cloud Security Alliance Cloud Controls Matrix benefits financial institutions

The self-service and dynamic nature of cloud infrastructure creates challenges for risk and compliance professionals. Tools that worked well in the traditional data centre do not translate to the public cloud.  Due to these concerns over regulatory compliance and security, as well as the complexity involved in replacing legacy systems, financial institutions are taking a more tentative approach to change – especially when it comes to implementing new technologies that could put compliance at risk.
So how can today’s financial service organisations embrace the many benefits of the cloud without opening up a Pandora’s box of risk relative to compliance and security? One way that innovative financial service organisations are addressing this issue is by introducing cloud native frameworks to govern the cloud. The major cloud providers have been hard at work to ensure that there is a fundamental infrastructure for compliance in place, and new tools are available to ensure that the parameters are being followed and that financial institutions are in compliance.