4 Reasons at a Glance
- Physical security
- Information security
- Business Continuity
- Regulatory Compliance
Finding a solution you can trust
The pressure to cut costs and grow a loyal member base is a significant factor when it comes to cloud adoption for your credit union. You’re probably struggling to meet increasing demands from members and regulators while working with fewer resources and shrinking margins. This challenge not only puts you in a tough spot from a business perspective, but also leaves you with legitimate security concerns while weighing the benefits and risks of moving sensitive member data to the cloud.
Apprehension and judgment are a few common emotions when it comes to the “cloud” conversation, but proven, secure solutions do exist, and they can give your financial institution an appropriate competitive advantage while meeting your security needs. There are several things to take into consideration as you evaluate your options.
#1 Physical Security
Data security involves much more than firewalls and antivirus programs to keep your institution and consumers protected. If you’re considering a cloud service provider, start out by making sure they have physical safeguards to keep your data protected from human and natural incursions.
Minimal security protocols should include:
- Biometric scanning and a PIN needed for entry
- 24/7 recorded video surveillance
- Photo ID and security escort required for all visitors
- Equipment cages and locks
- Photo ID key card badge required for access
#2 Information Security
Protection from cybercriminals is imperative when it comes to the security of your data. Recent security breaches in the news might have you increasingly concerned that the current solutions you have in place are not be enough to keep your data out of the wrong hands.
Providers of well-secured cloud services utilize enhanced measures such as redundant firewalls, proactive patch and vulnerability management and data encryption to protect sensitive data, which is comforting for decision makers searching for a cloud solution.
#3 Business Continuity
Disaster recovery and business continuity are about expecting the unexpected and preparing for system failure, which makes these priorities top of mind for industry leaders looking to migrate to a cloud solution. Credit unions need proof that their data would be safe in the event of a natural disaster, if an employee leaves and even if a workstation becomes infected with malware and requires a restore.
SaaS providers should offer a sound business continuity plan with safeguards like these:
- Geographically distant, redundant data centers
- Redundant power, cooling, and network connectivity at each data center
- Continuous, SAN-to-SAN replication between data centers
- Annual functional disaster recovery testing
- Private circuit connectivity
- Internet-based backup connectivity
- Independent carrier feeds
- Battery backup and diesel generators
Your provider should guarantee 24/7 monitoring of their systems as well. Not only will your credit union experience maximum business continuity, better performance, fewer glitches and maximum uptime, but problems are also detected early, which can help prevent them from escalating.
#4 Regulatory Compliance
The “Where’s your data?” question can be incredibly daunting and probably has a long-winded answer without a secure cloud solution in place. With the mobile device explosion and consumerization at an all-time high, data can be accessed and viewed via smartphones, servers, external hard drives, USB sticks, laptops, tablets … you name it!
A cloud-based solution solves the proliferating data problem by keeping sensitive information in one place where it’s secured, audited and built with these compliance best practices in mind:
- Developed and operated in accordance with FFIEC guidelines
- Subject to multi-agency examination
- Reviewed by third-party audit and security firms to ensure industry standards and regulations are more easily met
Though trust cannot be bought, it can be earned and proven with the right technology. Understanding where your data is, how it is secured and how it’s being managed is essential to gaining the peace of mind you – and your members – deserve. Cloud solutions can provides enterprise level physical and information security while promising business continuity and the best IT management the industry has to offer.
A good SaaS provider can deliver the maximum uptime, predictable costs and physical security you need to stay protected and prepared. In adopting a cloud solution, credit unions will have the ability to:
- Respond rapidly to business needs in a more secure manner
- Meet compliance, high availability and business continuity objectives
- Create a predictable and scalable environment that addresses the future
Choosing a proven SaaS provider like D+H for your core, lending, and other channels is a wise first step for credit unions in search of a solution built for the future of the financial services industry.