Highlights From the FSI Cloud Security Roundtable

Dee Richartz FSI
Rackspace Director of Managed Security Services for EMEA Dee Richartz addresses guests at last week's FSI Cloud Security Roundtable

Last week’s London financial services industry (FSI) cloud security roundtable featured leading CIOs and CISOs sharing ideas to combat security breaches and shape the future of the banking industry.

Here are some of the points discussed:

How to move to the cloud with confidence

The why’s and how’s of moving to the cloud were discussed by industry professionals from Rackspace and Kurtosys, who shared practical advice about working together on complex migration projects and the lessons learnt. The overwhelming consensus from CIOs and CISOs in the room was that FSI cloud migration projects require specialist FSI expertise.

With so many expert ISVs, MSPs, consultants and vendors in the market, most CIOs felt the challenge was not finding a company with the ability to help, but that finding the right combination of technical and FSI industry knowledge was crucial, as was defining and executing a shared and accountable partnership model.

Security is an end-to-end strategy, not a product

Akamai’s Chief Strategist, Financial Services, Rich Bolstridge leads a team focused entirely on the financial services industry including banking, securities, insurance and investment management. In the past, CIOs were reluctant to use external cloud-based services, however Rich highlighted that the pace of change and digital innovation has turned this industry around.

 

FSI Cloud Security Speakers
Speakers, from left to right: Rackspace’s Dee Richartz, Kurtosys Co-Founder Harry Thompson and Akamai’s Chief Strategist, Financial Services, Rich Bolstridge

Here are some of those pivotal FSI industry statistics. The message was clear — externally managed security services are faster, cheaper and highly secure:

  • We are all Human: your employees, your customers and their devices are the weakest link. 95 percent of all security incidents involve human error, and that in turn means 70 percent of operational time spent by IT departments is focused on cleaning up issues caused by phishing emails, clicks on corrupt links or use of predictable passwords across multiple websites and applications.

These unintentional mistakes by users consume a vast amount of IT operational time         and resources. What’s the answer here? A combination of predictive security analytics         which monitor user behaviours, combined with identity access management and mobile       device management to monitor and prevent human error.

  • External attacks: many FSI and FinTech companies are under surveillance from criminal hackers long before a security attack launches. Sophisticated malware and denial of service attacks rely upon weaknesses in your network, website or applications. What’s the answer? A strategy for continuous proactive monitoring and prevention.

Cloud security is a team effort

As demand for security personnel and expertise far outpaces supply, many CIOs and CISOs have put in place a complimentary shared security model to support in-house teams with additional second and third-line expertise, skills, headcount and tools. In the battle to protect customer data and ensure regulatory compliance, cloud security “as-a-service” is the way forward.

Simply put, Rackspace is responsible for the infrastructure and for managing the security of the cloud. You, as the client, are responsible for securing everything inside that cloud.

Moving to a fully comprehensive managed security service means more of the work is done by Rackspace, including penetration testing and vulnerability assessments, which frees up a significant amount of your IT team’s time to focus on priority areas. And because your data and applications are located in a Rackspace data centre, you no longer have the operational cost of maintaining your own facility, saving time and money which you can invest in new areas of your business.

Rackspace would like to thank the event presenters:

Rackspace can help you reduce the volume and impact of security breaches, with our Rackspace Managed Security (RMS) services.

Do you have questions about this event? Can we help you with a project? Call the Rackspace solutions team on 02035536379 or email us: Qteam-UK@rackspace.com

You may be interested to read an interview with Darren Norfolk, Managing Director Rackspace UK, about the future of banking.

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