The allure of the cloud is undeniable. Envision is seeing its customers and prospective customers each looking to leverage the agility and efficiency benefits it offers. However, Envision also knows that alongside the bright prospects loom dark clouds of uncertainty regarding data security, compliance, and skills gaps. That’s why we take a “team approach" to delivering our Software as a Service.
Addressing Regulatory Red Flags
Guidance from FINRA underscores the need for robust cybersecurity practices in the cloud. While basic encryption and adherence to firmwide security policies are essential, the specifics of cloud implementation demand additional scrutiny. Financial firms must proactively seek out comprehensive cybersecurity and operational risk management practices beyond regulatory recommendations.
Navigating the Cloud Alone
Many financial institutions have embarked on cloud migration journeys independently, attempting to replicate legacy software offerings with in-house teams and cloud service provider resources. While some have succeeded, the process often proves arduous and distracts from core business functions. Misalignments between technical expertise and business imperatives can lead to frustration and inefficiencies.
The Importance of Expert Guidance
Effective cloud migration necessitates senior-level buy-in and the guidance of a bilingual partner—one fluent in both cloud service provider protocols and the unique security and compliance needs of financial services firms. Bridging the skills gap requires a nuanced understanding of cloud technologies and financial operations, ensuring seamless integration and adherence to regulatory standards.
Embracing Fintech SaaS Solutions
For financial firms seeking cloud benefits without compromising security or compliance, fintech Software-as-a-Service (SaaS) solutions offer a compelling solution. Co-managed by fintech and information security experts, these solutions provide a holistic approach to cloud migration, balancing innovation with regulatory adherence.
Navigating the complexities of cloud migration demands a collaborative approach and expert guidance. By aligning business objectives with comprehensive cybersecurity measures and leveraging fintech SaaS solutions, financial firms can embrace the cloud with confidence, unlocking its full potential while safeguarding critical data.