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Cloud Usage in the Financial Services Sector
Cloud Usage in the Financial Services Sector

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Financial Services
The world of IT banking has changed considerably in the past four years in terms of the adoption and usage of cloud computing technology. The finance industry has moved from “dipping their toe” in the cloud, through experiments and proof of concepts, to material and structural use cases supporting key products and services. A shift in the concerns of financial institutions is visible. The focus has moved from technical issues to regulatory and contractual concerns. Themes like education and skill set have come to the fore (perhaps in part driven by adoption of agile practices as exemplified by DevOps). 

What is CSA’s role in helping secure financial services?
The Financial Services working group reaches a global audience and brings together financial service institutions, financial supervisory authorities, data protection authority, and other national regulatory bodies. This group hosts monthly knowledge sharing sessions with its members; and when able, hosts face-to-face meetings in conjunction with industry conferences. 

Together our members discuss and identify commonly acceptable best practices that will help manage the technical security risks related to cloud adoption, and facilitate compliance with laws and regulations. 

CSA is partnering with the Cyber Risk Institute (CRI) to provide the financial community with new resources to map and integrate CSA’s Cloud Controls Matrix (CCM) and CRI’s Financial Services Cybersecurity Profile. To learn more, download our group charter


Financial Services Stakeholder Platform

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Participate in Financial Services Research

The main objective of this working group is to identify and share the challenges, risks and best practices for the development, deployment and management of secure cloud services in the financial services industry.

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Cloud Security Research for Financial Services

CSA Research crowd-sources the knowledge and expertise of security experts and helps address the challenges and needs they’ve experienced, or seen others experience, within the cybersecurity field. Each publication is vendor-neutral and follows the peer review process outlined in the CSA Research Lifecycle. We recommend getting started by reading the following documents.

Cloud Usage in the Financial Services Sector

Cloud Usage in the Financial Services Sector

This survey takes the temperature of cloud computing in the financial sector and provides guidance to accelerate adoption of secure cloud services. These takeaways will inform the Financial Services working group and serve as actionable items to address the concerns and opportunities associated with cloud computing and financial services.

Cloud Octagon Model

Cloud Octagon Model

The Cloud Octagon Model is an approach to assess risk in SaaS cloud computing. It provides practical guidance and structure to all involved risk parties in order to keep pace with rapid changes in privacy and data protection laws and regulations, and changes in technology. The model stems from an approach conceptualized and implemented by the cloud security group within the Technology & Engineering department, Corporate Information Security Office (CISO), ABN AMRO Bank NV (Netherlands). 

Blockchain DLT Use Cases

Blockchain DLT Use Cases

Blockchain technology is primarily associated with Bitcoin cryptocurrency at this point. However, many other business models are currently taking advantage of blockchain technology and other DLT properties without cryptocurrency features. This publication details several use cases including how blockchain could be leveraged in the financial industry for Nostro Bank Account Reconciliations. 

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