By Mike Mason, Senior Product Marketing Manager, FairWarning
MarketsandMarkets forecasts that the cloud market for the financial services industry will grow at a CAGR of 24.4 percent to $29.47 billion by 2021. As financial services industry spending shifts towards cloud technology, so does an influx of sensitive data. This kind of data must be secured, especially in an industry as heavily regulated as finance.
And the regulations just keep on coming. The New York State Department of Financial Services cybersecurity regulation for instance, requires banks, insurance companies and other financial services institutions in the state to hire a CISO who will put the proper risk assessments and processes in place, report not just successful data breaches but any attempted data breach and require their third-party providers to strengthen their security measures as well.
As the finance industry falls under these growing regulations, it becomes harder for
compliance professionals to manage and report because they are typically working with a wide array of legacy software services that are complicated, opaque and not optimized to configure for privacy and compliance.