Security Risks In Financial Sector Due To Multi Cloud Architecture

multi cloud environment

These days organizations that are into providing financial services are using cloud computing and cloud-based infrastructure. With this, they are improving digital services for the customers! This is not only beneficial for the customers all over the world but also to banks and other financial service providing firms as they are now able to save a significant amount! Good news, right? Then what’s the problem?

What’s the Problem in Implementation of Multi Cloud Architecture?

Financial service sectors are implementing multi cloud strategies to avoid unnecessary hassle, but at the same time something else is also cooking! The combination of modern financial services and multi cloud is exposing users’ data to hackers! Yes, there are security regulations such as GDPR and PCIDSS but they have not been implemented fully yet and thus there is a huge data security risk!

multi cloud environment

Source: waverleylabs.com

 

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You might be wondering what is so risky? Well, as the IT professionals have started trusting cloud, it has become the most obvious target of hackers! Also, the isolated cloud network within an financial organization pose a huge threat. With every new cloud-based application, new nodes are added to the financial network that are potential entryways for hackers. And because of these, number of obstacles present themselves that are hindering cloud security! To know about them read further!

Partial visibility

There is no way with which the multi cloud network can be secured in a go. This makes security professionals scan every cloud in a financial service providing organization that consumes lot of resources and time!

Inability to implement security practices efficiently

Though with partial visibility professionals are trying to secure us. But whenever they try to implement a secure practice for betterment, several new nodes are introduced because of which it cannot be done! This way staying perfectly secure while using both multi cloud architecture and modern security becomes extremely hard!

multi cloud environment

Source: lineaedp.it

 

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Inefficient Analysis

To perfectly analyze a network, one needs to know about every node in it. This is impossible to determine in the case of  financial service provider. This leads to inefficient security practices within the network!

There are several more issues, but what can be done for this?

What Actions Are Required To Secure Multi Cloud Architecture?

Several steps can be taken! Though they cannot guarantee the security, the financial service providers in multi cloud environment can stay shielded from direct attacks by hackers. Go through the points mentioned below to save yourself!

Deploy Endpoint Security

Yes, this is pretty basic yet one of the most efficient techniques! Today we have thousands of IoT users across the globe! Therefore we need to identify all the nodes and secure them with endpoint security. Though it will take much time, but it is worth putting in efforts for!

Extending network segmentation

In multi cloud architecture, finding out the nature of node is extremely difficult! And we need to know about their nature to guard them. Therefore, network segmentation in multi cloud environment should be supported so that IT experts need not follow tedious process!

multi cloud environment

Source:digitalunite.com

The Final Verdict

It is good that financial sector is moving forward and adopting new IT practices, but at the same time it needs to ensure its data security as well! Implementing multi cloud in financial sector done without properly analyzing the pros and cons of the same. Yes, the existing system is standing tall and can be relied upon but the hackers are not resting even a minute. They are coming up with new malicious files and vulnerabilities to target data of users and thus every field is under constant threat! Only thing that will save us is our awareness! What are your views on this?

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