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FinTech Trends Newsletter Week 19th June – 23rd June 2017
Why Alternative Investment Firms must not take GDPR compliance in the cloud, for granted
More and more Alternative Investment Firms are storing data in the cloud and utilising cloud-based services than ever before. But many are failing to ensure that the data is secured or stored in a compliant manner, placing themselves and their investors at risk from data breaches.
how we can help you with our Data solutions.
With the European Parliament passing the new General Data Protection Regulation (GDPR) last year and with MiFID II fast approaching, businesses have less than a year before fundamental changes to the way they store and secure data comes into effect. As cloud adoption increases, Firms must ensure their service providers are compliant or face a hefty fine.
Many organisations are facing a challenge in their road to GDPR compliance. Numerous Firms consider cloud-based services and platforms important to their operations but only some believe that their company was handling data stored in the cloud in a secure and compliant manner. The volume of data that appears to be stored outside of compliance puts many Firms and their inves- tors at risk of a data breach.
It seems Financial Firms are assuming that by storing their data in the cloud it is, by default, compliant. This is not the case, and this ‘out-of-sight, out-of- mind’ mentality has contributed to many data breaches around the world. Storing data in the cloud without properly considering security is the same as locking your front door but leaving the garage open. Your enterprise network may be secure, but it means nothing if the cloud isn’t as well. These issues, coupled with often poor communication of the Firms need for security, are leaving many companies open to hacks and data loss. However securing data in the cloud and becoming compliant isn’t difficult, as long as a Financial Firm asks the right questions and uses the appropriate measures.
The first step a Financial Firms must take is to assess its cloud requirements, and then select a cloud service provider, like Storm IT Financial, that suits those needs. There is no blanket service that will work for every business, as the amount of data stored, and the way it is used, will vary dramatically. Microsoft Azure is taking on-premise enterprise solutions into the cloud, offering businesses the chance to access guaranteed best practices, rather than leaving it to internal IT teams to keep up. Microsoft Azure is what Storm IT Financial uses for its public cloud solution.
Once a Firm knows what it requires from the cloud, and has selected a provider, it must ensure that the data is secure. It’s all about controlling who can get access. The following security protocols must be included in any cyber security strategy:
* Two-factor authentication – helps to ensure only those authorised to access data can do so by ensuring the employee accesses through something they have (a phone) and know (code/password)
* Access management – holds restrictive rights access to ensure only those that are meant to access the data do so.
These extra levels of protection are important. In less than one year, Financial Firms will have to notify both authorities and affected individuals when a data breach occurs. Many in the Financial and Alternative Investment community still have their heads in the sand when it comes to learning about and understanding data privacy and data protection laws that apply to their Firms. This will no longer be possible, as GDPR is going to affect almost every area of their businesses.
It may seem like a long time from now, but for some Financial Firms the process must start now. Security is worthless without using proper authentication, encryption, and access management. Once this is in place, Firms can be confident that their data is secured and risk of a breach has been minimised. Outsourcing cloud management, to MSP’s (Managed Service Provider’s) like Storm IT Financial can greatly simplify your MiFID II and GDPR management process and streamline your transition.
For more information on Hedge Fund, Asset Management, Private Equity & Alternative Investment cloud migration & solutions, data storage, data collation & backup advice & IT Services, feel free to contact Storm IT Financial.
Storm IT Financial FinTech News & Trends picks: Week 19th June – 23rd June 2017
GDPR Questions? Azure has answers
Microsoft Azure helping Firms become GDPR compliant:
https://azure.microsoft.com/en-us/blog/gdpr-questions-azure-has-answers/
Melqart Asset Management rolls out Watson Wheatley/Bloomberg interface reconciliation tech
Watson Wheatley have announced that Melqart Asset Management have implemented the iRecs reconciliation solution:
Britain’s finance industry warns of threat from Brexit law changes
The financial services sector, Britain’s most profitable industry, is subject to detailed and technical legislation…:
http://uk.reuters.com/article/uk-britain-eu-lawmaking-idUKKBN19E0UV
Fintech firm poaches data scientist from JPMorgan
You’re in demand from banks and fintech firms if you’re a Techie or data scientist, computer engineer or software developer:
http://www.efinancialcareers.co.uk/?_ga=1.63947244.2142091022.1484328448&countrySelector=true
Fintech firm Trading 212 aims to disrupt the market by cutting out the commission for brokers
The UK’s first ever no-commission share trading service launches:
Blackberry’s turned to UK startup VoxSmart to stop banks having WhatsApp worries and help comply with Mifid II
Blackberry has turned to a London startup to help banks make sure their employee WhatsApp messages stay on the right side of the law:
http://www.cityam.com/266562/blackberrys-turned-uk-startup-voxsmart-stop-banks-having
TORA partners with LSE Group’s UnaVista for MiFID II transaction reporting
TORA, the cloud-based OEMS, has joined the LSE’s UnaVista to help cli- ents meet the transaction reporting requirements of MiFID II.
We won’t be put off our cloud strategy by cyber threats, organisations affirm
Firms say cloud adoption in their organisations will not be put off by high profile cyber-attacks:
Big Data and AI Strategies – Machine Learning and Alternative Data Approach to Investing
The new J.P. Morgan report provides a framework for machine learning & big data investing:
Sapient Creates Cloud-based Regulatory Compliance Solutions for Financial Services Industry Needs
SGM to deliver highly scalable, reliable & secure ser- vices powered by a financial trade data hub:
IHS Markit Builds out MiFID II Product Portfolio
IHS Markit’s collaboration with Deloitte on MiFID II data management solutions:
The Future of Banking Depends On Open Banking APIs
The Evolving Relationship Between Banking and Fintech :
