Promoting security-as-a-service as a cost-effective and more comprehensive security alternative for financial enterprises, CloudAccess will be participating in this week’s California Banker’s Association’s 34th Annual Regulatory Compliance Conference in San Diego
“Credit unions and other similar financial organizations are under a tremendous burden to comply with federal requirements like PCI, CIP, GLBA and Sarbanes-Oxley. By minimizing the costs while increasing the ease, control and functionality with which to manage it, they enjoy several key benefits against the bottom line and through stronger defenses,” said CloudAccess CEO Kevin Nikkhoo.
According to Nikkhoo, by deploying and managing such security solutions as log management, SIEM (security information and event management), single sign on and identity/access management from the cloud, banking institutions would significantly improve visibility, enhance audit responses and better comply with the plethora of complex compliance issues that repurpose and reprioritize staff.
One of the key benefits is the ability to better monitor the hundreds of thousands of logs per day that are created every time any customer, employee or outside visitor “touches” a company’s network. This includes online transactions, password requests or access to sensitive personal data. It is the management of these logs that serve as the foundation for many of the specialized audits required by federal, state and industry compliance agencies.
“Smaller financial companies have the same responsibilities as their national and regional commercial banking brethren, but a fraction of the staff and budget with which to maintain compliance,” Nikkhoo stated. “That’s where cloud-based security and CloudAccess can help.”
Last month FFIEC (Federal Financial Institutions Examination Council) agreed that cloud based security provides the necessary benefits that promote compliance.
According to several consultancies such as Gartner and Forrester, breaches and other forms of intrusion attacks will continue to grow. Many of these attacks are directed at the same institutions that will be attending the regulatory compliance conference this week.
CloudAccess offers an award-winning, enterprise-class solution that monitors a company’s IT infrastructure 24/7/365. No other cloud-based company provides a similar service that automates the compliance reporting while adding a live security analyst to correlate immense data and help determine when or if a bank is being breached.
CloudAccess will be providing demonstrations on how to maximize returns on investment and how to incorporate the cloud’s best practices for banking institutions requiring compliance.