IBM Financial Services Cloud Council grows to
more than 120 members from 70+ banks to help mitigate
systemic risk in the industry
Council leverages collective intelligence of
BNP Paribas, Discover Financial Services, Banco Sabadell, Banco
Bradesco, Nationwide, Virgin Money and more
ARMONK,
N.Y., Dec. 15, 2022 /PRNewswire/ -- Today,
IBM (NYSE: IBM) announced it is working with the Cloud Security
Alliance -- a global not-for-profit dedicated to defining
standards, certifications, and best practices to help ensure
secured cloud computing -- that aims to further advance security
and risk management of cloud within financial services.
Building on IBM's mission to reduce risk for the
industry with security, compliance and resiliency at the
forefront, the IBM Cloud Framework for Financial
Services is designed to help clients automate their
security and compliance posture. The framework is central to IBM
Cloud for Financial Services, a first-of-its-kind cloud with
built-in security and compliance controls to help clients as they
work to mitigate risk, tackle ongoing regulations and accelerate
cloud adoption. It has been mapped to the Cloud Security Alliance's
Cloud Controls Matrix (CCM) – a cybersecurity control framework for
cloud computing, which can help clients to drive innovation faster
while addressing third and fourth party risk in cloud. With the
alignment, organizations that have adopted CSA's controls can
now use services or transact with SaaS providers on IBM Cloud for
Financial Services with confidence.
"As global regulations continue to evolve, it's critical for
all organizations to adhere to changing requirements while
operating in a secured cloud environment – but this is even more
critical for highly regulated industries such as financial
services," said Jim Reavis, CEO of
Cloud Security Alliance. "With its long history and deep expertise
working with some of the world's most well-known financial services
organizations on their modernization journeys, IBM understands the
importance of establishing a highly secured hybrid, multicloud
architecture that can allow organizations to host workloads
wherever they need to be. Together, we aim to help
financial services organizations drive growth and reduce systemic
risk with a more secured cloud landscape and by empowering them to
address evolving regulations globally – from DORA to data
sovereignty.
Collective intelligence aims to reduce financial services
risk
Designed specifically for financial
regulated industries, IBM Cloud for Financial Services was
introduced in 2019 in collaboration with partner banks including
Bank of America and BNP Paribas. It aims to help financial services
organizations address the industry's unique cybersecurity,
regulatory and operational requirements, while providing the
benefits and flexibility of the cloud in a secured
environment.
Leveraging the collective intelligence of the IBM Financial
Services Cloud Council – a network of more than 120 financial
services CIOs, CTOs, and Risk and Compliance officers such
as Banco Bradesco, Nationwide, Banco Sabadell, Virgin Money
and MUFG – the platform includes industry-informed and
built-in controls that can help financial institutions meet their
security and compliance requirements of this highly regulated
industry. These industry-informed controls are not IBM's – they are
the industry's collective controls. While IBM Cloud has implemented
these controls as part of IBM Cloud for Financial Services, it
has also made them available for clients to use on multiple clouds
(public or private) – through managing workloads with IBM
Cloud Satellite and monitoring their compliance through
the IBM Cloud Security and Compliance Center.
"As organizations strive to keep up with the latest
regulatory requirements and evolving data sovereignty laws,
security and compliance are at the core of our approach. We are on
a mission to be the world's most secure, stable and resilient
cloud, which is why many of the world's major financial services
organizations have worked with us over multiple decades," said
Howard Boville, Head of IBM Cloud
Platform. "IBM Cloud for Financial Services is specifically
designed for highly regulated workloads, allowing financial
services and other regulated industries to host applications and
workloads in the cloud with confidence while addressing third and
fourth party risk throughout their supply chains. As we continue
our mission to help reduce risk in financial services, through our
work with the Cloud Security Alliance, today we can demonstrate
alignment to their Cloud Controls Matrix, a globally recognized
standard for the industry."
Leading with security and compliance as the stringent
regulatory landscape evolves
With regulations
continuing to evolve, financial services organizations must
prioritize security and compliance to keep up with the demands of
new requirements. However, maintaining security and compliance
requirements should not come at the price of innovation.
The IBM Cloud Security and Compliance Center aims to help
financial services reduce the amount of time and money spent on
maintaining compliance by enabling them to monitor and demonstrate
their compliance efforts in the cloud and allowing them to free up
resources to drive innovation. The offering includes
capabilities to monitor security posture with built-in controls and
profiles to help clients adhere to industry requirements such
as CSA's CCM and enables clients to proactively
monitor their compliance posture.
IBM Cloud for Financial Services also includes IBM's innovative
confidential computing capabilities and encryption technology to
help ensure clients data remains their data only - even IBM cannot
access it. IBM will continue to collaborate with organizations,
such as the CSA, to help clients drive innovation while monitoring
their regulatory and security posture.
Statements regarding IBM's future direction and intent are
subject to change or withdrawal without notice, and represent goals
and objectives only.
Contact
Kate Gazzillo
kate.gazzillo@ibm.com
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SOURCE IBM