Tech corporation IBM has announced a new partnership with not-for-profit cloud computing advocate Cloud Security Alliance (CSA).
The partnership aims to introduce improved security and risk management cloud-based solutions tailored for financial services.
IBM is already looking to improve the financial industry with its IBM Cloud Framework for Financial Services and the help it provides to clients that want to automate their security.
The framework has been mapped to CSA’s Cloud Controls Matrix (CCM) – a set of cloud computing guidelines introduced by the CSA to help drive faster innovation while addressing third-and fourth-party risks in the cloud. Clients who have adopted CSA’s controls can freely transact with IBM SaaS providers.
Jim Reavis, CEO of Cloud Security Alliance, said: “As global regulations continue to evolve, it’s critical for all organisations 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.
“With its long history and deep expertise working with some of the world’s most well-known financial services organisations on their modernization journeys, IBM understands the importance of establishing a highly secured hybrid, multi-cloud architecture that can allow organisations to host workloads wherever they need to be.
“Together, we aim to help financial services organisations drive growth and reduce systemic risk with a more secure cloud landscape and by empowering them to address evolving regulations globally – from DORA to data sovereignty.”
Both IBM and CSA have highlighted a changing regulatory landscape, where security and compliance should be prioritised by organisations to remain fully compliant. With their joint venture, the companies have promised to help achieve that without needing to sacrifice innovation.
Howard Boville, Head of IBM Cloud Platform, added: “As organisations 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 organisations have worked with us over multiple decades.
“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 recognised standard for the industry.”