Health insurance and financial services firms use the cloud to operate at the speed and scale of digital financial activity and consumer information, but are often hindered by the complexity of managing security and compliance in the cloud. This conflict is especially acute in India, where 2016’s demonetization action resulted in digital financial activity escalating as customers adopted cashless methods for their affairs. Many Indian financial institutions turned towards the cloud to meet the increasing digital demands of their customers.
However, lack of expertise and resources in India for cloud security can leave even leading insurance firms vulnerable to security breaches. The short-lived nature of machines in the cloud, and the sheer number of machines and applications across clouds and lines of business, results in thousands of security configurations that need to be consistently managed. In most cases, firms detect misconfigurations only when audits are conducted on their IT environments once a quarter, and even then, fix only a small portion of misconfigurations for cost reasons. This leaves them open to increasing amounts of residual risk in between audits, while also slowing down business operations due to the time and labor involved in manual security. The conclusion many firms are coming to is that it’s infeasible to use traditional IT management processes to manage security in the cloud.
But one large health insurance firm in India is taking the lead in using IT management processes designed specifically for security in the cloud. This firm is using Cloud Raxak’s Proactive and Automated Security solution to take full advantage of the cloud for their business goals. The proactive aspect of our solution enables this firm to always know the state of their cloud assets, across any combination of IT environments and throughout their assets’ lifecycles. For financial and insurance firms, this means not being in the dark in between quarterly audits (when their risk is highest), and preventing breaches from even occurring. The automated aspect of our solution enables this firm to consistently and continuously maintain a security posture that involves thousands of configurations across hundreds of VMs. For firms, this means significantly diminishing their risk and attack surface, while also reducing the costs, time, and labor involved in managing compliance and security. Together, these two aspects free up time and money for firms to put towards developing secure, innovative applications and building trusted relationships with their customers.
Other insurance and financial services firms in India can follow this example of using business-driven cloud security to speed time-to-market, diminish risk and costs, maintain continuous compliance, and set themselves up for success in a digital world. Shoot us a message for a free quantitative assessment of your residual risk. We’ll be happy help you “secure” a lead in India’s digital and cloud transformation!