Service sector

Security and Compliance as a Service for Fintech

Security as a service grew out of the recent trend of service-oriented architecture. With a service-oriented architecture, companies can develop innovative products and services by using a cloud provider’s infrastructure for back-end processing. To learn more about cloud-based security in the fintech space, Srajan Agarwal of Elets News Network (ENN) spoke with Ruchin Kumar, Vice President, South Asia, Futurex.

What are the general security and compliance challenges for Fintech?

Fintechs often need HSMs to secure keys and process transactions. As such, key management solutions are needed to address PKI use cases, while encryption solutions are needed to protect payment data. Deploying HSM on-premises can pose a logistical and financial challenge for small and medium-sized businesses. So, many Fintechs are starting to look for cloud solutions to meet their needs in a holistic yet cost-effective way.

Current and evolving data security scenario

South Asia is rapidly becoming the fintech capital of the world, with thousands of new organizations offering services both locally and globally. This is further driving the demand for in-depth encryption solutions that meet India’s national compliance requirements. While adhering to international PCI standards, India has developed robust compliance requirements that require data to be processed and stored within national borders. This in turn has created the demand for on-premises HSM and cloud solutions.

How to get the best return on investment? The total cost of ownership is optimized.

An IT security solution must meet an organization’s current security objectives, but more importantly, it must evolve to meet future business needs. If an organization is to grow, its data security platform must evolve to meet new use cases and easily overcome future challenges. This minimizes the cost of upgrades, the effort of integrating new solutions, and the challenge of managing everything.

Migrating payment HSMs to the cloud is a reliable and fast way to reduce an organization’s TCO. On the one hand, migrating an entire infrastructure to the cloud consolidates it into a centralized platform. This allows you to manage operations from a single screen and avoid integration issues that come with multi-vendor or legacy infrastructures. In addition to simplified management, cloud HSM solutions allow an organization to utilize the same use cases as physical HSMs, but without the cost of maintaining on-premises infrastructure.

How difficult is it to implement and run security infrastructure (like HSMs and keys) in compliance with PCI and local regulations?

For organizations in the payments industry, compliance is paramount. Fortunately, the right HSM provider can make this an afterthought. HSM vendors like Futurex design their encryption hardware – including its cloud-based counterpart – with inherent compliance to international standards such as PCI.

In short, deploying an HSM or key management tool with Futurex’s physical and logical security controls ensures compliance. On the other hand, data residency requirements from institutions like the NPCI force organizations to store certain types of data only in their home country. However, forward-thinking providers like Futurex have established data centers in every major geographic region to help organizations easily comply with data residency requirements.

How long does it take to migrate to cloud-based security and where is the DC cloud located?

The cloud migration process is highly streamlined and can be accomplished at the rate an organization is ready to scale. Organizations that want to develop their product or service concurrently with the cloud migration can set a pace that best suits their project timelines. Futurex provides subject matter experts available onsite and remotely to expedite the process. Finally, with data centers in Mumbai and Hyderabad, as well as more than a dozen strategic locations around the world, companies are never far from their sensitive data.

What are the stakes for Fintech in the event of a data breach or fraud?

While technological security has certainly evolved over the past few years, so has the sophistication and frequency of data breaches. Whether you represent a national bank or a fintech start-up, the cost of a data breach can range from a significant impediment to total disaster. Indeed, organizations do not only suffer the financial repercussions of a fraud or a data breach. Securing data is about maintaining trust. When security is compromised, so is trust in an organization.

What problems does Security as a Service solve?

Security as a service grew out of the recent trend of service-oriented architecture. With a service-oriented architecture, companies can develop innovative products and services by using a cloud provider’s infrastructure for back-end processing. Security as a Service solves the problem of deploying a data security infrastructure for organizations that are not financially or operationally equipped to do so. It is used to drive innovation and accelerate deployment in a cost-effective way.

Important points to be considered by Fintech in the selection of services.

The most important consideration for a Fintech wanting to deploy crypto infrastructure is finding a great provider. But what makes a supplier great? At Futurex, we respectfully set an example.

In 40 years, we’ve earned the trust of 15,000 customers worldwide with data security solutions that comply with a wide variety of security standards, are easy to integrate with existing systems and public cloud providers, and feature the most versatile suite in the industry. encryption solutions. Equally important, Futurex places particular emphasis on customer service.

Our team of Certified Solution Architects is available 24/7/365 to help our customers succeed in their efforts to secure highly sensitive data.

Futurex local presence and experience working with Fintech

Futurex specializes in building solutions for Fintech clients. With a strong presence of local data centers in South Asia and around the world, and with hardware meeting the most stringent requirements, organizations are well advised to rely on Futurex’s state-of-the-art cryptographic services.

How is Futurex helping Fintech in South Asia and beyond?

By providing scalable and highly available cloud solutions anchored in local data centers, Futurex aims to provide Fintechs with the tools they need to drive innovation in the South Asian market and beyond.

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now the Elets YouTube channel, a treasure trove of innovation-focused talks and awards, is also active. To subscribe for free, Click here.

Get the chance to meet the Who’s Who of the NBFC and insurance industry. Join us for upcoming events and explore business opportunities. Like us on FacebookJoin us on LinkedIn and follow us on Twitter, instagram & pinterest.