Digital transformation continues to pick up pace across the financial sector. However, in spite of the potential benefits on offer, many insurance firms continue to lag behind their peers in terms of their overall digital maturity.
The conversation was kicked off by guest speaker Steve Deakin, Head of Development and Operations at Lloyds of London, discussing his experiences of Cloud and the client perspective. Next followed Nick Robinson, Systems Engineering Manager at Palo Alto Networks, who provided a view of real world innovations and shared Cloud success stories that he has seen from his clients across EMEA.
Here is a high level summary and description of the quick wins that were discussed:
The Process:
- Learn -> Hack -> Iterate
Horizon Scanning & DevOps with an AGILE mind-set
- Microsites and Micro services that are already trialled, tested and robust from an architecture and security perspective - this enables one to rapidly deploy new products and services, websites etc. with security peace of mind.
- Serverless - just focus on writing codes and you can make changes in microseconds! It is easy to deploy, low cost, gives you more time to focus on UX and is more efficient for developers by ensuring you are keeping code backed up and in a secure environment.
- Grid Data Analyst - overcome floods and complexity of big data and unlock the power of analytics with the right data in the right place.
Cybersecurity
- OWASP Top 10 - whilst the threat landscape remains consistent year on year, everyone should make sure they are aligned to the latest as it evolves. Assuming the top 10 remains unchanged or that changes are incremental such as low priority to action, can lead to vulnerabilities. www.owasp.org
- NCSC - The National Cyber Security Centre is an organisation of the United Kingdom Government that provides advice and support for the public and private sector on how to avoid computer security threats. www.ncsc.go.uk
- Ethical Hacking - this should be continuously implemented - leverage Pen testers and vulnerability scanning as much as possible in order to follow best practices and processes - Learn -> Hack -> Iterate.
- Social Engineering was also discussed, not so much as a quick win due to the complexity (get the simple things right first) however, advised to leverage Pen testers to protect your business from bad actors that use social engineering tactics.
- Multi Factor Authentication – we discussed how this is a very low hanging and important measure to put in place. Leverage MFA to 1) require individuals to provide two or more authentication factors to confirm their identity for online transactions or to gain access to corporate applications, networks and servers and 2) insight and reports on the user's activity. Identity (IAM) and Privilege Access Management (PAM) were also mentioned as a further way to secure your business.
- Security Information and Event management (SIEM) - leverage SIEMS as a means to log attacks. An IT Service Provider can provide an important layer of service to proactively manage, monitor and report on what the SIEM is seeing on a 24/7 365 basis.
- Security Operation Centre (CSOC) - further to SIEM, a CSOC can strengthen your security posture and enable you to be more proactive in your approach - https://www.exponential-e.com/services/cyber-security/advanced-monitoring-management
Cloud Patterns
- Cloud Patterns are a widely used concept to describe solutions to reoccurring problems - for building reliable, scalable, secure applications in the cloud. Best examples are as follows;
- Azure https://docs.microsoft.com/en-us/azure/architecture/patterns/
- AWS https://aws.amazon.com/architecture
Data Lakes
- Building out centralised repository for enterprise data, for tasks such as reporting, visualization, analytics and machine learning - leveraging cloud partners to build out big data solutions.
A debate for another day
- DevOps and Open Source software is and will continue to be the main target for bad actors, they hold the code (the crown jewels). Should such resources have locked or unlocked internet access? On one hand it offers flexibility and agility, on the other it is more locked down and has a stronger argument from a security perspective.
#Azure #AWS #CloudPatterns #Cybersecurity #OWASP #NCSC #DevOps #HorizonScanning #EthicalHacking #Digital Transformation
Maximising performance, scalability, and compliance for a leading innovator in online banking
About Tandem Money
Tandem is 'The Good Green Bank', a fully regulated digital app‐based bank founded on the idea of putting customers' needs first whilst helping them save more than just their money by pushing for a sustainable future. The acquisition of green lender Allium in 2020, an established green homes lender, accelerated Tandem's mission into the green space. Tandem offers savings, mortgages, and loans to help customers green their properties, and eventually their lives.
Challenges
The key driver behind Tandem's ongoing digital transformation was earning a full banking license in 2018 - something that had been a core focus of their infrastructure's evolution. This meant their infrastructure would need to fulfil all legal and compliance obligations around the handling of financial data, and also demonstrate the highest standard of operational resilience.
At the time, Tandem's IT and telephony infrastructure was hosted at various separate data centres, while their banking application was hosted on AWS services, and a separate site set aside for workplace recovery. Although multiple sites were involved here, the whole network depended on the London office, creating a single point of failure.
After a comprehensive evaluation of various suppliers, Tandem engaged with Exponential‐e to ensure these critical elements could be securely interconnected in order to maximise performance and scalability and ensure all requirements for full bank status were achieved. Exponential‐e's deep experience in the financial sector was critical here, providing Tandem with complete confidence that the partnership would provide a positive contribution to their journey.
Solution
The networking solution delivered by Exponential‐e interconnected all Tandem sites via a high-performance WAN - a fully managed low‐latency solution that ensured consistent performance across all sites. This was implemented by a dedicated Exponential‐e account team, who project managed every stage of the deployment to ensure there would be no service disruption and that Tandem's long-term goals remained the primary focus throughout the deployment and beyond.
Critically, this fulfilled all compliance requirements regarding the handling and storage of financial data, while ensuring Tandem's teams would have the right tools at their fingertips at all times. To ensure a disruption free migration process, secure connections were created between Exponential-e's self‐owned network and Tandem's AWS services, allowing for a successful consolidation of the different elements of their infrastructure, and providing IT teams with a higher level of control and visibility.
As the partnership between Tandem and Exponential‐e evolved, a combination of a Virtual Private Network (VPN) and Office 365 was established as the ideal combination of solutions to further optimise Tandem's overall efficiency and enable effortless collaboration between their various teams, regardless of where they were located, with security policies applied automatically and role‐based segregation opening up a wide range of opportunities for remote working.
Throughout 2020, when the COVID‐19 pandemic forced organisations worldwide to rapidly transition to a remote workforce, the inherent flexibility and scalability of Tandem's infrastructure and a robust business continuity plan showed its true worth, as the entire workforce were able to begin working remotely with minimal disruption to day‐to‐day operations, and no compromise in terms of security and compliance. This option had already been utilised on an ad‐hoc basis by Tandem's engineers, but a scenario where it would need to be utilised on a company‐wide basis had been considered and factored into the business continuity plan, with tests taking place to ensure such measures would be viable, should they ever be needed.
In this way, Tandem has demonstrated how the right infrastructure, with the support of the right technology partner, provides organisations in even the most challenging sectors with the agility to pivot in response to unexpected, large‐scale shifts in the digital landscape. Tandem's long‐term digital transformation continues, with plans in place to bring its core banking suite in house and into the Cloud, for a further layer of control and flexibility.
Solution benefits
- High‐performance VPN connectivity across multiple sites, with secure connections to the core banking suite provider.
- Full compliance with all applicable regulations regarding the handling of financial and sensitive data.
- A stress‐free transition to remote working, with zero compromise in the security of users' financial and sensitive data.
- A strong foundation for ongoing Cloud transformation and consolidation.
Reduce complexity, increase speed and reliability
Exponential-e is a trusted technology partner for organisations across the Finance sector, offering innovative solutions that drive security, compliance and optimal performance at all levels.
Find out more in our Finance Brochure.
A leader in financial strategies embraces Cloud transformation
About Odum Research
Odum Research creates pricing, risk, and execution strategies for a wide range of financial market challenges - particularly around crypto derivatives - drawing on leading-edge technology and the collective experience and expertise of their own financial experts.
Challenges
Solution
Following a thorough evaluation of Exponential-e's capabilities and experience working with financial organisations and their highly specific cyber security requirements, Odum selected Exponential-e as their new technology partner. This involved a series of in-depth meetings between teams from both companies - including both consultants and technical specialists from Exponential-e - in order to develop a bespoke solution wrap that would not only suit Odum's immediate requirements, but also provide ample scope to scale and evolve in response to future shifts in the digital landscape.
As part of the wider cyber security ecosystem, the decision was made to utilise the Okta platform to manage user authentications and ensure all financial data would be handled in line with all applicable regulations. Exponential-e supported the roll-out of the platform, ensuring it would be properly integrated with the wider infrastructure.
This close cooperation between teams proved crucial to the success of the final deployment, with Exponential-e's consultants working closely with Odum's own IT specialists to ensure the move to the Cloud and rollout of the Okta platform was achieved with zero disruption to day-to-day operations - vital in the fast-moving financial markets - and without compromising security or compliance.
As a result, Odum are now equipped with the technology and expertise to fully embrace the Cloud, utilising cutting-edge technology to drive ever more innovative financial strategies that help maintain their edge in a dynamic, constantly evolving sector.
Solution benefits
- A bespoke solution wrap, designed with future scalability and resilience in mind
- Hands-on support from a dedicated account team throughout the Cloud transformation process
- Personalised training and consultation, to ensure a smooth transition to the new infrastructure
- Full control of user access and authentication via the Okta platform
- Robust cyber security, suitable for the handling of highly sensitive financial data
The support from Exponential-e made all the difference when it came to getting things up and running. We were able to make use of everything more or less straight away, and I was able to sleep a bit more easily knowing our security was all in order.
Jack Concanon, Head of Technology, Odum Research
Reduce complexity, increase speed and reliability
Exponential-e is a trusted technology partner for organisations across the Finance sector, offering innovative solutions that drive security, compliance and optimal performance at all levels.
Find out more in our Finance Brochure.
From day-to-day consumer banking to high-profile asset and wealth management, the way we all access financial services is changing in ways that would have been inconceivable just a few years ago. Online banking is now firmly established, allowing customers to manage their money securely within a few clicks - anytime, anywhere and without the need to visit a branch. A 2022 survey revealed that the quality of the online experience was a key factor in 81% of adults' choice of bank1.
As the Financial Services (FS) industry continues to adopt and leverage digital technologies to innovate and deliver customer-centric outcomes, there is also a major focus on inward change, on improving employee experience through streamlining, simplifying and consolidating platforms, infrastructure and processes. Of course, Digital Transformation comes with an abundance of risks. Some of these are already widely recognised and covered by the mainstream media, some are newly emerging, and others are as yet unknown.
As a long-standing technology partner for multiple financial organisations across the UK, the team at Exponential-e have been observing the sector's evolving relationship with technology for some time - both the growing demand for a higher standard of operational resilience, and an increasing awareness of the challenges and opportunities that Cloud transformation presents.
The Finance sector has always been one of the most dynamic, rapidly evolving industries, and this shows no signs of changing any time soon. But while shifts in the landscape may well open new opportunities, they will also come with new challenges, and it is the organisations who are ready and able to face these head-on who will continue to thrive in the years ahead.
The finance sector is required to have one of the most sophisticated cyber security postures in the world, with bureaus, banks, finance companies and insurers working closely with their technology partners to ensure sensitive financial data is managed, stored and transferred, with a stringent range of international security standards that must be adhered to at all times. However, cyber criminals have demonstrated repeatedly that they are constantly working to breach even the most sophisticated security ecosystems, devising new ways to exploit both technological vulnerabilities and human error.
In a heightened cyber threat landscape - where ransomware attacks are increasing in frequency and sophistication - and having weathered the challenges of COVID-19 and the resulting move to hybrid working, the Finance sector is still continually challenged to demonstrate to its customers that critical services will remain available no matter what, and that sensitive financial data will remain fully secure at all times.
For some years now, Cloud adoption has been steadily on the rise across the UK's Finance sector, with organisations including banks, insurers, and investment firms phasing out increasingly cumbersome legacy systems in favour of more scalable, agile, and cost-effective infrastructure. Indeed, more than 48% of UK banking services are now built on Cloud infrastructure.