Report: Safe Swiss Cloud is best practice for finance applications in the Cloud

A report shows best practice examples for enterprise applications by banks and financial service providers in the Cloud. Safe Swiss Cloud is one of these.

Cloud computing has become an integral part of business, but in the financial sector, which traditionally has been a driving force behind digitalization and automation, the migration of in-house services to more flexible and agile cloud environments  is still regarded with great caution.

A report by the enisa (European Union Agency for Network and Information Security) tries to shed light on the reasons for this. The conclusion: On the one hand, there are often still clear legal guidelines for the use of clouds, on the other hand there are still concerns about security and data protection. Moreover, a lack of information on pages of financial institutions, in particular on the issue of what high security standards cloud providers can now offer.

Together with the European banking authority, enisa worked out some key recommendations for the report on “Secure Use of Cloud Computing in the Finance Sector“, in order to better establish the benefits of the cloud, also in the financial sector.

  • Financial institutions, national financial supervisors and cloud services providers should cooperate to develop a continuous legal framework for the secure use of cloud computing, based on common practices and standards.
  • Financial institutions should develop an approach to risk assessment for cloud computing and integrate it into the company’s existing risk-management process.
  • Cloud services providers should ensure that their services comply with all policies and regional standards.

The report also mentions concrete best practice examples of how European regulators deal with the challenges of cloud services in the financial sector – and which suppliers are currently best suited to the regulatory requirements. The authors write in the report on Switzerland:

“FINMA has been allowed to use cloud-based services in Switzerland and the most prevalent are available by Safe Swiss Cloud. Safe Swiss is committed to providing a safe and secure cloud computing service based in Switzerland that offers innovative computing, storage and managed cloud services. It is the responsibility of the parties to the agreement to comply with this Agreement.

The conclusion, which shows up once again is: Those who want to bring banking solutions securely into the cloud are at the right address at the Safe Swiss Cloud.

Report: “Secure Use of Cloud Computing in the Finance Sector. Good practices and recommendations”

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