ELCA Group’s Post

Navigating the Cloud journey in Swiss banking? ☁️💼 Join our #webinars (FR/DE) to explore #compliance, #FINMA guidelines, and #datasovereignty solutions. 👉 Save your spot!

Although the technology has come a long way in a short period of time, it’s not like an organisation can hit a switch and migrate to the cloud. Not yet, anyway. Migrating to the cloud can be a complex undertaking, particularly for banks with legacy systems and intricate regulatory requirements. The process involves not only a technological shift, but also a rethinking of operational models and risk management strategies. Data security and compliance considerations are paramount, especially when dealing with sensitive financial information. Read more: https://lnkd.in/eJ-HH972 #payments #datasecurity #cloud

Data Portability, Interoperability, and Cross-Border Data Movement For #CCSP certification, understanding these cloud data concepts is essential: - #Data_Portability ensures seamless data transfer between systems or providers, preventing vendor lock-in. - #Data_Interoperability allows different systems to work together, enabling real-time collaboration through standardized APIs. - #Cross_Border_Data_Movement involves transferring data across regions while complying with regulations like GDPR or data sovereignty laws. This requires encryption, access controls, and local compliance to ensure secure, legal transfers. Mastering these ensures efficient, secure, and globally compliant cloud strategies. #CCSP #CloudSecurity #DataManagement #DataPortability #Interoperability #CrossBorderDataMovement

Creditreform and Open Telekom Cloud: BaFin compliance and data sovereignty in the cloud ✅🔐 With 88 million pieces of company data previously managed in its own data centers, Creditreform recognized the benefits of the cloud: greater scalability, faster provision of resources and a smaller carbon footprint. 🌱 But data sovereignty and security are essential in the financial world. Creditreform therefore relies on the #OpenTelekomCloud to meet the strict requirements of BaFin in addition to the GDPR.🙏 Find out more about the successful collaboration in the customer interview. 🎬 Get even more information about the background, challenges and benefits in the blog 👉 https://lnkd.in/eSstTPZ6 #PublicCloud #BaFinCompliance #Dataprotection #Datasovereignty #GDPR https://lnkd.in/eSstTPZ6

Interesting insights here on public cloud lock-in and (industry agnostic) regulations against alleged anti-competitive practices in the public cloud industry. The devil, however, is in the detail, especially when we look at cloud adoption by regulated industries like banking and financial services. Modern software always has lock-in, whether on-prem or in the cloud. What changes with cloud is the increased concentration risk, i.e., material business capabilities of multiple banks being hosted on service providers' platforms. Any failure of these platforms can cause serious disruption to customers and businesses, leading to decreasing confidence in the regional or global financial system. This can easily jeopardise the regional and global financial stability. Each of the 5 regulators' jurisdictions I've worked in is crystal clear: banks can outsource their technology but they cannot outsource their accountability. Banks look at cloud portability and multi-cloud to minimise their concentration risk and ensure services availability in the event of their primary hyperscalar's failure. Achieving this for their entire tech estate is a daunting task. Regulators ask them to focus on and guarantee the availability of their material capabilities that support the designated critical operations to reduce risk in a sustainable and manageable way. That too is a formidable undertaking. They can achieve that with a prioritised roadmap delivered incrementally and the solutions tested and monitored for the desired resilience. #banking #technology #publiccloud #cloud #regulation #strategy https://lnkd.in/gyANMUie

Creditreform and Open Telekom Cloud: BaFin compliance and data sovereignty in the cloud ✅🔐 With 88 million pieces of company data previously managed in its own data centers, Creditreform recognized the benefits of the cloud: greater scalability, faster provision of resources and a smaller carbon footprint. 🌱 But data sovereignty and security are essential in the financial world. Creditreform therefore relies on the #OpenTelekomCloud to meet the strict requirements of BaFin in addition to the GDPR.🙏 Find out more about the successful collaboration in the customer interview. 🎬 Get even more information about the background, challenges and benefits in the blog 👉 https://lnkd.in/ezXhQZf8 #PublicCloud #BaFinCompliance #Dataprotection #Datasovereignty #GDPR https://lnkd.in/ezXhQZf8

Creditreform and Open Telekom Cloud: BaFin compliance and data sovereignty in the cloud ✅🔐 With 88 million pieces of company data previously managed in its own data centers, Creditreform recognized the benefits of the cloud: greater scalability, faster provision of resources and a smaller carbon footprint. 🌱 But data sovereignty and security are essential in the financial world. Creditreform therefore relies on the #OpenTelekomCloud to meet the strict requirements of BaFin in addition to the GDPR.🙏 Find out more about the successful collaboration in the customer interview. 🎬 Get even more information about the background, challenges and benefits in the blog 👉 https://lnkd.in/dUvrhQ5w #PublicCloud #BaFinCompliance #Dataprotection #Datasovereignty #GDPR https://lnkd.in/dUvrhQ5w

Creditreform and Open Telekom Cloud: BaFin compliance and data sovereignty in the cloud ✅🔐 With 88 million pieces of company data previously managed in its own data centers, Creditreform recognized the benefits of the cloud: greater scalability, faster provision of resources and a smaller carbon footprint. 🌱 But data sovereignty and security are essential in the financial world. Creditreform therefore relies on the #OpenTelekomCloud to meet the strict requirements of BaFin in addition to the GDPR.🙏 Find out more about the successful collaboration in the customer interview. 🎬 Get even more information about the background, challenges and benefits in the blog 👉 https://lnkd.in/dXmqeXi9 #PublicCloud #BaFinCompliance #Dataprotection #Datasovereignty #GDPR https://lnkd.in/dXmqeXi9

Start the new year with confidence: Your step-by-step guide to finding the right cloud provider ⬇️ The cloud provider you choose sets the foundation for your business's growth, security, and innovation. Here's how to make an informed choice in 2025: Evaluate Trustworthiness: Ensure your cloud provider is reliable. Trusted by engineers across Europe, we have a proven track record of supporting mission-critical workloads. Look for Data Security and Compliance: Data security and GDPR compliance are paramount. Ensure your provider guarantees data stays within certain regions, ensuring strict compliance with data protection laws. Assess Geographic Reach: A provider with data centers in multiple locations provides flexibility and redundancy. Our data centers are strategically located in Switzerland, Austria, Germany, and beyond. Verify Certifications: Certifications such as ISO27001 and Cloud Security Alliance indicate robust security practices. Ensure your provider holds these certifications to simplify your due diligence process. Consider Sustainability: Sustainability is becoming increasingly important. Look for providers that have clear sustainability goals and initiatives. Ensure your choice offers secure, compliant, and efficient cloud solutions. Understand pricing and avoid hidden fees with our transparent pricing calculator: 🔗 https://lnkd.in/eFHAuwyZ . . . #cloudcomputing #datasecurity #gdprcompliance #techinnovation #sustainability #cloudprovider

Creditreform and Open Telekom Cloud: BaFin compliance and data sovereignty in the cloud ✅🔐 With 88 million pieces of company data previously managed in its own data centers, Creditreform recognized the benefits of the cloud: greater scalability, faster provision of resources and a smaller carbon footprint. 🌱 But data sovereignty and security are essential in the financial world. Creditreform therefore relies on the #OpenTelekomCloud to meet the strict requirements of BaFin in addition to the GDPR.🙏 Find out more about the successful collaboration in the customer interview. 🎬 Get even more information about the background, challenges and benefits in the blog 👉 https://lnkd.in/ep8CYnUX #PublicCloud #BaFinCompliance #Dataprotection #Datasovereignty #GDPR https://lnkd.in/ep8CYnUX