Are Financial Teams Moving to the Cloud?

Is your cloud provider FINRA compliant? Does it have the highest security measures in place to mitigate risks for your company’s and your clients’ intellectual property? What about enterprise-grade audit controls?Your organization may have adopted cloud services for the marketing team to collaborate on presentations or for sales to manage client contracts, but where does that leave everyone else who may work with highly-regulated and sensitive data, such as personal customer information, client activity, corporate bond details, and equity holdings?For all of the “green” or non-sensitive files, it’s great to leverage the low costs and flexibility associated with cloud storage and services, but when you are dealing with customer or other sensitive, aka “red” data, the cloud usually isn’t an option.According to a survey from QuinStreet Enterprise earlier this year, applications that involve relatively new developments in technology—such as mobile device management (MDM) and big data analytics—are more likely to get leveraged through the cloud, but those considered traditional technologies—such as risk management/compliance and finance/accounting apps—are much less likely to be stored in the cloud. In fact, only 22% of financial-related apps are leveraged through the cloud by enterprise organizations, according to this same study.

Now those numbers may sound low, but financial teams do have options. It’s just more critical for these teams who manage financial data to ensure that the applications and services implemented have the necessary compliance and security certifications, such as FINRA, and encryption with the audit, privacy, control and security needed to avoid a breach in regulatory and confidentiality laws.At Egnyte, we offer multiple deployment options to ensure your financial organization or finance department can effectively and securely collaborate. While the cloud may work for many companies or departments, some of our financial customers will never move to the cloud, and that’s ok. We offer cloud-like flexibility without data or metadata moving to the cloud through our On-Premises Only deployment option. We aim to provide the highest levels of security and adhere to the leading industry regulations to effectively meet our customers’ needs.We are proud to offer a FINRA-compliant solution, and in the next few weeks will be attending the FINRA conference in Washington, D.C. May 27-29. We welcome the opportunity to discuss any pain points you’re facing when it comes to managing and sharing regulated data. If you haven’t tried out Egnyte yet, let us show you how to make all of your departments -  finance, marketing, sales, HR, engineering and IT, experience seamless and compliant collaboration - whether you are using the cloud or not. Be sure to stop by booth #49. We’re looking forward to seeing you there.