Public cloud computing is growing in popularity among investment management firms. In the past, firms embraced cloud computing technology via the private cloud methodology due to its inherent security features and service and support model. Now, with technological advancements enhancing security, investment management firms are embracing the public cloud model. Continue reading to learn why the investment industry has warmed up to public cloud computing.
Agility, Flexibility and Scalability
The public cloud's flexibility, agility and scalability make it an ideal option for fast-growing or evolving investment firms. The ability to add or remove cloud computing resources as your business needs evolve provides flexibility (not to mention cost savings, but we'll get to that later). This also allows firms to deploy new applications, solutions or technologies in a timely manner and with greater ease.
To learn more about the public cloud, you can read Microsoft's whitepaper, "10 Myths About Moving to the Cloud"!
In the evolving technology landscape, coupled with regulatory concerns and investor demands, CTOs at investment management firms must be prepared for a host of complex technology challenges in today’s world. Here are some of the top challenges CTOs in the investment management industry are facing today:
1.) Data Security, Privacy and Governance
One of the top challenges, if not THE top challenge, for CTOs is cybersecurity. Troublesome threats include AI-driven cyber attacks, ransomware and malware attacks, phishing schemes and internal threats, among others. Cybersecurity programs require attention, expertise and consistent evaluation to ensure you have a robust security posture, and developing the proper protections, plans and programs is time consuming and challenging.
2.) Multi-cloud Computing Challenges
While cloud computing has grown in popularity and become more accepted by investment management firms, they were more comfortable with using the private cloud based on its inherent security. Now, due to advancements in security, more firms are incorporating the public cloud into their methodology. Challenges lie in every step, from planning and deciphering which cloud model best fits their firms' needs, to implementing and securing the cloud, managing vendors, and educating employees and other internal and external stakeholders.
3.) Compliance Regulations and Audits
All businesses in the financial space need to be especially cognizant of the regulatory bodies and compliance requirements specific to their industry. Compliance audits ensure that the firm is adhering to the regulatory guidelines and drive all technology related decisions. Failure to maintain compliance can result in hefty fines or legal action. This responsibility often falls on the CTO, and it is no easy job to maintain compliance across an investment firm.
4.) Strategic Investment in Technology and Budgetary Concerns
In general, IT budgets are growing among investment management firms, and with the progressive and evolving technology landscape, new tools, technologies and services appear and create tough choices regarding budget spend. CTOs must evaluate which tools are useful, valuable, and trustworthy for the organization. For some CTO's, getting management buy-in for new technologies is a challenge of its own. On the other hand, for some CTOs convincing the management team that a technology or tool isn't the right fit for the firm is the challenge.
5.) Finding Talent
According to our 2019 Global Investment Management IT Survey, respondents indicated that lack of in-house cybersecurity talent was a top 5 concern for 47% of UK businesses and 22% of businesses in the US. The talent pipeline depends on potential hires and their skill sets, and the shortage of talent in general, specifically in security, cloud computing, data analytics and business analytics.
With new technology emerging, cloud computing becoming the new norm and cybersecurity threats growing exponentially, how does this impact investment management firms across the globe? To gain a better understanding of industry IT priorities, Eze Castle Integration, in partnership with Microsoft and IDG Research, conducted a survey of 150 senior-level executives from the United States and United Kingdom. The findings cover technology priorities, cybersecurity plans and concerns, outsourcing attitudes and trends, and IT budgeting.
Continue reading for a synopsis of our findings, or to view the full report, you can access The 2019 Global Investment Management Survey: Understanding Industry IT Priorities and Spending HERE.
Did you know that the global average cost of a data breach is $3.86 million? Or, that the average cost incurred for each record of lost or stolen sensitive and confidential information has increased by almost five (5) percent since 2017? A recent study found that breaches are only getting bigger; and I think we have the evolving sophisticated cyber threats that continue to surface.
In a recent webinar, Eze Castle Integration's experts discussed IT priorities for investment firms in 2019 including:
Outsourcing to the Cloud: From public to private to hybrid, cloud outsourcing trends for 2019 and beyond
The New Age of Security: Required safeguards to securely leverage the cloud and operate in 2019
Leveraging Technology and Tools: The best-in-class technologies and tools your peers are utilizing
Continue reading for a recap of the webinar, or scroll to the bottom of the page to watch a replay of the presentation!
By now, we know that cloud outsourcing is inevitable. Whether you’ve already moved to the cloud, or plan on moving soon, the most important thing is that you have the appropriate layers of security to ensure your sensitive data and information is protected.
Ultimately, you’re looking for a single, secure and seamless solution on any cloud path your firm selects.
If you aren’t sure which cloud model is the best fit for your firm, you can bring in a consultant (hint: think Eze!) to help you choose which model is best for your firm specifically.
Security First Approach
Again, whichever model you choose, taking a security-first approach is the key to success in 2019. With potential threats such as malware, social engineering, external hacking, and insider data leakage/theft, mobile device theft and physical security attacks, it's critical to have an up-to-date understanding of the threat landscape to protect what your valuable data and implement the appropriate layers of security.
A security-first approach requires different components in order to create a secure foundation to operate a company such as:
Email Security Components
Cybersecurity/Advance Security Measures
- Employee Security Training
Technology plays a vital role in determining how successful organisations are in meeting their goals. Together, the right technology and IT strategy enables a firm to practice agility through adapting its business models to changing needs of the firm, as well as enhancing existing services and products to meet the ever-evolving needs of the market. Having the right security practices in place is also fundamental to ensuring a firm’s reputation remains intact no matter how aggressive the cyber threat landscape may become.
This blog article will share steps to building the best technology platform to deliver your organisational goals in today’s digital age.
With the new year now upon us, what better time to create your 2019 resolutions for your firm's IT strategy! As we know, the threat landscape is constantly evolving, cloud computing has gained momentum and is now widely accepted in the investment management industry, and new technologies and trends are emerging to support firms with their IT and operational needs.
Continue reading for Eze Castle Integration's recommendations for IT resolutions for 2019:
1.) Create a Cybersecurity Incident Response Plan
As the experts in the industry say, it's not if, but when, a cybersecurity incident will occur. According to a recent report by TechCrunch, cyber attacks are set to spike again in 2019, meaning firms need to continue to stay on top of cybersecurity best practices, utilizing layers of security to protect sensitive data, of course, have a Cybersecurity Incident Response Plan. This includes creating an Incident Response Team consisting of members throughout different departments in the organization, and mapping out the steps to take before, during and after a security incident.
Building on this, developing a Written Information Security Plan, or a WISP, is critical to securing your information, but also required if your firm is registered with the SEC. Having documentation of your firm's plan and systems in place to protect personal information and sensitive company information can help mitigate threats and risk against and protect the integrity, confidentiality, and availability of your firm's data.
3.) Create a comprehensive employee security training program
If you don't have an employee training program, it is critical that you create one in 2019. If you already have an existing employee training program, you must periodically audit this program, ensuring it is both effective and current. Having a managed phishing and training program is an effective way to train employees on how to spot and report phishing and social engineering attempts. These simulated phishing attacks against your employees provide real-time and interactive training.
It’s no secret that technology is the key to seamless business operations. This explains the increase in IT needs and spend we have seen over the years. Moreover, a report from Gartner predicts that spend will increase by up to three percent by 2020, and more so thereafter.
Being cost savvy whilst reaping the benefits of technology and infrastructure advances is the ultimate balance Finance Directors across the globe wish for. Is this possible to achieve, you ask? Yes, we say. Keep reading for three four considerations.
Having a strong technology infrastructure in place is the backbone to any successful business. It helps firms to ensure uptime, unlock maximum operating efficiency and be risk-averse. A ‘strong’ infrastructure model is futureproof. It’s capable of responding quickly and effectively to any new opportunities and threats in the ever-evolving landscape that businesses operate in. Firms today are encouraged to evaluate their existing IT, and to think about shifting from a traditional, sluggish and inflexible structure to a more fluid model.
Keep reading for three key considerations to help your business achieve a futureproof stance.
In any relationship, when things are good, they’re usually pretty good. And when things are bad, sometimes they are really bad. There may come a point when you need to evaluate whether you’re still a good fit together.
Just like with a romantic relationship, your firm’s connection to a service provider (especially an infrastructure/cloud provider you rely on daily) should be strong enough to withstand a few hiccups and healthy enough to warrant open communication at all times. In some cases, it might be clear that you’re in a good place and moving forward together, but sometimes there are sure signs it’s time to call it quits.
Here are a few of those signs:
1. Your provider’s service levels are not up to snuff.
Maybe you recently experienced a major service outage or find that you not-so-conveniently have to work around confusing and interrupting maintenance schedules during work hours. You’re constantly frustrated and don’t feel like you are receiving the level of support that was agreed to – both verbally and as part of your Service Level Agreement (SLA).
Your SLA should clearly indicate the uptime standard (e.g. 99.995% availability) as well as repercussions to any breaches in the contract (for example, service credits) and associated RPOs if disaster recovery is involved