Hybrid Cloud Deployment

Kenja’s Hybrid Cloud Deployment solution is a system that secures data in the client’s servers and a platform that operates as a data broker. It also facilitates workflows for investment banking dynamic case management (DCM) processes, has the highest level of IT security, and is compliant with the latest NIST standards.

The finance and insurance industries are high-profile targets for sophisticated cyber-security attacks due to access to money and sensitive data such as personally identifiable information (PII), M&A documents, and business negotiation details. Since 2022, the financial industry has held second place for the most targeted sector and were in first place for the five years prior.

Consequences of data breach range from legal to reputational losses which cost industries millions. The financial industry spends nearly USD 6M per year and holds second place for the highest data breach cost per industry. Data security is therefore of utmost importance to the sector and regularly updating as well as strengthening the systems are standard practice for the businesses.

Cloud technology in particular has seen an increase in adoption and a recent report by the Cloud Security Alliance indicates 98% of financial organizations use some form of cloud computing. This is due to many factors including the pandemic which accelerated fintech, the processing power of cloud computing, and cost reduction through the elimination of in-house data centres.

However, as stated in an article by The New York Times, “Cloud computing is slowly changing how Wall Street banks handle their business, but concerns with security remain.” This is more so the case for full data migration to the cloud as it suffers from issues around security (e.g. confidentiality and authentication) and data management (e.g. backup and data segregation).

One example of a security issue occurred in 2019 when the first US bank to fully migrate to cloud suffered from one of the largest data thefts in history. A security breach in their cloud hosting company led a hacker into accessing the credit card applications and accounts of more than 100M individuals in the US and around 6M in Canada, costing USD 190M in settlement.

Recognizing the very real risks of full cloud migration, one of the big four investment banks decided to invest in cloud deployment with increased security measures. Traditionally, cloud deployment stores data in the cloud as well as in on-site servers. This means that data from both storages need to be synced, resulting in a potential weak point which may be exploited.

In order to eliminate as many potential risks as possible, Kenja developed the Hybrid Cloud Deployment solution. It is a system that secures sensitive data in on-site servers while using a platform to operate as a data broker in which to access data, ensuring backup security in case of breach. The solution also never runs behind the client’s firewall to allow for greater control and security over the access to the data, taking away the major risk of third-party access to data.

Alongside the hybrid cloud system, the solution is also able to smoothly facilitate investment banking dynamic case management (DCM) workflows with input from Kenja’s past experiences in the finance sector. All of these features are then protected behind the highest level of IT security and compliance with the NIST 1.1 cybersecurity framework to help with data integrity, data confidentiality, cybersecurity risk management, network protection and data protection.

Kenja’s Hybrid Cloud Deployment solution allows data to be kept on-site without compromising on accessibility while equipped with the latest IT and cyber security standards. It is currently being utilized by one of the big four investment banks in the world for its data security as well as its ability to facilitate complex investment banking DCM processes. The Hybrid Cloud Deployment solution may be tailored to suit the requirements of other enterprises.