Cloud technology and data security challenges at BCS Financial

¶ … Management

Over the last several years, a wide variety of financial institutions have been facing a number of different security challenges. This is because of the information that they are storing has sensitive data about their clients such as: the social security numbers and net worth. Over the course of time, this has become a major target for identify thieves who are looking to steal this material. At which point, the total amounts of attacks against these kinds of organizations have increased exponentially. A good example of this can be seen with a report that was released by the security firm McAffe. They identified 72 remote access threats that were directed against financial and government institutions over a five-year period. What makes this report so disturbing is that the attacks were largely undetected. As they were designed to steal vast amounts of data, without alerting security officials about their presence. This is significant, because it is illustrating how the overall scope of the threats against financial institutions has risen dramatically. (Bourdeau, 2011)

In the case of BCS Financial, they have been facing a number of possible challenges. Part of the reason for this, is because they are serving a variety of high net worth clients. As, the firm is known for storing and retrieving tremendous amounts of personal data that can be used as a way to understand the needs of each customer they are working with. As a result, the company is facing challenges surrounding the security of the information that they are storing. To prevent any kind of information from being compromised means that the firm must introduce a protocol that can effectively deal with these kinds of threats. To fully understand the way this can be achieved requires: examining how the use of technology can make the business more efficient, studying the impact of cloud technology protocols and the importance of planning / control procedures to protect confidential information. Once this occurs, it will offer specific insights about how the company can be able to address any possible threats. While at the same time, allowing them to utilize technology to more effectively service their clients.

Explain how using technology can make the business more efficient

The use of information technology can make the branch office of BCS Financial more efficient. The reason why, is because this will allow financial advisors and support personnel to quickly access client information about: their holdings, risk tolerance, financial objectives along with other relevant data. At which point, representatives can be able to offer customizable solutions that will address the individual needs of each customer in everything ranging from: the purchasing equity securities to estate planning. This is a part of an effort to keep up with the changes that the competition has been continually embracing. A good example of this can be seen by looking no further than, the system that is being utilized by ING Financial Services. Where, the firm has introduced a technology solution that will allow portfolio managers to communicate with buy and sell side analysts through the Bloomberg's primary research platform. As, this is designed to provide them with an advantage by: having greater access to the markets to assist clients in making decisions. This is significant, because it is illustrating in how numerous financial institutions are using this technology to improve their ability to service clients. ("ING Investment Management," 2011)

In the case of BCS Financial, a similar kind of solution is going to be utilized to provide our advisors with access to the latest technology solutions to address these challenges. At the same time, this will help the firm to be able to keep up with the changes in the technology that is being embraced by the competition. Once this occurs, it means that we can be able to offer customizable solutions that are superior to what many different competitors are providing. Once this takes place, we can address the specific needs of customers and increase the total amount of assets that are under our control.

The software packages that will be utilized

The first line of defense for BCS Financial is to use several different programs that IBM is offering to deal with cloud computing to include: Cloudburst and Systems Detector. Cloudburst is designed to provide a virtual firewall for all information that is being retrieved from remote data storage facilities. As, it encrypts and protects hackers from being able to monitor and attach Trojan horses to various data downloads. While, the systems detectors is when you can manage a host of different programs across a number of platforms. This will ensure that all applications that are being utilized will be able to: work effectively with the Cloudburst firewall that has been established. These different elements are important, because they are showing how this kind of software will allow the firm to download a wide variety of information from a number of different databases. While, allowing us to not worry about: any kind of major security breaches. ("IBM Systems for Cloud Computing," 2011)

The networks

The best network provider to store the massive amounts of data for the company is IBM. The reason why, is because they can deliver a virtual cloud network. This will improve our ability to integrate the different security features into the storage solutions that we are utilizing. Once this takes place, we will be taking steps to create a customizable protocol that will address the needs of BSC Financial Services. ("IBM Systems for Cloud Computing," 2011)

Email / instant messaging programs

Attached to the virtual cloud network are a series of different email and instant messaging programs that will address the underlying needs of the firm. This will prevent any kind of possible breaches by allowing managers to control and monitor what activities are taking place. ("IBM Systems for Cloud Computing," 2011)

Website vulnerability

The programs that we are using through IBM are addressing these issues over the long-term. The reason why, is because we are taking all of them and will apply them as a total solution for protecting the firm's information. This will help to prevent breaches to our website by taking these elements and combining them as one single security solution. Where, we can have the storage of the site held with IBM as part of the virtual cloud network. Once this occurs, it will improve our ability to contain all information under one massive firewall with multiple security blocks that are in place. ("IBM Systems for Cloud Computing," 2011)

The disaster recovery plan

To prevent the loss of any kind of data we will store all information on numerous flash drives. These are portable pin drives that will back up all information on daily basis and will be stored inside a safe located at the firm. In the event that there is some kind of loss of data, executives will have access to the previous day's information through these devices. This is the point that we can be able to quickly adjust to changes that are occurring and mitigate the loss of data in the virtual network. ("IBM Systems for Cloud Computing," 2011)