Increasingly, and somewhat ironically given the reservations many bankers have about the security of cloud computing, more security and compliance software offerings are being delivered "through the cloud." Rather than the IT department installing and maintaining the security software in-house, the monitoring and detection of foul play happens from a servicer operating from a remote location and accessing the bank's computers from the web.
A case in point is today's announcement from TraceSecurity that it's launching TraceCSO, software delivered via the cloud that helps banks manage their data security.
"A lot of banks are implementing point solutions, what we hear from our customers is they're fairly disjointed and managed in silos, which makes it difficult to implement a holistic security program," says Dariel LeBoeuf, executive vice president of sales and marketing. "There's a lack of integration, a lot of redundant efforts, a lot of time and expense just managing individual point solutions. We've heard of governance, risk and compliance implementations taking six months to a year and beyond."
Smaller and regional banks find it a stiffer challenge because of their more limited IT resources and staff, he says.
TraceCSO is meant to allow an organizations to evaluate, create, implement and manage a data security program, including cloud security and "bring your own device" concerns. The software is set up to identify risk to an organization's information, including network vulnerabilities, and implement and audits security controls. TraceCSO refers to a global database of hundreds of authorities and more than 25,000 regulations and citations.
The software is sold for an annual subscription rate that scales by employee size, with pricing starting at approximately $5,000.