Is Hybrid Cloud The Best Option For Organisations In The Financial Sector?

What do you need to consider when choosing your cloud provider?

In the financial services industry, a hybrid cloud approach is becoming increasingly popular. In fact, 81% of financial services firms consider cloud technology to be essential for achieving business goals, and 74% have adopted a cloud-first strategy for new application development.

However, building and supporting a hybrid cloud infrastructure and container application platform in-house can be a complex and time-consuming task. This involves re-evaluating IT operations, managing ongoing security and compliance, and developing staff skills and abilities. Therefore, ensuring compliance with existing and proposed regulatory requirements in a new environment is crucial. Financial services firms often use an average of three public clouds in addition to privately operated infrastructure, making it essential to understand how to connect and manage all environments consistently.

Adopting managed cloud services can help overcome these challenges and speed up the achievement of your goals. Deploying a consistent hybrid cloud application platform, such as Red Hat® OpenShift®, across your infrastructure can further simplify operations while enhancing security, helping compliance, and improving application portability.

But what else would your organisation need to consider?

Operations management

As a business, you should ensure your cloud service provider aligns with your organisation’s requirements by examining detailed documentation on their governance model for third-party services. It is in your best interest to monitor the performance of essential services in real-time, in order to meet service level agreements (SLA), and for future assessments, record log data for auditing and demand detailed documentation on performance.

Disaster Recovery

A comprehensive disaster recovery strategy encompasses all aspects of business operations, from data protection and application availability to network integrity and infrastructure redundancy. Regular testing of these measures is essential to validate their effectiveness and identify potential vulnerabilities. Establishing clear metrics for service availability and recovery time objectives (RTOs) provides a framework for assessing and optimising the resilience of your cloud-based environment.

It is crucial to ensure that your disaster recovery plan aligns with the capabilities and infrastructure, allowing you to retain access and/or identify potential relocation sites in the case that a disaster recovery scenario is needed. It is compulsory for your third party to maintain compliance with data residency regulations

Security and compliance

As you navigate, you should place ongoing emphasis on security and compliance, particularly within the financial sector. Despite the presence of shared responsibility models, your organisation bears the full burden of risks. The correct software will enable you to align your cloud services with security regulations. A thorough understanding of the ins and outs will enable your organisation to continuously adapt controls, including third-party management, for a proactive security approach.

How can RedHat be beneficial? 

Hybrid cloud environments are essential for success in today’s highly competitive financial services market. Managed cloud services can help your organisation adopt hybrid and multi-cloud environments rapidly and efficiently. Red Hat OpenShift cloud services simplify deployment and operations while saving costs and giving you a consistent application platform across on-site, cloud, and edge infrastructure.

Recarta can offer cloud services to suit your organisations needs on the following:

Red Hat OpenShift on AWS
Microsoft Azure Red Hat OpenShift
Red Hat OpenShift on IBM Cloud

If you would like to hear more about how Recarta can support you with your cloud services – please do not hesitate to contact us.

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