The financial services industry, like any industry, faces a number of complex issues as they move their technology infrastructure to the cloud. By leveraging SaaS-based cloud services, specifically Salesforce, organizations can increase business agility and scale their resources with increasing speed. However, the benefits of using a cloud-based data copy solution also bring concerns.
Given the global increase in frequency and costliness of ransomware, there is a heightened focus on cybersecurity and privacy, which has led to increased scrutiny on how financial institutions manage security and compliance. When talking about cybersecurity, financial institutions share a responsibility with their cloud service provider to maintain a strong cybersecurity posture. This means that while Salesforce is responsible for the security of the cloud, the financial institution is responsible for managing the security of their data in the cloud. While this might seem like a no-brainer, many institutions migrating to cloud don’t pay enough attention to properly protecting their data.
Compliance and security
Many financial institutions are subject to SEC rule 17a-4 requirements. This rule is specific to electronic data storage. The rule has requirements in regard to length, format, quality, availability, accountability, and other aspects of record retention. Meeting rule 17a-4 requirements is one of the major requirements of companies in the financial services industry when considering a solution to move and/or store data.
The second most common standard within the finance sector is the Payment Card Industry (PCI) compliance. This applies to any company that accepts and stores credit card payments. Per PCI regulation, any company that accepts credit card payment, and stores, processes, or transmits cardholder data, must host the data securely with a PCI-compliant provider.
How Druva’s Salesforce data protection solution fills the gaps
Druva’s solution is 100 percent native to Salesforce, which means the entire data copy is done on the platform, and data never leaves the platform at any point. Because the tool is entirely on the Salesforce platform, it automatically inherits the same security protection as Salesforce. Salesforce is also a PCI compliant provider, meaning that any company using Druva to copy data for any purpose meets the requirements set forth by both PCI and rule 17a-4 of the SEC.
Additionally, the tool has a data masking feature that can mask any field by scrambling the value while maintaining the original format (i.e. ###-##-#### for SSN). This prevents the propagation of sensitive data to development environments, further protecting your data.
Druva offers the best cloud-based solution for data migration. In the status quo, one of the biggest issues with financial services organizations that use Salesforce is populating sandboxes with quality test data. These institutions have two main areas of focus, which are efficiency and security. Druva’s fully cloud-based solution fulfills both requirements.
The Druva difference — Salesforce sandbox seeding
High-quality test data in sandboxes, along with the ability to produce the data automatically, can drastically improve efficiencies for IT development teams within financial institutions.
Salesforce offers sandboxes out-of-the-box without data. Druva automatically populates data into these sandboxes allowing development teams to properly utilize them for various different environments. Explore Druva’s sandbox seeding feature further in our recent blog.
Traditionally, development teams use a single full sandbox for development and QA testing. Druva allows development teams to create multiple environments (proof of concept, development, functional testing, QA testing, user-acceptance testing, integration testing, load and performance testing, staging, and more) to facilitate an effective release management cycle. Additionally, the application will discover and maintain related record relationships to provide more comprehensive test data.
Financial institutions are constantly developing, creating a need for an efficient data copy solution. Druva checks every box. From automatically populating data into sandboxes, to maintaining related record relationships to provide wholesome data. Druva gives administrators access to dashboards, a view of their different environments, and shortcuts to start a data copy project all on one page.
With financial institutions shifting from traditional IT to a cloud-based infrastructure, the need for cloud-based solutions is increasing. Druva offers a cost-effective solution that benefits the institutions using or developing with Salesforce.
Learn more with ESG research
The Enterprise Strategy Group (ESG) recently evaluated Druva’s Salesforce sandbox seeding solution and concluded that it offers an extensive set of features and capabilities to simplify and automate many data protection and management tasks. In addition, Druva’s air-gapped storage enhances an organization’s disaster recovery abilities. Read ESG’s recent analyst report to learn more.
Register for Dreamforce 2021
It’s back! Salesforce will be hosting its annual Dreamforce conference, next week, September 21-23, 2021. Per Salesforce, the event is a “family reunion” for stakeholders, bringing the ecosystem together to share innovations, customer success stories, and thought leadership.
The event will be streaming live on its new Salesforce+ platform featuring four live broadcast channels and over 100 hours of content. Speakers at the event include Will Smith and Jane Fonda, as well as Salesforce CEO Marc Benioff and a host of other C-level executives.