What You Should Know About Cloud Compliance

cloud compliance

Compliance is defined as regulations, set by anyone from the government, to regulatory bodies. And in our new world of remote work and cloud storage, data is flying around all over the place. People are accessing it from a range of devices, thus, making cloud compliance harder than ever. So, in today’s blog, we’ll go over a few important details to consider for keeping in line with cloud compliance regulations.

Firstly, let’s note that cloud compliance isn’t security

Whilst much of cloud compliance regulation is focused on maintaining security, that’s not its sole focus. So just be aware that whilst you may be ticking every box on the cyber security front, there could be other areas such as rules around say, data retention or accounting conventions.

Keep your assets visible and know where they’re located

You can only ensure cloud compliance on the cloud assets that you know you have. Virtual resources can easily become forgotten about, so make sure you stay abreast of all the digital assets to your business’s name. A key aspect of this is staying on top of where certain assets are stored. Depending on your regulations, to meet them, you’ll have to choose a cloud provider that can ensure data is stored in a particular geographical region. And if you’re using your own private cloud, then you’ll have to take your own, similarly strict measures to meet cloud compliance regulations.

Reporting and auditing is your friend

Reporting will keep you in the loop regarding where your data is located and that it’s meeting cloud compliance requirements. Your cloud service provider should provide regular and comprehensive reporting that your cloud compliance requirements are being met. And if you’re managing your own cloud, you need to set this up yourself. Quite often your customers will ask to see these reports and it’s your responsibility to them to ensure these reports are accurate. Audits are also key for knowing where you stand on the cloud compliance front. These are evaluations often performed by a business – or a third-party they hire – that offers an evaluation on how well a business is meeting cloud compliance. It looks at everything from business departments, to third parties, and even clients.

Staying in line with MiFID II

cloud compliance

Financial services businesses must stay in line with this framework instituted by the European Union. MiFID II says that all records of a trade must be maintained for a minimum of five years. Far too many businesses rely on their cloud provider to keep copies of their messages. However, typically, these providers don’t offer a full, reliable copy indefinitely.

To stay in line with MiFID II, maintain these best practices:

  • A full record of any messages that traders send to clients via email, telephone calls, etc.
  • A comprehensive overview of devices and where all your data is saved; saving data within a central point is recommended.
  • A record of any interaction a customer has that could influence a trade.
  • Avoid using instant messaging platforms like Microsoft Teams for talking to clients as these messages will be encrypted and hard to record.

As we can see, cloud compliance can be a tricky task to get right. To save yourself the headache, boost the security of your systems and stay within the law, Support Tree cloud computing services can help.

Click here to see how Support Tree can help you stay in line with compliance regulations in the Cloud.