Compliance as Code with HYMDL for Financial Services
Overview
The Financial Services industry is known for being risk-averse, which has made it slow to adopt new technologies. This is especially true for cloud technology, which was initially seen as a risky proposition. In the early days of cloud, there were concerns about security, reliability, and data privacy that made it difficult for Financial Services companies to justify the risk of moving their critical applications and data to the cloud. Additionally, highly regulated industries like Financial Services must get things right the first time, or risk being front-page news due to a security breach or compliance violation.
However, over time, it became clear that the benefits of cloud technology could not be ignored. The scalability, flexibility, and cost-effectiveness of cloud infrastructure made it an attractive option for many Financial Services companies. As a result, many companies began to explore cloud solutions, but they still approached it with caution. Rather than taking a “let’s get there first and figure out the rest” approach, they took their time to make sure they got it right. A prominent bank in California (the client) is one of those organizations that took a cautious approach to cloud adoption. The client recognized the benefits of cloud technology, but they also understood the importance of security and compliance in their industry. As a result, they implemented numerous processes and tools to shift-left with their security posture. However, they still required any application destined for public cloud to go through multiple checks before it could go live for consumers.