Is your data lost within the virtual cloud?
Regulators in other countries, including the Netherlands and Australia, have issued reminders about considering the risks of outsourcing information which are stored in The Cloud. The key Regulatory concerns are: knowing where your data is, having a contract with the people who hold it, and being able to get it back.
The Cloud service has three characteristics that differentiate it from traditional hosting. It is sold on demand; it is elastic- users can have as much or as little of a service as they want at any given time; and most importantly in this case, the service is fully managed by the provider.
Hosted solutions such as eShare, the Governance Software Provider, are pleased that the Regulators have made a distinction between the two services. However eShare don’t believe the advice goes far enough.
The wider issue is that many schemes haven’t even started centralising knowledge yet, with information dispersed amongst advisors, employers and other parties, and no way of keeping track of where it is and who has access. This sort of sensitive data needs to be together in one secure system, as well as being in the right system.
Utilising eShare will solve all this – your information is available in a central electronic location, you know where the data is stored, who has access, and you have a contract with us.
Barclays Bank, Bank of England, Nationwide Bank, The UK Pensions Regulator and a National Health Service Trust are all clients of eShare with a high interest in security. Penetration Testing has been undertaken by the provider itself, as well as various high profile clients. This is the fundamental difference between relying on The Cloud which is impossible to manage, and a secure hosted solution such as eShare keeping your information safe.
“We are pleased that the distinction has been made between hosted solutions and data being stored in The Cloud. Hosted solutions ensure you know where your data is stored; you know who has access; you know how your data is handled; and you know how to get it back.” Alister Esam, CEO, eShare.