February 29, 2016 | REAN Cloud
- SECURITY – Most people would think this would be the number one reason you would not move to the cloud, but in reality this is the top reason why you should. Cloud enables you to architect highly resilient architectures and there are technologies and services that will accelerate implementing security controls and compliance checks at scale. For example, the AWS cloud has gone through stringent 3rd party assessments and accreditations and in compliance with many industry and international standards. Furthermore, the portfolio of security services AWS offers range from Key Management service to manage encryption, Virtual Private Clouds to isolate network traffic, Web Application Firewalls, private fiber to the cloud with Direct Connect, storage options such as S3 and EBS with built-in Server Side Encryption. Moreover, AWS has a rich ecosystem of security technologies made cloud-ready from well-known security ISV’s (TrendMicro, Sophos, Fortinet etc) that are well-known with similar products/solutions deployed in traditional data centers that can be implemented to further secure your cloud deployment.
- FINANCIAL MARKETS COMPLIANCE – FINRA and SEC both use the AWS Cloud to assist in monitoring and maintaining compliance in the financial markets. FINRA—the Financial Industry Regulatory Authority – uses AWS to collect and analyze billions of brokerage transaction records everyday to ensure trading compliance. The SEC uses Tradeworx MIDAS program to reconstruct market events for high frequency trading.
- SCALE OUR COMPUTE – Many financial firms run compute-intensive applications whether it is Monte Carlo simulations to calculating value at risk of large portfolios. Financial services software systems have the capability to execute millions to billions of transactions daily. AWS EC2, especially their high performance computing instance types, provide thousands of servers within minutes. This not only provides a significant cost savings by only paying for compute capacity when the systems are in use but also gives virtually unlimited burst capacity for the organizations to run most complex financial simulations.
- VIRTUALLY UNLIMITED STORAGE AND BIG DATA – Financial firms need to store massive amounts of data from application loan documents, bank transactions, stock and commodities trading, market tick data, the amount of types and storage requirements are endless. However, the cloud provides an easy answer to the challenges of maintaining and analyzing big data. There are many storage options in the cloud depending on your performance and latency requirements. Throw in the options of Hybrid Cloud solutions where you can access the most freequently used data local with remaining data backed-up to AWS, possibilities are endless with significant cost savings. Furthermore, there are many big data solutions to accelerate your data management, such as AWS Redshift for a petabyte scale analytical data warehouse or AWS Kinesis for streaming data, and AWS Elastic MapReduce to build out clusters of compute nodes to to process and analyze data at a scale in parallel.
- COST OPTIMIZATION – Simply put, you can architect your workloads to run faster, change with greater agility, scale to meet demand, and at a lower total cost of ownership. There are many features of cloud computing that help optimize your cost structure. First you don’t have to have large capital expenses and build data centers and server farms. Second, you only have to pay for what you use and when you use it. You can further reduce your cost structure by leveraging Reserved Instances for servers where you know how much you need them and use Spot Instances to bid on capacity in the times where you need to burst.
There are many compelling benefits and features that make the AWS Cloud attractive to financial services firms. There are a few AWS Consulting Partners when it comes to migrating, implementing and managing secure workloads that you can reach out to assist in better understanding how your financial firm can benefit from AWS cloud tailored to your needs. REAN Cloud, an AWS Premier Consulting Partner, has the combination of AWS expertise, security and compliance domain knowledge, with financial services customer experience who can help accelerate your journey and provide best practice guidance along the way.