How to mitigate your risks by partnering with the right security professionals

Security and privacy are crucial aspects of any financial institutions’ core business. With proper security measures in place, you mitigate many of the risks that your business currently faces – and unforeseen threats. It’s essential that your financial institution is running at the highest level of security at all times. This is why many financial institutions have made the strategic decision to rely on IT and security professionals, whose sole focus is security.

While relying on security professionals is a strategic decision, it’s important to choose the right security professionals for your financial institutions. Use the guidelines below to make sure that your security professionals are the right providers for you.

Questions to ask your core banking provider:

  • How will my financial institution’s data be stored?
  • How do you manage access to my financial institution’s data?
  • Is my data stored in a shared database or a separated database?
  • What kind of measures are in place to prevent unauthorised access?
  • How do you prevent against cyber-attacks?
  • What measures are in place to mitigate other risks, like an intrusion or natural disaster?
  • Where are your servers located and how does that affect my financial institution?
  • What is your process for data recovery?
  • Which international security standards do you follow?
  • How do you continually improve your service?

All-in-one banking solution to enhance your financial institution’s security

Oradian prioritised security when designing our award-winning cloud-based banking system, Instafin. Visionary financial institutions are using Instafin to run their operations more securely and more efficiently.

We provide your financial institution with an all-in-one secure and efficient solution. We maintain, upgrade and back-up the system and all your data, while ensuring data recovery is available to you. With Instafin, you run your business more securely – while reducing your operational costs which allows you to focus on your core business of providing financial services to your community.

Talking about their experience using Instafin, Tanya Hotchkiss, Cantilan Bank’s Executive Vice President said, “By moving to the cloud, we are spending less annually for a faster system with superior data security — and we just need an Internet connection. This has given Cantilan more capacity to focus on our core business and financial inclusion mission.” Asian development Bank.

Your data is securely stored

Using Instafin, financial institutions like yours, are efficiently and securely running all of their operations and transactions. Instafin is a community-cloud based core banking system that meets your security and privacy expectations and needs. Within this cloud model, each customer’s data is stored in a separated database and isolated space. Only Oradian’s customers have access to the platform.

The community cloud model provides you with additional benefits. The cost of the infrastructure and managing the databases is shared among all of the cloud provider’s customers. With a private cloud model, your financial institution is required to cover, rather than share, these costs.

Increase security and reduce fraud

We use robust security measures such as server authentication and data encryption to protect customers data from unauthorised access and fraudulent activities. All customers’ data is stored in a secure environment based on defence in-depth principle which means that controls are implemented on the organisational, physical, infrastructure, network and application level to prevent cyber-attacks.

Instafin also offers enhanced security features within the system that gives you, the customer, control over the level of access that each user has. This ensures that each member of your financial institution’s team only accesses the data and functions they need for their specific roles.

Political unrest, geohazard events, data recovery and business continuity

A disaster at a branch or in your region like a flood, conflict or power supply failures will not interrupt your data or your core banking system, enabling you to continue serving your community in times of need. Oradian supports your financial intuition’s business continuity and ensures full recovery of your data in the least possible time.

With the cloud-based software, Instafin, your data is stored in data centres that are geographically dispersed throughout Europe to ensure security, fast recovery and maximum uptime.

Compliance with international security standards and practices

Our cloud-based service is aligned with industry standards and best practices developed by the International Organization for Standardization (ISO) and national government certifications. Both organisations granted multiple certifications to the data centres that we use.

Oradian is also a member of the Cloud Security Alliance, the world’s leading organisation dedicated to promoting best practices for secure cloud computing.

Looking for more information about your financial institution’s security with cloud computing?