Lloyds Retail Bank prove the value of having full cloud-native solutions
The cloud allows businesses to link individuals, data, and processes in new ways to take advantage of the opportunities provided by digital technology.
Considering the benefits of cloud security, major corporations are adamant about switching to the cloud, and most are already doing so. Today, we will look at how Matt Davis, Head of Cloud Engineering, Lloyds Banking Group, implemented digital transformation at Lloyds.
Benefits of cloud security
Cloud security is becoming increasingly important as businesses move more of their data and resources to the cloud. Let’s look at some of its benefits;
High levels of availability and assistance
The best cloud storage security approach ensures that a company’s assets are protected at all times – this includes live surveillance 24/7, every day of the year. There are built-in redundancies to ensure that the company’s website and apps are always available.
Flexibility
If you’re increasing or decreasing capacity, cloud security gives you the protection you need. By scaling up the cloud security resources, you can prevent server crashes during times of heavy traffic. After the spike in traffic has passed, you should scale back down to save money.
DDoS protection
The number of Distributed Denial of Service (DDoS) attacks is increasing. A top cloud computing protection solution focuses on preventing mass amounts of traffic from being directed towards a company’s cloud servers. To reduce risk, this involves tracking, absorbing, and dispersing DDoS attacks.
Regulatory adherence
Top cloud computing security technologies assist businesses in maintaining improved infrastructures for regulation and protecting personal and financial data.
Data protection
Cloud security has protocols to secure confidential information and transactions in the ever-increasing age of data breaches. The protocols prohibit eavesdropping or tampering with data being transmitted by a third party.
What is the importance of cloud security in the finance/banking industry?
Even though many experts are concerned about cloud security, Modor Intelligence reported that the cloud security market is expected to expand at a 33.1% CAGR from 2021 to 2026.
More and more financial institutions are adopting or in the process of implementing blockchain technology; it is better to use the right partner than to keep the data on your own. When sharing data, information, and money, blockchain capabilities provide a very high level of safety and security.
Enhanced credentialing, data protection, and SSL management are all available via cloud security tools. Security is a driving factor in the finance/banking sector, making cloud services more important than ever.
Matt Davis’ digital transformation at Lloyds Banking Group
Matt joined Lloyds Banking Group in 2017. Much of his work involves proving the power of cloud-native platforms in an environment that faces much regulatory scrutiny.
Matt has supported Llyod’s transformation strategy to digitise and streamline customer experience by leading several technological initiatives for the bank, including developing a plan to introduce container technology in the public cloud. These projects were critical in proving that we could use the cloud to create real value while remaining secure.
As a result, Matt had the support to move forward with the development of a new cloud platform for Lloyds’ transformation: Cloud-Native Engineering (CNE). CNE is, in Matt’s own words, a “true engineer’s platform”—a 100% cloud-native ecosystem that enables the rapid development of greenfield apps and products on top of Kubernetes and other PaaS services.
Innovating in a financial services environment often means going the extra mile to establish security and control on top of the benefits to pace and scale. CNE pioneered best-in-class principles, such as zero-trust security, to drive the highest standards for the bank.
Lloyds now has a highly secure and more powerful digital capability, enabling engineers to release new code in just 15 minutes, where previously, it took over a month. For example, the bank used the platform to build a scalable chatbot that has served millions of customers during the COVID-19 pandemic, reducing pressure on call centres.
