Colocation in Financial Services- The Certification That Are Important

40% of American consumers have not physically gone to a bank or credit union in the past six months, and 48% of today’s consumers interact with their banks exclusively through digital means. Financial institutions are no longer solely focused on brick-and-mortar facilities, as they are being replaced by online accounts and e-payments. Not being able to return money to customers or exposing confidential information could undermine customer trust.

Organizations in the financial services for colocation and Fintech sectors have a wide range of options when it comes to building their own data centers, but colocation offers significant advantages for those who cannot afford to do so.

To meet their compliance requirements, financial services must select a facility that can handle their sensitive and mission-critical workloads. After all, these are some important certifications to bear in mind while selecting your colocation data center.

Industry Data Security Standard Payment Card

PCI compliance is required by online bank institutions and major payment processors for additional security. PCI ensures the secure transmission, processing and storage of information on consumer credit cards on the Internet.

Certification OC 2 Type II

The Type II Standard of AICPA SOC 2 examines the safety, availability and system’s integrity used by a data center to process users’ data, as well as the confidentiality and privacy of the data these system processed.

The SOC 2 report has two types; Type I is the appropriateness of the design of the controls and Type II is the effectiveness of the controls.

A company with SOC 2 Type II certification has demonstrated that it is capable of keeping sensitive data from its customers secure and essential for the financial industry.

Standardization International Organization

Another ISO 27001 security certification specifies a number of requirements to confirm the safety risks of your infrastructure. This certification is popularly gaining in parallel with the growing number of recent security breaches. By examining both the physical and network protection of a colocation facility, ISO will help reduce such risks.

Management of Federal Information Security Act

The last certification to which we are going to refer is FISMA. It was adopted almost 20 years ago by Congress and provides the government agencies and contractors with security guidelines. If a placement facility contains government data, it must meet FISMA standards. This involves higher categories of risk and clearance for this type of sensitive data.

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