DevSecOps: When DevOps’ Agile Meets Continuous Security

The business landscape today is extremely unpredictable. The number of applications that are hosted on disparate cloud environments or on-prem has proliferated exponentially, and hence there is a growing need for swifter detection of discrepancies (compliance and security-related) in the IT infrastructure. Continuous security during the development and deployment of software is critical as there is no forewarning when and where a breach could happen. As organizations evolve, there is always a need for greater adherence to security and compliance measures.

Earlier, software updates were fewer. Security, then, was not a pressing concern and it was standard to conduct security checks late in the software development lifecycle. However, the times have changed. Frequent software updates imply that codes are changed frequently as well. In turn, this poses unimaginable risks (if care is not taken) and as there are changes in attack surfaces and risk profiles. So, can organizations afford to be slack about security? 

The answer is no. Security is not optional anymore, it is a fundamental requirement and must be ingrained at the granular level and hence the concept of continuous security. To arrest any flaw or breach or inconsistency in design (before it too late). Organizations must check different aspects of security periodically. Whether the check happens after a predefined time or in real-time depends upon the need of the business. Security checks can be manual or automated; it can be a review of configuration parameters on one hand and constant activity monitoring on the other.  

Defining Continuous Security 

Constant activity monitoring became de facto with the rise of parameter security. And when that happened, operations started using systems like IDS, IPS, WAF, and real-time threat detection systems. But this kind of security approach tended to take account of security monitoring involving operations or infrastructure teams. The continuous security paradigm made it possible for organizations to ensure greater levels of security. The continuous security model relies on organizational processes, approvals, and periodic manual checks to monitor the different kinds of hardware and software involved in operations.

Why DevSecOps 

“In 2018, Panera Bread confirmed to Fox News that it had resolved a data breach. However, by then it was too late as the personal information including name, email, last four digits of customer credit card number had been leaked through the website. Interestingly, Panera Bread was first alerted to the issue by security researcher Dylan Houlihan. According to KrebsOnSecurity 37 million accounts were likely to be impacted.” 

As organizations realized the importance of continuous security, the need for making it an extension of the DevOps process arose. Organizations desiring streamlined operations adopt DevOps as a means to shorten the systems development life cycle and ensure continuous delivery with high software quality.  

As DevOps, Cloud, and Virtualization gained prominence, agility and flexibility became the new axioms of development. But existing security and compliance processes that involved multiple levels of stakeholder engagement, and associated manual checks and approvals were time-consuming and tedious. A barrier to the development of a truly nimble enterprise.

We also know that as the number of people involved (stakeholders) increases, it takes greater effort to keep the business streamlined and agile. Despite that, stakeholders are integral to the DevOps process as they are responsible for the speed of delivery and quality of the application. Another barrier arises as a result of the bias and error inherent in manual security and compliance checks.    

Businesses must give due consideration to security best practices while ensuring the speed of delivery, flexibility, and agility as continuous changes in software during  DevDops are risky. But when security is integrated into DevOps’s continuous delivery loop, the security risks are minimized significantly. And so the natural extension of the concept of DevOps to DevSecOps. In the scheme of things, DevSecOps is where agile and continuous security meet.  

Ingraining Continuous Security in DevOps

While earlier, security was incorporated at the end of the software development lifecycle through manual/automated reviews, DevSecOps ensures that changes are incorporated at every stage. In doing so, loopholes that exist in code are revealed early. A quick reconciliation or remediation ensures better lead times and delivery outcomes.

Traditionally, instead of running security and compliance checks in parallel, security was taken care of after the application life cycle was complete. Though in recent years, developers have taken to writing safe code and following security best practices for developing applications, even today enterprises have not assimilated security in the continuous delivery process., Security assessments, PEN testing, vulnerability assessment, etc., are not covered in the DevOps cycle. As a result, the objective of “software, safer, sooner” is not achieved.     

SecDevOPs’ biggest asset is its inclusivity. It addresses security at every layer. All stakeholders are involved as well at the very beginning of the application’s lifecycle. It is a continuous process. Here, the security teams use all the tools and automation done by DevOps in conjunction with security teams.

Advantage of DevSecOps

DevSecOps Security is Built-In

DevSecOps runs on a very simple premise. Ensuring application and infrastructure security from the very beginning. Automating security tools and processes is integral to this approach as it is dependent on the speed of delivery that takes a hit whenever repeated or recurring low-complexity tasks are allocated to manual labor. Security scans and audits are onerous and time-consuming if done manually. 

However effective the DevOps team may be with automation and tools, its success depends upon integrating the work of security and audit teams within the development lifecycle. The sooner done, the better. As data breaches become common and the costs of remediating them are exorbitant, it becomes crucial to employ security experts at every stage of the software development life cycle instead of relegating them to gatekeeping activity.        

“DevSecOps is security within the app life cycle. Security is addressed at every stage”

DevSecOps Solution to Compliance Concern

With more access comes a greater threat. As applications moved to the cloud and DevOps became the much-sought means for streamlining operations, there were concerns about breaches. As third-party vendors were accessible to many of the internal processes, it became necessary to delineate access and ensure greater compliance. With the DevSecOps approach, all the fears were repudiated. It was evident that DevOps had no adverse effect. Instead, it ensured compliance. It is now more important to focus on how DevOps is implemented. How to balance automation of compliance adherence with minimal disruption to the business.  

Seven Salient Features of the DevSecOps Approach 

    Promote the philosophy “Security is everyone’s concern”

Develop security capability within teams and work with domain experts. Security teams work with DevOps to automate the security process. DevSecOps operatives work with security teams and integrate security as part of the delivery pipeline. Development teams and testing teams are trained on security so that they can focus on security to be as important as functionality.

❖     Address security bugs early.

Find and fix security bugs and vulnerabilities as early as possible in the Software Development Lifecycle (SDLC). This is done by automated scans and automated security testing, integrated with CI/CD pipeline. This requires a shift left approach in the delivery pipeline – the development and testing teams fix the issues as soon as it arises and then moves onto the next stage of the cycle. Right after addressing the concern. 

❖     Integrate all security software centrally

Integrating all security software (which includes code analysis tools, automated tests, vulnerability scans, etc.,) at a central location – accessible to all stakeholders. Since it is not viable to address multiple concerns at the same time. As it is a bit too much work in the early stages of the project, teams must prioritize. Priority must be accorded based on potential threats and known exploits. Doing this would help utilize the test results more effectively. 

❖     Continuously measure and shrink the attack surface.

Going beyond perimeter security by implementing continuous vulnerability scans and automated security tests minimizes the attack surface. Issues and threats are addressed before they can be exploited.

❖      Automation to reduce effort and increase accuracy.  

Agility and accuracy in security risk mitigation are dependent on the ability of the DevOps team to automate. This reduces the manual effort and associated errors that arise due to ingrained bias and other factors. The choice of tools used by the team is important as it should support automation. For obvious reasons, organizations prefer open-source tools as they are flexible and can be modified.  

  ❖    Automation in change management 

The push for automation has resulted in teams (involved application development and deployment) defining a set of rules for decision making. Increased availability of automation tools and machine learning gave greater impetus to change management automation. Only exceptional cases require manual intervention, thus decreasing the turnaround time.

❖     Ensures 24 x 7 compliance and reporting 

Compliance no longer remains a manual and cumbersome work to be done at certain times in the software life cycle. DevSecOps enables using automation to monitor compliance continuously and alert when the possible risk of breach happens. Compliance reporting often considered as an overhead, and time-intensive activity is now readily available. Thus, a system can be in a constant state of compliance.

DevSecOps – ensuring agility and security

The ever-increasing complexity in multi-cloud and on-premise and the highly distributed nature of DevOps operations (teams are spread across different zones) are driving organizations to ensure that continuous security is one of the pillars of the operational processes. In the evolving business landscape in the COVID-19 era, DevSecOps drives a culture of change. One, where security is no longer a standalone function and security teams work in tandem with development and testing teams to ensure that continuous deployment meets continuous security.     

As a leading technology company for financial services, Magic FinServ enables clients to scale to the next level of growth at optimal costs while ensuring adherence to security and compliance standards. Partnering with clients, in their application development and deployment journey, we establish secure practices from Day 0 to implement SecDevOps practices. From continuous feedback loops to regular code audits, all are performed in a standardized manner to ensure consistency. 

To explore DevSecOps for your organization, please write to us at mail@magicfinserv.com.

Assessing your firm’s Cloud Maturity

Burdened by silos and big and bulky infrastructure, the financial services sector seeks a change that brings agility and competitiveness. Even smaller financial firms are dictated by a need to cut costs and stand out. 

“The widespread, sudden disruptions caused by the COVID situation have highlighted the value of having as agile and adaptable a cloud infrastructure as you can — especially as we see companies around the world expedite investments in the cloud to enable faster change in moments of uncertainty and disruption like we faced in 2020.” Daniel Newman 

Embracing cloud in 2021

The pandemic has been the meanest disrupter of the decade. Many banks went into crisis mode and were forced to rethink their options and scale up to ensure greater levels of digital transformation. How quickly these were able to scale up to meet the customer’s demands became a critical asset in the new normal. 

With technology stacks evolving at lightning speeds and application architecture replaced with private, public, hybrid, or multi-cloud, the financial services sector can no longer resist the lure of the cloud.  Cloud has become synonymous with efficiency, customer-centricity, and scalability.  

Moreover, most financial institutions have realized that the ROI for investment in the cloud is phenomenal. The returns that a financial firm may get in 5 years are enormous. As a result, financial firms’ investment in the cloud market is expected to grow at a CAGR of 24.4% to $29.47 billion by 2021. The critical levers for this phenomenal growth would be business agility, market focus, and customer management.               

Unfortunately, while cloud adoption seems inevitable, many financial industry businesses are still grappling with the idea and wondering how to go about it efficiently. The smaller firms are relative newcomers in terms of cloud adoption. The industry had been so heavily regulated that privacy and fear of data leaks almost prevented the financial institutions from moving to the cloud. The most significant need is trust and reliability as migration to the cloud involves transferring highly secure and protected data. Therefore, the firms need a partner with expertise in the financial services industry to securely envision a transition to the cloud in the most seamless manner possible.  

Identifying your organization’s cloud maturity level     

The first step towards an efficient move to the cloud is identifying your organization’s cloud maturity level. Maturity and adoption assessment is essential as there are benefits and risks involved with short-and long-term impacts. Rushing headlong into uncharted waters will not serve the purpose. Establishing the cloud maturity stage accelerates the firm’s cloud journey by dramatically reducing the migration process’s risks and sets the right expectations to align organizational goals accordingly.

Progressing from none to optimized, presented below are the levels in terms of maturity. Magic FinServ uses these stages to assess a firm’s existing cloud state and then outlines a comprehensive roadmap that is entirely in sync with the firm’s overall business strategy. 

STAGE 1: PROVISIONAL

Provisional is the beginner stage. At this stage, the organization relies mainly on big and bulky infrastructure hosted internally. There is little or no flexibility and agility. At the most, the organization or enterprise has two or three data centers spread across a country or spanning a few continents. The LOBs are hard hit as there is no flexibility and interoperability. Siloed culture is also a significant deterrent in the decision-making process. 

The process for application development ranges from waterfall to basic forms of agile. The monolithic architecture/three-tier architecture hinders flexibility in the applications themselves. The hardware platforms are typically a mix of proprietary & open UNIX variants (HP UX, Solaris, Linux, etc.) to Windows.

There is a great deal of chaos in the provisional stage. Here the critical requirement is assessing and analyzing the business environment to develop an outline first. The need is to ensure that the organization gains confidence and realizes what it needs for fruitful cloud implementation. There should be a strong sense of ownership and direction to lead the organization into the cloud, away from the siloed culture. The enterprise should also develop insights on how they will further their cloud journey.

STAGE 2: VIRTUALIZATION 

In this next stage of the cloud maturity model, server virtualization is heavily deployed across the board. Though here again, the infrastructure is hosted internally, there is increasing reliance on the public cloud. 

The primary challenges that organizations face in this stage of cloud readiness are related to proprietary virtualization costs. LOBs may consider accelerating movement to Linux-based virtualization running on commodity servers to stay cost-competitive. However, despite the best efforts, system administration skills and costs associated with migration remain a significant bottleneck.

STAGE 3: CLOUD READY 

At this significant cloud adoption stage, applications are prepared for a cloud environment, in the public or private cloud as part of the portfolio rationalization exercise. 

The cloud migration approaches are primarily four types   

  • Rehosting: It is the most straightforward approach to cloud migration and as the name implies consists of lifting and shifting applications, virtual machines from the existing environment to the public cloud. When a lift-and-shift approach is employed, businesses are assured of minimum disruption, less upfront cost, and quick turn-around-time (this is the fastest cloud migration approach). But there are several drawbacks as well – there is no learning curve for cloud applications. Performance is not enhanced as there is no change in code. It is only moved from the data center to the cloud.        
  • Replatforming: Optimize lift and shift or move to another cloud from the existing cloud. Apart from what is done in the standard lift-and-shift, it involves optimization of the operating system (OS), changes in API, and middleware upgrade.   
  • Refactoring/Replacing: Here, the primary need is to make the product better and hence developers re-architect legacy systems to build cloud-native systems from scratch.    

The typical concerns at this cloud adoption stage are quantitative such as the economics related to infrastructure costs, developer/admin training, and interoperability costs. Firms or organizations are also interested in knowing the ROI and when it will finally break-even.

At this stage, an analysis of the organization’s risk appetite is carried out. With the help of a clear-cut strategy, firms can stay ahead of the competition as well. 

STAGE 4: CLOUD OPTIMIZED

Enterprises in this stage of cloud adoption realize that cloud-based delivery of IT services (applications or servers or storage or application stacks for developers) will be its end objective. They have the advantage of rapidly maturing cloud-based delivery models (IaaS and SaaS) and are increasingly deploying cloud-native architecture strategies and design across critical technical domains.

In firms with this level of maturity, cloud-native ways of developing applications are de facto. As cloud-native applications need to be architected, designed, developed, packaged, delivered, and managed based on a deep understanding of cloud computing frameworks, the need is for optimization throughout the ecosystem. The applications are designed for scalability, resiliency, and incremental enhance-ability from the get-go. Depending on the application, supporting tenets include IaaS deployment & management and container orchestration alongside Cloud DevOps. 

Conclusion

Cloud adoption has brought the immense benefits of reduced Capex Spend, lowered complexity in IT management, and improved security and agility across firms. The financial services sector has also increasingly adopted the cloud. Despite the initial apprehensions in terms of security and data breaches, an overwhelming 92% of banks are either already making effective use of the cloud or planning to make further investments in 2021/22, as evident from a report by the Culture of Innovation Index, recently published by ACI Worldwide and Ovum.  

While cloud adoption is the new norm, doing it effectively starts with identifying where the firm is currently and how long the journey is to be ‘cloud-native.’ 

Magic FinServ’s view of Cloud Adoption for Financial Firms

Magic FinServ understands the importance of a practical cloud roadmap. It strategizes and enables firms to understand what it is that they need. We are committed to finding the right fitment according to the financial firm’s business.

While in recent times, the preference is for a multi-vendor hybrid cloud strategy. With our cloud assessment and remediation services tailored specifically for financial institutions, we thoroughly understand the specialized needs of the capital market. Our team comprises capital-market domain expert cloud architects who assess, build, design, migrate cloud solutions tailored just for capital market players, and are in total compliance with the industry’s complex regulatory requirements.

At Magic FinServ, the journey begins with assessing maturity in terms of technical and non-technical capabilities. Magic has developed a comprehensive 128 point assessment that measures your organization’s critical aspects of cloud and organizational readiness. We understand the operational, security, and confidentiality demands of the buy-side industry and advise your firm on the best course of action. 

Magic FinServ helps demystify the cloud migration journey for firms and then continually improve the environment stability with the advanced Cloud DevOps offering, including SecDevOps. Our highly lauded 24/7 Production support is unique as it is based on adhering to SLAs at each stage of the journey. The SLAs are met across the solution and not just one area, and proper reporting is done to prevent any compliance-related issues. To explore how your organization can realize optimum cloud benefits across various stages of the cloud adoption journey, reach out to us at mail@magicfinserv.com or Contact Us.

Cloud adoption in the Post COVID era: A necessity, not an option.

Firstly, a sincere wish for safety and wellbeing of all, my deepest sympathies for those who fought valiantly and prayers for those who continue to fight. As our communities fight for lives and livelihood, we as  business leaders shoulder the responsibility to help our organizations and the world arise strong and resurgent. 

Magic FinServ is one such company where we could, overnight, move our operations into a remote working model, with all the security and confidentiality norms intact. This was only possible because we are a cloud-first company, effectively running our business on the cloud while supporting numerous clients across geographies. Amidst efforts to minimize disruptions to our daily business operations, we were also highly cognizant of the increased security vulnerabilities arising out of this paradigm shift. We made some hard and expensive choices to keep our global teams functioning well during severe lockdowns. We improvised and made possible actions that we would have never dreamt of and we will continue to make difficult choices in the months to come. There is no “Going Back to Work” as we know it today as several aspects that we took for granted will no longer be required while repeated lockdowns and disruptions will  become the norm. 

The Rising popularity of Cloud

As per a survey conducted by Forbes, in early 2020, as many as 50% of Financial Services leaders had placed Cloud BI as their top priority this year. And in a post-COVID world, the cloud is definitely going to be the center of all technology. Cloud, thus moved quickly from being an IT cost-center of a hedge-fund to an essential component for running a nimble, agile, and highly scalable organization that operates on a fully variable cost model, and most importantly securely accessible to all stakeholders. Smart managers will seize this opportunity to design a whole new organization from a brand new set of principles as virtual is now our new reality.   

Cloud for Hedge Funds

As the situation around COVID19 having unprecedented business implications arose, a key question also emerged that begs an answer:  Why are only some companies thriving and handling this disruption well? From a technical viewpoint, the companies that are handling it well are either the SaaS companies or those that have set themselves up predominantly operating on the cloud. 

For hedge funds, asset managers, and other capital market entities, the cloud has capabilities to support front, middle and back-office functions. This includes everything ranging from business applications and client relationship management systems to data management solutions and accounting systems. Cloud emerged as a path of choice but its considerations for capital markets are different than ones applicable for other businesses, owing to industry regulations, complex reporting, the sensitivity of data, and compliance requisites of the industry. 

As a provider of Digital Technology (AI / ML / Blockchain / Cloud) Services, Magic FinServ has a unique proposition that makes deploying and maintaining a capital markets cloud initiative time-bound, cost-effective, and highly secure. Our deep understanding of the vertical enables us to be a strategic partner as our customers design their organization to take on the new challenges and opportunities. 

Getting Started With Cloud: Time for a Health Check

A highly recommended first step towards the cloud, for any hedge fund or asset manager,  would be a comprehensive assessment of your organization for cloud readiness and maturity. The assessment of your IT infrastructure and operations for business continuity, reliability, scalability, accessibility, while maintaining the same levels of security and confidentiality as physically secure operations centers, is rather imperative so you can plan and weather the disruptions to emerge stronger and leaner. Well begun is half done stands true for cloud as well. 

At Magic FinServ, we developed a 128 point assessment offering that measures your organization on these critical aspects. We understand the operational, security, and confidentiality demands of the buy-side industry and we assess your ability to meet these exacting demands. Increasingly, your customers, investors, and other counterparties will also assess you on these parameters, so a comprehensive assessment study will help you respond to these queries with confidence.

The assessment need not be a time consuming, expensive affair since we have customized and optimized our assessment for the buy side-industry. A typical small to midsize operation would need about 2-3 months. It is a relatively small time investment that will identify the gaps and make recommendations to bridge these gaps so that your onward cloud journey is smooth, in-line with your business objectives and saves you from expensive mistakes later. 

Migration and Deployment to Cloud

According to ValueWalk, almost 90% of hedge funds will move to the cloud, in the next 5 years. Migration / Deployment to cloud was often seen as an IT cost initiative earlier, however, as firms move from a CapEx to an OpEx preference, it is now increasingly becoming a key element of a whole new way of operations. 

Most organizations in the financial services industry take a phased approach of moving to the cloud, with multi-year plans. They start with setting the framework and testing the waters with an initial few applications, usually business applications like Email, File Sharing, OMS, Risk, and CRM, moving them to a hosted model. The benefits of adopting this hosted model include gaining a highly available infrastructure of the cloud providers. This is typically followed by migrating data to the cloud and finally moving the bulk of the workload in a lift and shift mode. 

Somewhere in this journey, security is addressed. What is often missing in this  journey is the aspect of transformation, especially when there is the burden of legacy, monolithic applications that are in dire need of modernization and transformation. The proper planned and orchestrated migration to cloud is an ideal opportunity to address this long pending initiative.

Magic FinServ, with its focus on capital markets vertical, has developed an Integrated, Incremental, and Scalable method of incorporating cloud into the customer’s ecosystem. An integrated approach to Applications, Infrastructure, and Security helps us come up with a robust and holistic plan. The approach uses as many native services of the cloud provider as possible making it easily adaptable to the cloud environment, bringing in cost efficiencies. A segmented and incremental approach to Applications (Microservices), Infrastructure and Security (DevSecOps, Micro-Segmentation) results in moving incremental and prioritized workloads to the cloud, helping utilize multiple cloud environments thereby leveraging the best of all the providers and something that is integrated well into the hedge fund’s specific environment. Implementing the Infrastructure-as-code helps in making the cloud environment extremely manageable, scalable, simplified, and secured. 

This systemized incremental approach has helped entities to achieve rapid time to market and highly optimized cost of deployment while bringing incremental benefits very early in the deployment life cycle. Our objective remains to make this transition as much self-funded and sustainable as possible thereby delivering a high ROI. 

Managing the Cloud Environment Effectively

The Cloud is democratizing the consumption of IT Services and driving innovation. However if not governed effectively, this sudden freedom and access could spiral your  cloud’s running and managing costs, while making it susceptible to security risk. The democratization has been made possible by public cloud providers making available out of the box capabilities, or native cloud capabilities. However, these additional capabilities come at the cost of additional spend as well as some loss of flexibility. Optimal management of such capabilities is necessary to maintain a balance between time to market on one hand and cost, flexibility, and security on the other.

Magic FinServ has developed an integrated operations and IT monitoring support capability to provide customers with a SaaS type model, enabling the smooth and uninterrupted running of business operations incorporated in the architecture itself. Automated release and deployment, coupled with automated infrastructure testing help make change and configuration management easy and fast. Since uptime is crucial to operational efficiency and profitability, the high-touch support model across L1, L2, L3, ensures quick resolution of any issues and congruence across functions. 

Handling Enterprise Data

A key element of the buy-side industry is the management of enterprise data. This not only impacts upfront costs but also could potentially impact business outcomes. Magic FinServ, as a member of the EDMCouncil, ensures that an enterprise data architect is a part of our cloud center of excellence, as a best practice. We have been supporting enterprise data initiatives for several buy-side organizations over the years and hence are abreast of the inconsistencies that may be caused by customizing underlying data models to suit specific organization needs. Our industry-driven high touch support services help in managing these inconsistencies, especially as we help move data to the cloud or the constant upstream and downstream in hybrid cloud systems. 

Conclusion

As Asset Managers and Hedge Funds make this move to the cloud in a new paradigm, they should ideally make the move with trusted and industry-oriented managed service providers, since this is a tectonic shift in their operating model. Ultimately the move to the cloud is not just a technology choice, it’s a business decision.

Choose Your Cloud Partner Wisely

Gartner Says By 2020, a Corporate “No-Cloud” Policy Will Be as Rare as a “No-Internet” Policy Is Today.

With the increasing number of cloud adoption rate, it has become instrumental for organizations to build a robust Cloud migrations strategy.

As per the Commvault report. the cloud Fear of Missing Out (FOMO) is driving the business leaders to move full speed ahead towards the cloud.

Many organizations are already moving part of their applications to cloud or planning to move all of their applications to cloud.  Apart from the reliability, scalability, cost optimization and security benefits, the recent disruption in cognitive technologies like AI/ML/Blockchain are one of the driving factors to embrace the cloud as an important IT strategy Most of the cloud providers are offering attractive easy to implement AI/ML platform along with other multidimensional benefits.

However, there are so many cloud providers, so many cloud services are available in the market.

Who is the best service provider? Which service model should be fit for the organizations?

The answers are not a single word or list of words. This is a process appropriately designed towards your business goals.

Hence choose a Cloud service provider who can work as a partner, not as a vendor.

This is a journey through the learning curve for both partners.

I am highlighting a few aspects which must be considered when selecting a cloud partner:

Define your migration strategy – IaaS vs PaaS vs SaaS. You need to select the right partner for platform, infrastructure and application services. Sometimes you may need to work with multiple providers for different services or you can have one combine managed Service partner.

The above diagram from Gartner is showing a perfect ownership sharing in various cloud service model. Like if you have a best in class application service team, you can procure infrastructure services or platform services from a service provider and align the internal team to run the cloud service. This will need extensive cloud training for the existing team, hire some cloud experts to build the in-house capability and robust service management process to coordinate among different vendors. Your cloud partner should take a role of your training partner in such cases. In a SaaS-based model, this is essential that cloud partner know your business and industry well. Because ultimately the cloud service will be fully integrated with the business model. Hence it is very important that the SaaS provider is fully aligned with your business need. Overall Selection Criteria can be designed by analyzing and comparing the below factors- 

The provider must be knowledgeable about your application, data, interfaces, compliance, security, BCP/DR and other business requirements. Critical Success Factors are defined in the various model. However, as per our study, we have listed Seven key success factors for cloud computing –

Cloud Partner – The most important step towards success. Choose a perfect cloud partner who will help in your journey towards success

 Cloud Strategy –

  • Create a plan & solution architecture
  • Define the cloud applications and services
  • Prepare the service catalogue
  • Build the capability and processes

Cost & performance – one of the most important success criteria.

  • Plan cost and ROI
  • Benchmark the performance
  • Proactive monitoring
  • Capacity planning
  • Right-sizing & optimization

Security –

  • Build the security strategy – secure all the layers and components
  • Automation, tooling and proactive monitoring
  • Plan the audit, compliance reporting & certification

Contract & SLA –

  • Incorporate all the aspects of the contract carefully with the legal help
  • Build customer and suppliers terms properly
  • Define Service SLA & service credits
  • Manage the contract (an ongoing process)

Automation –

  • Have an automation strategy
  • From Infrastructure to Application – automate the repetitive work
  • Increase the response and resolution
  • Reduce the human error

Manage the stakeholders –

  • Cloud adoption changing the organizational structure and IT landscape drastically.
  • Manage your stakeholders throughout the journey.
  • Assess the impact of positive and negative stakeholders on the project.

A managed service provider is the ideal solution in today’s complex world. At MagicFinServ, we are helping the global FinTech companies to build their successful SaaS model. Our highly skilled cloud team can align all the moving parts from architecting to implementation and deliver a production-ready solution. To know more about our Financial services focused cloud solution please contact us at  mail@magicfinserv.com