Financial institutions are realizing the benefits of the cloud. However, regulatory challenges continue to hinder widespread adoption, resulting in a potential revenue loss of up to $80 billion. In particular, adoption of cloud-based Compliance Recording as a Service has been low, which not only costs organizations money, but also makes them more vulnerable to security threats.
For regulated organizations, the stakes are high when migrating processes to the cloud. Handling sensitive information means that information leaks can result in hefty fines and reputational damage. To remain compliant, these organizations need to ensure continuous recording of conversations and tight administrative security controls.
These industries remain cautious about migrating their compliance recording to the cloud. Aside from the fact that significant historical investments have already been made into the on-premises infrastructure, there is also a fear that relinquishing control of the infrastructure to a third-party provider could lead to unplanned downtime and compliance gaps. As a result, many regulated organizations still maintain an on-premises recording solution to record and archive compliance-related conversations.
This aversion to the cloud has led organizations to overlook the opportunities that could strengthen their security processes. As Ralf Luchsinger, Head of ICT at Bank Avera, notes, Bank Avera increased data security by migrating to the cloud because large data centers like Microsoft’s have more resources to maintain constant power and protect data from things like water damage. Also, because everything is in the cloud, all access can be monitored and controlled, and there’s even document-level security that didn’t exist before.
To take advantage of these benefits of the cloud, it is critical to invest sufficient resources in implementation, as a Gartner report on Cloud Security Posture Management states that “nearly all successful attacks on cloud services are the result of customer misconfiguration, mismanagement, and mistakes.” Alexander Grafetsberger, VP of Luware Recording, elaborates that “the approach to security in the cloud is different. With on-premises, the challenge was to ensure that data centers were physically safe from fire or water damage. In the cloud, the challenge is to ensure proper configuration and monitoring.”
That’s why it pays to work with a certified, trusted service provider with the appropriate technical expertise. With Compliance Recording as a Service, compliance gaps can be closed and free up the internal IT team to focus on improving core business processes. It also eliminates high up-front operational costs because there is no infrastructure to purchase, maintain, or support. You also reduce internal training costs because experts take care of these systems. At the same time, you gain more internal resources to focus on improving the underlying processes. The flexible term-based subscription model means that you can easily predict and control costs by paying only for the capacity you need while ensuring seamless scalability to meet your growing needs.
Swiss Re, a highly regulated and globally recognized reinsurance provider, recognized the need to navigate the challenging landscape of regulatory requirements while maximizing efficiency and cost-effectiveness. To meet this challenge, the company determined that outsourcing compliance recording to specialized experts would provide greater value than building an internal team of experts.
Daniel Steinmann, who is responsible for Realtime Communication Services in Group Technology Services says, “We decided to go with the fully managed service from Luware because experts know how to do it best…They are a trusted partner with a certified solution. The solution runs on Azure – a platform we had already approved for use in the past. This simplified the evaluation of the solution architecture. And it was the right strategy, as the migration and deployment went extremely smoothly.”
Grafetsberger adds that “At Luware, we understand the challenge of moving compliance recording to the cloud. We noticed that this is something many regulated organizations struggle with, which is why we launched our Compliance Recording as a Service in 2021 to support such organizations with the migration of compliance recording to the cloud. With Luware Recording we aim to deliver peace of mind for compliance recording and give organizations confidence that their compliance responsibilities are being taken care of in a highly secure and reliable manner.”
Luware’s fully managed service makes compliance recording easy. It is managed by industry-leading compliance experts, freeing organizations from this challenge. The service provides organizations the flexibility and scalability to adapt to business and regulatory changes quickly. Because Luware Recording is highly customizable, it can seamlessly integrate additional users and new communication methods. Organizations using this service are always up to date with best practices and can take advantage of the latest technologies. This eliminates the need for costly on-site upgrades and the associated planning and management tasks. Organizations report up to 90% cost savings in support areas and a significant reduction in tickets, allowing staff to be redeployed by eliminating the need to support on-site equipment.
Luware Recording leverages the Microsoft Azure eco-system to deliver a reliable, secure, and fully encrypted service with multiple survivability mechanisms built in. It incorporates multiple survivability mechanisms to protect against potential disruptions. By building resiliency into its design, the service can tolerate failures and survive partial service outages. This ensures uninterrupted compliance recording for organizations, eliminating the risk of losing access to critical recordings or compromising data security through unauthorized third-party access.
Luware Recording’s cloud-based recording platform provides a comprehensive data lifecycle management solution that enables organizations to maintain compliance and meet regulatory requirements confidently. It automatically captures recordings from users who fall within the compliance scope, simplifying compliance. In addition, the platform facilitates the automation of archiving conversations to external repositories and the application of defined retention periods.
Furthermore, Luware Recording goes beyond basic functionality by automatically performing system checks. These checks help identify missing or poor-quality recordings, ensuring a high standard of recorded data. The platform also supports the ingestion of historical data, allowing organizations to access both current and legacy compliance recordings through a single user interface.
Luware Recording offers Compliance Recording as a Service that reduces the overall cost of ownership and enhances efficiency through intelligent automation.