Virtual mobile infrastructure is a superior solution for FinTECHs and banks.
FinTECH innovators are busy digesting the industry topologies, building algorithms, testing and retesting platforms, and raising capital. All of this great innovation is being done on a flexible and evolving set of devices that serve a diversity of dynamic users. Developers have favorite gadgets and loyalties to custom-built devices. FinTECH’s work on the leading edge of development and the information on these devices can represent the entire value of the company. Securing this information is essential to the survivability of a FinTECH.
The protection of information in the possession of a bank is just as crucial for the longevity of the organization. Sensitive customer data is not a differentiator for banks. They all have this data to protect; however, exposure of this data would threaten the survivability of the bank. Customers flee from organizations that do not protect their personal data, and they rarely return. For both FinTECHs and Banks, data protection is an existence-threatening problem.
FinTECH & MDM
Mobile device management (MDM) is no longer a successful match for FinTECH companies. It requires a powerful central authoritative group managed by a group of administrators, which monitors data as it traverses the mobile device and then, possibly, vanishes. In large companies, entire departments might be dedicated to managing data loss. However, FinTECHs cannot afford to dedicate resources this way; they need solutions that work with minimal supervision.
FinTECHs need to be agile, adaptive, and onboard and offboard employees, partners, and vendors quickly through the development cycle. Agility is key. However, MDM does not offer agility as all data on a device must be wiped to assure that the device is sanitized. This is frustrating for admins and causes friction with the evolving set of professionals that pass through the doors at a FinTECH. Most of the time IT staff and management look the other way as their client or proprietary data remains potentially stored on an endpoint belonging to a non-employee. This honor system style of data management exposes the organization to the risks that the MDM solution was designed to avoid. It is not enough to know what data was lost; the goal for sophisticated platforms must be to prevent it.
Banks & MDM
Banks, arguably, have it worse. With large distributed networks of diverse professionals engaged in bring-your-own-device (BYOD) programs, or the much more expensive company-issued device program, it can be even harder to manage the myriad platforms that these users demand. Add to this the scrutiny that banks are under by regulators to stop leakage through malicious actions or negligence, and you get a perfect storm combated by an imperfect solution. MDM is unwieldy, imperfect, and problematic. IT can’t always stop the transfer of the data to the device, it can’t stop data from forwarding off the device, and it can’t fully sanitize the device if it falls into the wrong hands. There has to be a better way to manage endpoints.
Why VMI is Better for FinTECH & Banks
Virtual mobile infrastructure (VMI) is the better way. VMI replaces MDM as end-point protection on a wide array of endpoints. In a VMI instance, the data never makes it to the phone. It can be viewed on the phone, but it remains in the secured network of the organization. Since the data never moves onto the phone, it cannot be stored there, forwarded, lost, or stolen. VMI is the solution of choice for dynamic companies looking to enable the mobile workforce on a variety of devices while hardening their security posture.
MDMs are either lightweight, or secure, but never both. If the MDM solution cannot remotely disable the device, crawl it for data, and act in a hundred other intrusive ways, it cannot actually manage the device fully. If it takes a hands-off approach, security suffers. VMI has no such trade-off. They achieve security and operation together.
Supporting a distributed workforce in a dynamic and evolving workspace is not the only challenge facing organizations today. The speed of innovation also means that work can’t wait for the organization to mature to the needs of the workforce. Adaptive strategies and expandable solutions must be a part of the operational and security architecture of a dynamic organization. These components – operations and security – must be combined at the planning phase in order to ensure that both receive equal consideration.
Any organization that wants to increase information security, offer adaptive and dynamic access for their users on a diversity of end-points, and have a scalable solution that grows with their needs must consider a VMI instance instead of MDM.
Continue reading about why security-minded organizations prefer VMI vs MDM.