Whether driven by government policy, industry regulation, or geo-political considerations, the evolution of cloud computing has led organizations to want even more control over their data and more transparency from their cloud services. At Google Cloud, one of the best tools for achieving that level of control and transparency is a bit of technological magic we call Cloud External Key Manager (EKM).

Cloud EKM can help you protect your cloud data at rest with encryption keys which are stored and managed in a third-party key management system that’s outside Google Cloud’s infrastructure, and ultimately outside Google’s control. This can help you achieve full separation between your encryption keys and your data stored in the cloud. Cloud EKM works with symmetric and asymmetric encryption keys, and offers organization policies that allow for fine-grained control over what types of keys are used. Via Key Access Justification (KAJ) it also offers a way for clients to control each key use.

At their core, many cloud security and cloud computing discussions are about the kinds of trust that Cloud EKM specifically and encryption more broadly can help create. While the concept of digital trust is much bigger than cybersecurity and its tripartite components of security, privacy, and compliance, one of the most crucial themes of cloud computing is the cloud trust paradox. In order to trust the cloud more, you must be able to trust it less, and external control of keys and their use can help reduce concerns over unauthorized access to sensitive data.

How it works

From our Cloud EKM documentation, you can use keys that you manage within a supported external key management partner to protect data within Google Cloud. You can protect data at rest in services that support CMEK, or by calling the Cloud Key Management Service API directly.

Cloud EKM provides several benefits:

• Key provenance: You control the location and distribution of your externally-managed keys. Externally-managed keys are never cached or stored within Google Cloud. Google cannot see them. Instead, Cloud EKM communicates directly with the external key management device for each request.
• Access control: You manage access to your externally-managed keys. Before you can use an externally-managed key to encrypt or decrypt data in Google Cloud, you must grant the Google Cloud project access to use the key. You can revoke this access at any time.
• Centralized key management: You can manage your keys and access policies from a single location and user interface, whether the data they protect resides in the cloud or on your premises. The system that managed the keys is entirely outside Google control.

In all cases, the key resides on the external system, and is never sent to Google.

Here’s how it works:

1. Create or use an existing key in a supported external key management partner system. This key has a unique URI.
2. Grant your Google Cloud project access to use the key, in the external key management partner system.
3. Create a Cloud EKM key in your Google Cloud project, using the URI for the externally-managed key.

The Cloud EKM key and the external key management partner key work together to protect your data. The external key is never exposed to Google and cannot be accessed by Google employees. Furthermore, Cloud EKM can be combined with Key Access Justifications (KAJ) to establish cryptographic control over data access.

KAJ with Cloud EKM can give customers the ability to deny Google Cloud administrators access to their data at rest for any reason, even in situations typically exempted from customer control, such as outages or responses to third-party data requests. KAJ does this by providing customers a clear reason why data is being decrypted, which they can use to programmatically decide whether to permit decryption and thus allow access to their data.

Previously, we’ve discussed three patterns where keeping the keys off the cloud may in fact be truly necessary or outweighs the benefits of cloud-based key management. Here’s a brief summary of those three scenarios where Cloud EKM can help solve these Hold Your Own Key dilemmas.

Scenario 1: The last data to go to the cloud

As organizations complete their digital transformations by migrating data processing workloads to the cloud, there is often a pool of data that can not be moved to the cloud. Perhaps it’s the most sensitive data, the most regulated data, or the data with the toughest internal security control requirements.

Finance, healthcare, manufacturing and other heavily-regulated organizations face myriad risk, compliance, and policy reasons that may make it challenging to send some of their data to a public cloud provider. However, the organization may be willing to migrate this data set to the cloud as long as it is encrypted and they have sole possession of the encryption keys.

Scenario 2: Regional regulations and concerns

Regional requirements are playing a larger role in how organizations migrate to and operate workloads in the public cloud.

Some organizations are already facing situations where they are based in one country and want to use a cloud provider based in a different country, but they aren’t comfortable with or legally allowed to give the provider access to encryption keys for their stored data. Here the situations are more varied, and can include an organization’s desire to stay ahead of evolving regulatory demands or industry-specific mandates.

Ultimately, this scenario allows organizations to utilize Google Cloud while keeping their encryption keys in the location of their choice, and under their physical and administrative control.

Scenario 3: Centralized encryption key control

The focus here is on operational efficiency. Keeping all the keys within one system to cover multiple cloud and on-premise environments can help reduce overhead and attack surface, thus helping to improve security. As Gartner researchers concluded in their report, “Develop an Enterprisewide Encryption Key Management Strategy or Lose the Data1,” organizations are motivated to reduce the number of key management tools.

“By minimizing the number of third-party encryption solutions being deployed within an environment, organizations can focus on establishing a cryptographic center of excellence,” Gartner researchers said

Given that few organizations are 100% cloud-based today for workloads that require encryption, keeping keys on-prem can streamline key management. Centralizing key management can give the cloud user a central location to enforce policies around access to keys and access to data-at-rest, while a single set of keys can help reduce management complexity. A properly implemented system with adequate security and redundancy outweighs the need to have multiple systems.

Do I need Cloud EKM?

Whether protecting highly sensitive data, retaining key control to address geopolitical and regional concerns, or supporting hybrid and multi-cloud architectures, Cloud EKM is best suited for those Google Cloud customers who must keep their encryption keys off of the cloud and always under their full control.

To learn more about Cloud EKM, please review these resources:

• Our research explaining why Google Cloud users can benefit from Cloud EKM
• The most recent updates to Cloud EKM
• Take a deeper dive into the cloud trust paradox

1. Gartner, Develop an Enterprisewide Encryption Key Management Strategy or Lose the Data, David Mahdi, Brian Lowans, March 2022.

Hi there! I’m David Challoner from Access Site Reliability Engineering (SRE), here with Anthony Bushong from Developer Relations to talk about how Corp Eng is adopting Anthos Service Mesh internally at Google.

Corp Eng is Google’s take on “Enterprise IT”. A big part of the Corp Eng mission is running the first and third party software that powers internal business processes – from legal and finance to floor planning and even the app hosting our cafe menus – all with the same security or production standards as any of Google’s first party applications.

Googlers need to access these applications, which sometimes then need to access other applications or other Google Cloud services. This traffic can cross different trust boundaries which can trigger different policies.

Access SRE runs the systems that mediate this access, and we implemented Anthos Service Mesh as part of our solution to secure the way Googlers access these applications.

But why?

You can probably tell, but the applications Corp Eng is responsible for have disparate requirements. This often means that certain applications are tied to disparate infrastructure due to legal, business or technical reasons – which can be challenging when those infrastructures work and operate differently.

Enter Anthos. Google Cloud built Anthos to provide a consistent platform interface unifying the experience of working with apps on these varying underlying infrastructures, with the Kubernetes API at its foundation.

So when searching for the right tool to build a common authorization framework to mediate access to CorpEng services, we turned to Anthos – specifically Anthos Service Mesh, powered by the open-source project, Istio. Whether these services were deployed in Google Cloud, in Corp Eng data centers, or at the edge onsite at actual Google campuses, Anthos Service Mesh delivered a consistent means for us to program secure connectivity.

To frame the impact ASM had on our organization, it’s helpful to introduce the roles of the folks who manage and use it:

For security stakeholders, ASM provides an extensible policy enforcement point running next to each application capable of provisioning a certificate based on the identity of the workload and enforcing mandatory fine-grained application-aware access controls.

For platform operators, ASM is delivered as a managed product, which reduces operational overhead by providing out-of-the-box release channels, maintenance windows, and a published Service Level Objective(SLO).

For service owners, ASM enables the decoupling of their applications from networking concerns, while also providing features like rate limiting, load shedding, request tracing, monitoring, and more. Features like these were typically only available for applications that ran on Borg, Google’s first-party cluster manager that ultimately inspired the creation of Kubernetes.

In sum, we were able to secure access to a plethora of different services with minimal operational overhead, all while providing service owners granular traffic control.

Let’s see what this looks like in practice!

The architecture

In this flow, user access first reaches the Google Cloud Global Load Balancer [1], configured with Identity Aware Proxy (IAP) and Cloud Armor. IAP is the publicly available implementation of Google’s internal philosophy of BeyondCorp, providing an authentication layer that works from untrusted networks without the need for a VPN.

Once a user is authenticated, their request then flows to the Ingress Gateway provided by Anthos Service Mesh [2]. This provides additional checks that traffic flows to services only when the request has come through IAP, while also enforcing mutual TLS (mTLS) between the Anthos Service Mesh Gateway to the Corp services owned by various teams.

Finally, additional policies are enforced by the sidecar running in every single service Pod [3]. Policies are pulled from source control using Anthos Config Management[4], and are propagated to all sidecars by the managed control plane provided by Anthos Service Mesh[5].

Managing the mesh

If you’re not familiar with how Istio works, it follows the pattern of a control plane and a data plane. We talked a little bit about the data plane – it is made up of the sidecar containers running alongside all of our service Pods. The control plane, however, is what’s responsible for updating these sidecars with the policies we want to enforce:

Thus, it is critical for us to ensure that the control plane is healthy. This is where Anthos Service Mesh gives our platform owners a huge advantage with its support for a fully-managed control plane. To provision cloud resources, like many other companies, our organization uses Terraform, the popular open-source infrastructure as code project. This gave us a declarative and familiar means for provisioning the Anthos Service Mesh control plane.

First, you enable the managed control plane feature for GKE by creating the google_gke_hub_feature resource below using Terraform.

resource "google_gke_hub_feature" "feature_asm" {
name = "servicemesh"
location = "global"
provider = google-beta
}

Keep in mind that at publication time, this is only available via the google-bet provider in Terraform.

Once created, we then provision a ControlPlaneRevision custom resource in a GKE cluster to spin up a managed control plane for ASM in that cluster:

apiVersion: mesh.cloud.google.com/v1alpha1
kind: ControlPlaneRevision
metadata:
  
name: asm-managed
  
namespace: istio-system
spec:
  
type: managed_service
  
channel: regular

Using this custom resource, we are able to set the release channel for the ASM managed control plane. This allows for our platform team to define the pace of upgrades in accordance with our team’s needs.

In addition to managing the control plane, ASM also provides management functionality around the data plane to ensure each sidecar Envoy is kept up to date with the latest security updates and is compatible with the control plane – one less thing for service operators to worry about. It does this using Kubernetes Mutating Admission Webhooks and Namespace labels to modify our Pod workload definitions to inject the appropriate sidecar proxy version.

Syncing mandatory access policies

With the core Anthos Service Mesh components in place, our security practitioners can define consistent, mandatory security policies for every single GKE cluster, using Istio APIs.

For example, one policy is enforcing strict mTLS between Pods using automatically provisioned workload identity certificates. Earlier, we talked about how this is enforced between the Istio Gateway; that same policy enforces mTLS between all Pods in our cluster.

Another policy we implement is denying all egress traffic by default, requiring service teams to explicitly declare their outbound dependencies. The following is an example of using an Istio Service Entry to allow granular access to a specific external service – in this case, Google. This helps prevent unintended access to external services.

apiVersion: networking.istio.io/v1alpha3

kind: ServiceEntry
metadata:
  
name: google
spec:
  
hosts:
  - www.google.com
  
ports:
  - number: 443
    
name: https
    
protocol: HTTPS
  
resolution: DNS
  
location: MESH_EXTERNAL
EOF

These policies are automatically synced to all service mesh namespaces in each cluster using Anthos Config Management. By using our internal source control system as a source of truth, Anthos Config Management can sync and reconcile policies across all of our GKE clusters, ensuring that these policies are in place for every single one of our services. You can find more details about our implementation of Anthos Config Management here.

With this in place, our team plans on eventually migrating away from security automation that operates solely based on explicit IP, port and protocol policies.

Integration with Identity-aware Proxy

The publicly available version of the BeyondCorp proxy used by CorpEng is called Identity-aware Proxy (IAP), which offers an integration with Anthos Service Mesh. IAP allows you to authenticate users trying to access your services and apply Context-Aware-Access policies. This integration comes with two main benefits:

• Ensuring that user traffic to services in the service mesh only come through Identity-aware Proxy
• Enforcing Context-aware access (CAA) trust levels for devices, defined by multiple device signals we collect

Identity-aware Proxy allows us to capture this information in a Request Context Token (RCToken), which is a JSON Web Token (JWT) created by Identity-aware Proxy that can be verified by ASM. IAP inserts this JWT into the Ingress-Authorization header. Using Istio Authorization Policies similar to the following policy, any requests without this JWT are denied:

apiVersion: security.istio.io/v1beta1
kind: AuthorizationPolicy
metadata:
name: iap-gateway-require-jwt
namespace: istio-system
spec:
selector:
matchLabels:
app: istio-iap-ingressgateway
action: DENY
rules:
- from:
- source:
notRequestPrincipals: ["*"]

Here is an example policy that requires a fullyTrustedDevice access level – this might be a device in your organization that is known to be corporate-owned, fully-updated, and running an IT-approved configuration :

apiVersion: security.istio.io/v1beta1
kind: AuthorizationPolicy
metadata:
  name: require-fully-trusted-device
  namespace: fooService
spec:
  selector:
    matchLabels:
      app: fooService
  action: ALLOW
  rules:
  - from:
    - source:
       requestPrincipals: ["*"]
    when:
    - key: request.auth.claims[google.access_levels]
      values: ["accessPolicies/$orgId/accessLevels/fullyTrustedDevice"]

This allows our security team to not only secure service to service communications, or outbound calls from services, but also specifically require incoming requests come from trusted devices and authenticated users using a trusted device.

Enabling service teams

As an SRE, one of our priorities is ensuring Service-level indicators (SLIs), SLOs, and Service-level agreements (SLAs) exist for services. Anthos Service Mesh helps us empower service owners to do this for their services, as it exposes horizontal request metrics like latency and availability to all services in the mesh.

Before Anthos Service Mesh, each application had to export these separately (if at all). With ASM service owners can easily define their Service’s SLOs in the cloud console or via terraform using these horizontally exported metrics. This then allows us to integrate SLOs into our higher-level service definitions so we can enable SLO monitoring and alerting by default. You can see the SRE book for more details on SLOs and Error budgets.

The takeaway

ASM is a powerful tool that enterprises can use to modernize their IT infrastructure. It provides:

• A shared environment-agnostic enforcement point to manage security policy
• A unified way to provision identities, describe application dependencies

This also enables previously unheard of operational capabilities such as distributed tracing or incremental canary rollouts – which were difficult to find in the typical enterprise application landscape.

Because it can be incrementally adopted and composed with existing authorization systems to close gaps – barriers to adoption are low and we recommend you start evaluating it today!

Editor’s note: The post is part of a series highlighting our awesome partners, and their solutions, that are Built with BigQuery.

Exabeam, a leader in SIEM and XDR, provides security operations teams with end-to-end Threat Detection, Investigation, and Response (TDIR) by leveraging a combination of user and entity behavioral analytics (UEBA) and security orchestration, automation, and response (SOAR) to allow organizations to quickly resolve cybersecurity threats. As the company looked to take its cybersecurity solution to the next level, Exabeam partnered with Google Cloud to unlock its ability to scale for storage, ingestion, and analysis of security data.

Harnessing the power of Google Cloud products including BigQuery, Dataflow, Looker, Spanner and Bigtable, the company is now able to ingest data from more than 500 security vendors, convert unstructured data into security events, and create a common platform to store them in a cost-effective way. The scale and power of Google Cloud enables Exabeam customers to search multi-year data and detect threats in seconds

Google Cloud provides Exabeam with three critical benefits.

• Global scale security platform. Exabeam leveraged serverless Google Cloud data products to speed up platform development. The Exabeam platform supports horizontal scale with built-in resiliency (backed by 99.99% reliability) and data backups in three other zones per region. Also, multi-tenancy with tenant data separation, data masking, and encryption in transit and at rest are backed up in the data cloud products Exabeam uses from Google Cloud.

• Scale data ingestion and processing. By leveraging Google’s compute capabilities, Exabeam can differentiate itself from other security vendors that are still struggling to process large volumes of data. With Google Cloud, Exabeam can provide a path to scale data processing pipelines. This allows Exabeam to offer robust processing to model threat scenarios with data from more than 500 security and IT vendors in near-real time.

• Search and detection in seconds. Traditionally, security solutions break down data into silos to offer efficient and cost-effective search. Thanks to the speed and capacity of BigQuery, Security Operations teams can search across different tiers of data in near real time. The ability to search data more than a year old in seconds, for example, can help security teams hunt for threats simultaneously across recent and historical data.

Exabeam joins more than 700 tech companies powering their products and businesses using data cloud products from Google, such as BigQuery, Looker, Spanner, and Vertex AI. Google Cloud announced the Built with BigQuery initiative at the Google Data Cloud Summit in April, which helps Independent Software Vendors like Exabeam build applications using data and machine learning products. By providing dedicated access to technology, expertise, and go-to-market programs, this initiative can help tech companies accelerate, optimize, and amplify their success.

Google’s data cloud provides a complete platform for building data-driven applications like those from Exabeam — from simplified data ingestion, processing, and storage to powerful analytics, AI, ML, and data sharing capabilities — all integrated with the open, secure, and sustainable Google Cloud platform. With a diverse partner ecosystem and support for multi-cloud, open-source tools, and APIs, Google Cloud can help provide technology companies the portability and the extensibility they need to avoid data lock-in.

To learn more about Exabeam on Google Cloud, visit www.exabeam.com. Click here to learn more about Google Cloud’s Built with BigQuery initiative.

The future of AI is better AI—designed with ethics and responsibility built in from the start. This means putting the brakes on AI-driven transformation until you have a well-functioning strategy and process in place to ensure your models deliver fair outcomes. Failing to recognize this imperative is a threat to your bottom line. The following post provides a simple framework to follow to keep your business on the right track as you place more trust in algorithms. 

AI is inherently sociotechnical. AI systems represent the interconnectedness of humans and technology. They are designed to be used by and to inform humans within specific contexts, and the speed and scale of AI means that any lack of responsibility—such as bias, safety, privacy, scientific excellence etc—will also replicate at that same speed and scale. Without ethics and responsibility built in by design, AI systems lack the critical “inputs” or societal context that enable long term success. 

Lawsuits stemming from AI systems that are biased towards certain groups are stacking up. In August 2020, IBM was forced to settle a lawsuit with the city of Los Angeles for misappropriating data it collected for its weather channel app. Health services company, Optum, is being investigated by regulators for creating an algorithm that allegedly recommended that doctors and nurses pay more attention to white patients than to sicker black patients. And Facebook, which granted Cambridge Analytica, a political firm, access to the personal data of more than 50 million people, is buried in legal work.  Google has also run into its share of issues with algorithms making egregious mistakes. 

While lawsuits are real, the foundational reason ethical AI is critical to your bottom line is trust. Without it, increasingly, consumers will ignore you and choose a brand they do trust. Research from Kantar, which runs one of the largest global brand equity studies (4 million consumers, 18,000 brands, across 50 markets), revealed that almost 9% of a brand’s equity is driven by corporate reputation, of which responsibility is a key attribute. Over the last decade, the importance of responsibility to consumers in relation to making brand choices has tripled. 

The study stated brands perceived to be among the world’s most trusted and responsible shared three crucial factors that proved particularly important for building consumer trust and confidence, even when a brand might be new to a market. These are:

• Honesty and openness
• Respect and inclusion
• Identifying with and caring for customers

Brands that develop these associations more strongly tend to outperform their competitors in defending and growing their brand value.

Technology and business leaders need to focus on four areas to accomplish a well-functioning ethical AI strategy. Lopez Research refers to this group of tasks as SEED, which stands for security, ethics, explainability, and data (SEED). Each of these topics could be an article in itself, but this post will define several essential components. 

SECURITY (S)  

It might not seem obvious, but a robust AI strategy requires an embedded security strategy. Companies should look for hardware-level security in components such as GPUs and CPUs. IT leaders should build software security into models to minimize attacks such as poisoning, evasion, deepfakes, backdoors, and model extraction. The threat of adversarial data poisoning attacks machine learning models by maliciously introducing inaccurate data designed to corrupt the model’s ability to be accurate. Another security threat is model extraction, also known as model cloning, where a hacker finds a way to either reconstruct a black-box machine learning model or extract the training data. The first line of defense against all security attacks is to design security at the outset, but the next best step is to frequently test models to ensure they are operating as planned. Business leaders, data science experts, and IT leaders must work together to regularly review the outcomes of AI models.

ETHICS (E)

Today, organizations must understand that ethics should be designed into the solution at its outset. The ethics process starts with defining the potential positive and negative outcomes of the model that your business is creating. Once the team has evaluated potential harmful effects, which means unpacking the systems, beliefs, power hierarchies and dynamics that interconnect with the technology, it’s your responsibility to eliminate or minimize the impact of these outcomes. It’s also critically important to review the impact of models in production and shut down models demonstrating issues. An example of this was the public beta release of the Tay chatbot that Microsoft deployed and rapidly shut down because it propagated negative biases. 

Yet, many organizations aren’t taking this action. The FICO study revealed that 93% of companies said responsible AI was critical for success but only 33% of these companies were measuring AI model outputs to ensure these models were operating as expected (measuring for model drift). Another survey by Pew Research revealed that 68% believe that ethical principles focused primarily on the public good will not be employed in most AI systems by 2030. 

Regulations may turn this tide, regardless of whether organizations plan to adopt an ethical AI framework. Laws governing the ethical use of data in AI are expected to be finalized as soon as 2022, such as the European Commission’s proposed legal framework for AI. Organizations that start with ethical use of AI in mind will be better positioned to deal with customer privacy concerns and regulatory compliance.

EXPLAINABILITY(E)

As models have become more sophisticated, it’s also become increasingly difficult to explain why a model created a specific outcome. In the FICO Responsible AI  report, 65% of respondents could not explain how specific AI model decisions or predictions are made, and only 35% said their organization made an effort to use AI in a way that was transparent and accountable.  However, it’s never been more important to clarify how AI models came to conclusions such as why a loan was denied, why a particular strategy should be implemented, and how AI selected a set of resumes to review for a position. The goal is to create an explainable AI model from the outset but many of today’s models lack this capability. Every business should review its existing models and use open-source toolkits that can be found on Github.com that support the interpretability and explainability of machine learning models. 

Keep in mind that explainability isn’t one-size-fits-all. Different stakeholders need different types of information. Much of explainability to date has focused on “opening the black box” which gets equated to information that is only useful for other data scientists. That’s important, but it doesn’t help the line of business users whose workflows AI is integrated into, or end users who deserve information about how decisions are made; or policymakers who don’t have data science backgrounds, and so on. 

DATA (D) 

An equally important item in ethics is data. Ethics starts with ensuring you have the correct data to create and update models. Three main issues include representative data, inherent biases within existing data, and inaccurate data. A critical issue that most companies miss in creating models is that current data sets frequently lack full market representation. A recent Capgemini Research Institute report revealed that 65% of executives “were aware of the issue of discriminatory bias” with these systems.

Awareness is the first step, but organizations must take action to remedy this issue. Historical data may no longer serve a company’s current needs for model creation. Historical records may contain biases against certain groups. For example, historical criminal data records show an imbalance in ethnic groups’ incarceration, which would lead to model biases. Additionally, laws and societal norms also change. Certain groups were prosecuted for sexual preference in the past, but today this information would create an inaccurate model. 

Companies have also discovered that using demographic data, a common practice in marketing, can also lead to model bias. For example, individuals that primarily used cash for transactions and others that lived in specific zip codes were at a disadvantage in banking models to determine creditworthiness. To minimize these issues, a company needs to augment its data with full representation in areas such as ethnicity, gender, age, behavioral and economic profiles.

Design AI models with a continuous feedback loop

Another, more prominent, yet tricky issue is data accuracy. As the adage says, garbage in, equals garbage out. The least appreciated but arguably the most essential component of the AI model lifecycle is ensuring the model has accurate data at all times. Inaccurate data from either poor data hygiene or data that was tampered with for security purposes can cause model failures. Organizations need to invest the time and resources to ensure they have the correct data. Data privacy is another key element that businesses must address, but the concepts of data privacy, sovereignty, and security are significant enough that we will come back to this in a separate article. 

Overall, it’s clear that while we may have an abundance of data, it most likely doesn’t represent what we want to model for the future. A successful AI strategy is an ethical AI strategy that requires the organization to be thoughtful in its model creation by ensuring it has a broad representation of accurate data and testing the outcomes to ensure the models are secure and operating as expected. 

Organizations that define an AI model lifecycle with a continuous feedback loop will reap the benefits of better intelligence. This will increasingly mean stronger, longer lasting trust with customers and staying on the right side of new laws and regulations.

When I reflect back on the past year and the pandemic, I’m struck by how the reliance on remote work and operations has changed the fundamentals of business forever. For the financial services industry, this rings particularly true. Many conversations I’m having right now with organizations revolve around embracing a transformation cloud, and thinking of cloud computing not just as an infrastructure decision, but also as the locus for transformation throughout the company. 

Today, as we welcome the industry to our Financial Services Summit, we’ll demonstrate just how Google Cloud accelerates a financial organization’s digital transformation through app and infrastructure modernization, data democratization, people connections, and trusted transactions. We hope you’ll join us.

How we’re helping financial services firms build their transformation clouds

At Google Cloud, we continue to focus on areas where we can bring the best of our capabilities to banking, capital markets, insurance, and payments customers around the world. Our work with financial services industry customers has given us a deep understanding of the real-world, specific use cases that matter most to them. This groundwork led us to engineer products and solutions that are open and flexible, not ones that force them to rip out existing investments in ERP or other early IaaS cloud implementations. 

It’s why we’ve engineered solutions such as Lending DocAI, Open Banking with Apigee, and Datashare for financial services to help transform the industry. These solutions were created with our customers’ security and compliance top-of-mind and are built at the intersection of user-optimized experience, technology, and sovereignty.

At their core, financial institutions want to drive growth, reduce costs, mitigate risk, stay compliant, and increase efficiency. As a result, when we partner with them on their transformation journeys, we consider three essential focus areas: 

• Enabling the human experience and connected interactions
• Building an open and intelligent data foundation for better insights
• Providing the most trusted and secure cloud in the industry

Enabling humans and connected interactions

A company’s transformation is about more than technology; people and culture ultimately drive change. HSBC, for example, recognized its business users would benefit from guided answers to common questions around risk policy compliance, and turned to Google Cloud to leverage AI and machine learning bots to assist employees, ease the burden on policy experts, and improve the user experience. Using Dialogflow, a core component of Contact Center AI, HSBC was able to build a conversational platform that quickly and accurately addresses user needs at scale. 

Another example is Equifax, which used Google Workspace to support collaboration not only internally between employees, but also externally with customers. Customers can use Google Cloud solutions for financial services to build these sorts of technology-enabled human interactions quickly and easily—supporting organizational change at scale.

Building an open and intelligent data foundation for smarter, faster insights

The real impact of Google Cloud solutions for financial services comes when the whole company has access to the right information at the right time, and can act more intelligently on that data. Our solutions help businesses safely leverage their data and get a complete 360-degree view of their customers’ information, which can often be scattered across multiple systems (CRM, lending, credit, etc.). This helps financial institutions improve the overall customer experience—and sometimes even develop new products quickly. 

Indeed, all financial institutions are looking for ways to grow revenue and reduce expenses, and data can be a critical ingredient to doing both effectively. As daily transactions rise, so does the volume and complexity of data. But to implement new customer experience innovations (and new revenue streams), financial institutions must first capture data effectively. This is why AXA Switzerland, for example, uses real-time analytics on Google Cloud to gain cross-industry insights about future trends and customer preferences.

Financial services organizations also need the confidence of building on a platform that provides choice, flexibility, and agility to move fast. It’s why we have an open cloud approach that allows Google Cloud services to run in different physical locations such as on-premises, other public clouds, and the edge. Customers can also harness the power of data and AI through our open APIs, machine-learning services, and analytics engines on any major cloud platform. This is why companies like Macquarie Bank are taking advantage of Google Cloud’s open, hybrid architecture to modernize and empower its developers.

Compliant and secure to address risk and regulatory needs

As a highly regulated industry, financial services is focused on security and compliance, risk and regulations, and fraud detection and prevention. Google Cloud offers unique capabilities to earn customers’ trust as part of our continuing work to be the most trusted cloud in the industry. Google Cloud provides a secure foundation that you can verify and independently control. Our cloud technology reduces risk and data loss, because it is built on comprehensive zero-trust architecture. Finally, we offer a shared-fate model built on best practices in risk management via automation, guidance, and insurance. This is why customers like BBVA have confidence anywhere their systems may operate. 

On the regulatory front, global legislators and regulators continue to focus on the stability of the industry that only a decade ago went through one of the biggest liquidity crises in history. With this oversight comes strong expectations of risk mitigation. Google Cloud offers a single, global set of controls, reviewed by financial institutions and regulators around the world, and verified in collaborative audits—making compliance simpler and less costly for our customers.

Finally, Google Cloud allows financial services firms to operate confidently with advanced security tools that help protect data, applications, and infrastructure, as well as their customers from fraudulent activity, spam, and abuse. We help protect your data against threats, using the same infrastructure and security services we use for our own operations, ensuring you never have to trade-off between ease of use and security. Google Cloud encrypts data at-rest and in-transit. And we now also offer the ability to encrypt data-in use, while it’s being processed for customer VM and container workloads.

Let us help you with your transformation cloud journey

We’ve seen leading financial services companies embrace Google Cloud to help them move beyond infrastructure toward the next phase of their cloud evolution. This is an era where no company is better positioned to lead than Google Cloud, and we’re excited to help you with your journey.

Learn more about Google Cloud for financial services.