Headquartered in Geneva with a branch in Zurich, IDB (Swiss) Bank, Ltd. specializes in private banking, providing premier financial services to private and corporate clients around the world with the support of its parent company, the Israel Discount Bank group.
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What motivated IDB (Swiss) Bank’s search for a data encryption solution?
Like many financial companies that take their responsibilities for data security very seriously, we decided to encrypt our data backups to protect sensitive customer and bank data.
How did you approach the process of researching possible solutions?
From the start, we debated about the best technology to use -- hardware or software?
Initially, the hardware approach was attractive as it was faster, fully integrated, easy to implement and appeared to manage every part of the data encryption process. However, soon after installation, we began to realize the disadvantages of relying primarily on a hardware solution.
Almost immediately, we struggled to clearly define the process that determined which data should be encrypted. Should every piece of data be encrypted, or just those libraries that contained sensitive data?
Then we discovered the challenge we’d have with equipment and storage continuity. The first obstacle arose when we realized that because we occasionally send backups to a subsidiary or holding company, they, too, would have to have the same hardware that we purchased. The expense of new equipment was not in our budget, nor could we find a satisfactory option that would allow our new hardware to read data from what would be the incompatible hardware used by our subsidiaries.
Next, with how quickly technology evolves, we were concerned that we’d constantly have to be updating hardware to remain vigilant in our efforts to protect sensitive data. Banks are required to save and restore data for ten years, but it is common for hardware to be replaced every few years. Choosing one particular hardware solution would lock us in with a proprietary device and therefore limit our upgrade options. We would not be able to switch to another device in the future unless we kept on hand the current proprietary encryption devices we used initially.
For these reasons we quickly changed our focus to evaluating software solutions.
What influenced your decision to choose Crypto Complete?
As we began to explore encryption software options, we decided to demo and compare trial versions from the market’s two primary leaders. The selected solutions were roughly comparable in terms of price (which was much less than a hardware device) and functionality. They both were easy to install, configure and use. The Crypto Complete documentation was more detailed regarding the required steps and configuration options to implement encryption into our backup routine.
When it came to performance, the latest version of Crypto Complete performed exactly as Linoma Software said it would, with a 1.8 ratio (time required to make a tape with encryption vs. time to make the same tape without encryption). This was 20% faster than its competitor and was the key determining factor in our decision to go with Crypto Complete.
Moreover, knowing that technical support is provided locally by ESBD is reassuring in case we encounter any unexpected issues with Crypto Complete. Being able to rely on a competent and local support team is definitely crucial for our financial business operations.
About European Software Business Development (ESBD)
With a diverse selection of security software solutions, ESBD specializes in serving the financial services industry. ESBD’s focus is on building trusted customer relationships based on high quality products, exceptional service, and helping customers meet the industry’s regulatory constraints (Bâle 3, PCI DSS, HIPAA, LSF).
Talk with ESBD regarding any of the following solutions:
- Auditing/Reporting of system and database accesses
- Control and security for system and database accesses
- Encryption / decryption of sensitive application data without modification to the source code
- Encryption / decryption of backups
- Secured management of inter-server data transfers