SANTA CLARA, Calif., Oct. 24, 2022 (GLOBE NEWSWIRE) — Baffle, Inc. announced that Saxo Bank is deploying Baffle Data Protection Services to protect sensitive customer data, ensure compliance with strict regulations, and support the bank’s transition to a highly scalable cloud and microservices architecture. Saxo Bank will also integrate Baffle into its customer-facing products.
With the threat of breaches and the potential for significant non-compliance fines, Saxo Bank must ensure that the high volume of data under management is available on demand to its internal and external stakeholders, and secure.
As a first step, Paul Makkar, Saxo’s director of data, and his team implemented an ‘event-driven’ operational approach powered by Confluent Kafka on the Microsoft Azure and AWS cloud platforms. At the same time, Makkar had to implement a new data mesh architecture. Data encryption has been tedious and difficult to manage in the past, especially considering that the bank has many different legal entities around the world, each with unique privacy requirements.
A Data Mesh Is Born
By choosing the Baffle Data Protection Services platform, Saxo Bank now operates a data-centric security platform that includes the following:
- Protection for each of its 25 data domains, using a centralized encryption service.
- A record-level data mesh to securely publish and consume data via Kafka data streams.
- Format-preserving encryption (FPE) capabilities to prevent any applications that are unauthorized consumers of Kafka data streams from being compromised.
- Multiple data encryption keys to enable appropriate segregation and fine-grained authorization.
“With Baffle, we can successfully collaborate and influence the short-term and long-term roadmap,” Makkar said. “Baffle allowed us to securely transform into a modern, event-driven cloud data mesh. For the first time, we can use multiple encryption keys seamlessly and provide our internal applications with a simplified and centralized way to de-identify sensitive data.”
“Saxo Bank has set the bar for adopting a more proactive data-centric security approach. As the bank continues to modernize its architecture, it not only protects data at rest but also as it moves to cloud and shared across the analytics pipeline,” said Ameesh Divatia, co-founder and CEO of Baffle. “Privacy by design has emerged as a key principle of this new architecture, ensuring security and privacy from the start. Paul and his team describe how organizations should consider their internal posture of security and ways in which they can help their own end users identify their customer base.”
Headquartered in Denmark, Saxo Bank is a global investment bank specializing in online trading and investing. Its platform powers 200+ banks and brokers and 400+ financial intermediaries, and processes 200+ million API requests per day. Saxo Bank Group is authorized and regulated in multiple jurisdictions, has more than $90 bn in client assets and employs more than 2,500 staff worldwide.
About Baffle
Baffle protects data in the cloud with a “no code” and “low code” data-centric security approach. The solution provides universal data protection to secure data wherever it resides and is used in distributed data environments. Companies can control who can see what data with this layer of security, without impacting performance on the user experience. Proven in large-scale environments, Baffle Data Protection Service is the only one that de-identifies sensitive information in its rapid processing in the cloud. Without application changes, security teams can move in tandem with business initiatives to move data and workloads to the cloud more quickly. Investors include Celesta Venture Capital, National Grid Partners, Lytical Ventures, Nepenthe Capital, True Ventures, Greenspring Associates, Clearvision Ventures, Engineering Capital, Triphammer Ventures, ServiceNow Ventures, Thomvest Ventures, and Industry Ventures. Follow us on Twitter and LinkedIn.
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