Financial firms embrace the cloud
June 11, 2012
By: Nick Rockel
FaithLife Financial recently took the leap into cloud computing services. The Waterloo, Ont.-based insurance and investment firm needed a software and hardware upgrade, partly to protect the sensitive data on the laptops of its 100 field agents.
Although FaithLife was using an encryption algorithm, it had no real backup mechanism, recalls Joe Alvarez, vice-president for business development and operations. A highly regulated financial institution subject to federal privacy laws, the Christian non-profit started looking for better safeguards.