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Snowflake Introduces the Cloud Data Warehouse Built for Financial Services

Snowflake Computing, the data warehouse built for the cloud, announced Virtual Private Snowflake (VPS) – the ideal solution for industries such as financial services that demand the highest level of security. VPS is the most advanced edition of Snowflake. It delivers the most secure solution so financial services enterprises can easily and efficiently derive all the insight from all their data. Thanks to VPS, financial services companies can experience the most innovative architecture the cloud has to offer, with the administrative controls required by large enterprises.

To gain insight from their data, financial services enterprises face the same technology challenges as other industries. But in addition, they operate in regulated environment that demands the highest level of data security:

  • Resource-intensive safeguards – Existing on-premises and cloud solutions were not designed to operate in today’s security-focused, highly regulated environment.
  • Inconsistent data – Limitations of existing solutions force large enterprises to separate their data into silos that make analysis difficult and often produce inconsistent results.
  • Performance and scalability limitations – The complex solutions used today cannot scale to meet the data size or concurrency requirements of large financial services organizations. Existing data warehouse products are unable to leverage the elasticity that the cloud can deliver.

Virtual Private Snowflake includes the following features to ensure the highest security for any data warehouse or big data platform:

  • Private deployment – Enterprises get a dedicated and managed instance of Snowflake within a separate AWS Virtual Private Cloud (VPC).
  • Tri-Secret Secure – A new feature included with VPS ensures customer control and protection of data by combining a customer-provided encryption key together with a Snowflake-provided encryption key and user credentials.
  • Encryption everywhere- Snowflake automatically encrypts all data at rest and in transit.
  • Comprehensive protection – Features such as multi-factor authentication, role-based access control, IP address whitelisting, federated authentication and annual rekeying of encrypted data are all part of VPS.
  • Security validations – SOC 2 Type 2, PCI DSS compliance and support for HIPAA compliance validate the level of security of Snowflake’s cloud data warehouse.

In addition, since VPS is a version of Snowflake, financial services enterprises also get the six defining qualities of the no. 1 cloud data warehouse:

  • Complete SQL database – Snowflake supports the tools millions of business users already know how to use today.
  • Zero management – Snowflake reduces complexity with built-in performance so there’s no infrastructure to tweak, no knobs to turn and no tuning required.
  • All of your data – Store and analyze petabytes of structured and semi-structured data (JSON, XML, AVRO) from a single source of truth to quickly extract critical insight.
  • All of your users – An architecturally unlimited amount of concurrent users and applications can gain access without eroding performance.
  • Pay only for what you use – Snowflake’s cloud-built solution scales storage separate from compute, up and down, transparently and automatically.
  • Data sharing – Snowflake extends the data warehouse to the Data Sharehouse™, with direct, governed and secure data sharing within seconds so enterprises can easily forge one-to-one, one-to-many and many-to-many relationships

Financial services enterprises are IT companies, so data is at the center of their business. But similar to other industries, data analysis in financial services is hindered by costly and inflexible tools available on-premises or in the cloud,” Snowflake’s CEO, Bob Muglia said. “A built-for-the-cloud data warehouse is a game changer, providing the flexibility and scale to meet the needs of the large financial service enterprises. Virtual Private Snowflake is the only data warehouse that takes full advantage of the cloud while delivering the security financial services require.”

Snowflake’s unique architecture enables financial services to store all their data from all their business units in one centralized location, while easily and securely managing data access across the entire organization. In addition, enterprises can scale up and down automatically, and also scale unlimited concurrency via Snowflake’s multi-cluster architecture without impacting performance. With Snowflake, financial services enterprises get deeper insights to quickly deliver more innovative products and services to their customers.

New technologies and capabilities are making it easier than ever to handle vast amounts of data, manage it in real time, and process it in sophisticated ways. This presents tremendous new opportunities in financial services to deliver breakthrough customer experiences,” said Linda Apsley, Vice President, Data Engineering, Capital One. “We are an early adopter of VPS because it gives us the ability to process data at lighting fast speed and deliver automated, intelligent solutions to our customers in real time. In addition, it provides the administrative capabilities we need as a large enterprise.”

 

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