Alibaba Cloud, the data intelligence backbone of Alibaba Group, said it secured last February the Outsourced Service Providers Audit Report (OSPAR) validation by the Association of Banks in Singapore (ABS), the first public cloud provider to do so.
OSPAR is designed to support the financial services industry in reducing compliance-associated costs when outsourcing the management of sensitive or mission-critical data to vendors.
“The world today runs on data, with increasing reliance on sensitive personal information for the purpose of providing better services and solutions,” said Larry Liu, international compliance lead for Alibaba Cloud. “External partners like Alibaba Cloud are required to manage the volume of data while making sense of its complexity, and this certification is an important endorsement of the integrity and approach we follow as a global cloud service provider.”
“Securing OSPAR compliance in one of the world’s premier financial hubs means our customers can divert more resources to revenue-generating activities, while knowing they have a trusted and reliable partner in us,” Liu said.
Alibaba Cloud has more than 70 other security and compliance accreditations worldwide, complying with global security standards such as Germany’s Cloud Computing Compliance Controls Catalogue, the first Asian company to do so, and the European Union’s General Data Protection Regulation privacy guidelines.
In addition, Alibaba Cloud claims to have also been carrying out independent self-assessments and audits on existing risk controls in regions such as Hong Kong to ensure their design and operating effectiveness are on par with the regulatory requirements and security and compliance guidelines of financial service institutions in their respective regions of operations.