For years how companies store data has been a subject of much scrutiny particularly within the financial services industry and more so where it involves government regulations pertaining to the data sovereignty. The arrival of cloud-based storage as a viable, commercial solution to the challenge of cost-effectively managing and storing massive volumes of data has further exacerbated the issue.
Storiant claims that its software now fully meets the requirements of the Securities and Exchange Commission’s (SEC) Rule 17a-4(f) governing long-term data retention. The certification marks the first time financial services companies can adhere to regulatory requirements with a secure private cloud that matches pubic cloud economics (less than $.01/GB/month).
Storiant received the certification from Cohasset Associates Inc., an independent, third-party auditor that detailed the system’s requirements, assessment, capabilities and considerations that meet SEC regulatory compliance.
“Too many financial companies have had to live with expensive and isolated storage options to comply with SEC regulations,” said Jeff Flowers, CEO and co-founder of Storiant. “Now, with software that makes it possible to comply with regulations in a private cloud – at public cloud prices – these companies can finally take advantage of a new generation of economical, scalable and secure storage. The advantages of a private cloud are no longer out of reach.”
Storiant software is an object-based storage management solution for exabyte-scale data. According to Cohasset, “it operates independently from client applications and has intrinsic integrated controls that prevent content from being prematurely overwritten, deleted or altered.” Cohasset certified that Storiant software meets the requirements of: