Data Sovereignty and Cloud Migration in BFSI: Navigating Global Regulations
As BFSI (Banking, Financial Services, and Insurance) companies increasingly adopt cloud migration strategies, they face a critical challenge: adhering to data sovereignty regulations. These regulations require organizations to store, process, and manage customer data within specific geographical boundaries to ensure compliance with local laws. Balancing these legal complexities while leveraging the transformative benefits of cloud migration is a delicate task that requires robust strategies and expertise. Understanding Data Sovereignty in BFSI Data sovereignty refers to the principle that data is subject to the laws and governance structures within the nation where it is collected or resides. In the BFSI sector, data often includes highly sensitive information such as financial transactions, customer details, and compliance records, making it a prime target for regulatory scrutiny. For instance, regulations like the General Data Protection Regulation (GDPR) in Europe or the Cloud ...