Saxo Bank enhances security with Baffle’s Data Protection Services

Rick Steves

Saxo Bank has deployed Baffle’s Data Protection Services to protect sensitive customer data, ensure compliance with stringent regulations, and support the bank’s migration to a highly scalable cloud and microservices architecture. The bank and trading platform provider will also be integrating Baffle into its customer-facing products.

Baffle provides data protection in the cloud via a “no code” and “low code” data-centric security approach. The firm allows companies to control who can see what data with this security layer, with no performance impact on the user experience

The Denmark-headquartered financial services and fintech provider has tapped Baffle to ensure the high volume of data under management is available on demand to its internal and external stakeholders. The final goal is to reduce the risk of breaches and non-compliance fines.

Saxo Bank adopted event-driven’ operations approach

Paul Makkar, Director of Data at Saxo Bank, commented: “With Baffle, we could successfully collaborate and influence the short-term and long-term roadmap. Baffle enabled us to securely transform to a modern event-driven cloud data mesh. For the first time, we could use multiple encryption keys seamlessly and provide our internal applications a simplified, centralized way to de-identify sensitive data.”

The team led by Saxo’s Paul Makkar has adopted an ‘event-driven’ operations approach powered by Confluent Kafka on Microsoft Azure and AWS cloud platforms.

Baffle facilitates the implementation of a new data mesh architecture. Data encryption was tedious and difficult to manage in the past, especially considering that the bank has many different legal entities worldwide, each with unique privacy requirements.

Saxo Bank now runs a data-centric security platform that includes the following:

  • Protection for each of its 25 data domains, using a centralized and standardized encryption service.
  • A record-level data mesh to securely publish and consume data via Kafka data streams.
  • Format-preserving encryption (FPE) capabilities to avoid breaking any applications that were unauthorized consumers of the Kafka data streams.
  • Multiple data encryption keys to create the appropriate segregation and fine-grained authorization.

Ameesh Divatia, co-founder and CEO of Baffle, said: “Saxo Bank sets the bar for adopting a more proactive approach to data-centric security. As the bank continues to modernize its architecture, it is not only protecting data at rest but also as it moves in the cloud and is shared across the entire analytics pipeline. Privacy by design emerged as a key tenet of this new architecture, ensuring security and privacy is baked in from the start. Paul and his team illustrate how organizations should be considering their internal security posture and ways in which they can help their own end users differentiate with their customer base.”

Read this next

Retail FX

Malaysia regulator exposes OctaFX clone, shady FB profiles

Malaysia’s financial regulator today warned online investors about the risks of following investment tips made on social-media platforms.

Digital Assets

Crypto trading volume spikes at Swiss bourse amid FTX collapse

The shockwaves from the historic collapse of Sam Bankman-Fried’s crypto empire are still being felt across the industry, but some trading venues are actually doing better because of it.

Executive Moves

CMC Markets adds Camilla Boldracchi to institutional sales

UK’s biggest spread better, CMC Markets has promoted Camilla Boldracchi to take on an expanded role within its institutional sales desk.

Institutional FX

FXSpotStream reports $1.48 trillion in monthly volume for November

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for November 2022, which moved higher on a yearly basis but reflected weak performance across executed trade volumes when weighed against the figures of the prior month.

Retail FX

Interactive Brokers’ client activity drops 30% YoY

Interactive Brokers LLC (NASDAQ:IBKR) saw 1.95 million daily average revenue trades, or DARTS, in November 2022 compared to 1.96 million transactions in the prior month.

Digital Assets

The rise of Crypto ETPs in traditional exchanges as crypto winter deepens

Institutional investors are increasingly looking at traditional regulated exchanges as their first route into digital assets amid market turmoil caused by the crypto winter and the collapse of several big names within the space, including FTX. Acuiti and Eurex surveyed 191 buy and sell-side firms on their views of the digital assets markets in order […]

Digital Assets

TP ICAP’s crypto arm receives FCA’s go-ahead

UK interdealer broker TP ICAP has received a regulatory go-ahead to launch its cryptocurrency services in the UK. The bid shows that the recent collapse of FTX exchange has done little to damp the interest of big names in running their own crypto business.

Industry News

Coin Signals founder to pay $2,847,743 after prison sentence over crypto Ponzi scam

The U. S. District Court for the Southern District of New York has ordered Jeremy Spence, founder of Coin Signals, to pay $2,847,743 in restitution to victims of a fraudulent virtual currency scheme.

Digital Assets

CME Group goes DeFi: Reference rates and real-time indices of Aave, Curve, Synthetix

“These rates are designed to provide traders, institutions and other users transparency and price discovery across a much broader range of tokens, allowing them to confidently and more accurately value cryptocurrency sector specific portfolios and manage price risk around various blockchain-based projects.”