June 21, 2023 | Updated: June 30, 2023
We are delighted to announce that MongoDB Atlas has successfully achieved the AWS Financial Services competency, highlighting our dedication to delivering exceptional data management solutions tailored specifically for the financial industry. This significant milestone demonstrates our ability to provide secure, scalable, and reliable database services that meet the stringent regulatory requirements and unique challenges faced by financial institutions.
By attaining the AWS Financial Services competency, MongoDB Atlas reinforces its position as a trusted partner for financial organizations in their quest for modern and efficient solutions for secure data management. Our developer data platform empowers financial institutions to leverage the inherent flexibility of MongoDB's document model, coupled with advanced security features and automated operations. This enables organizations to expedite innovation, enhance customer experiences, and fuel business growth while maintaining compliance with regulatory frameworks.
Achieving this competency further signifies our commitment to elevating the standards of data management within the financial services sector. By leveraging MongoDB Atlas, financial institutions can optimize their operations, increase agility, and leverage data-driven insights to make informed decisions. We provide a comprehensive suite of features and functionalities, including data encryption at rest and in transit, identity, and access management controls, and built-in compliance certifications such as PCI-DSS, HIPAA, and ISO/IEC 27001, which are essential for meeting the strict security and privacy requirements of the financial industry.
By harnessing real-time, up-to-the-minute information, fraud detection models can be trained on the most accurate and relevant data available. MongoDB Atlas, a highly scalable and flexible database, coupled with Amazon SageMaker Canvas, an advanced machine learning tool, presents a groundbreaking opportunity to revolutionize fraud detection. By leveraging operational data, the synergy of the MongoDB Atlas and SageMaker Canvas holds the key to proactively identifying and combating fraudulent activities, enabling financial institutions to safeguard their systems and protect their customers in an increasingly treacherous digital landscape.
At MongoDB, we recognize that the regulated industry landscape is constantly evolving. As a result, we remain dedicated to continually expanding our capabilities, refining our offerings, and collaborating closely with our customers to address their evolving needs. Last year, MongoDB achieved the AWS Government Software competency. Our attainment of the AWS Financial Services competency serves as a testament to our ongoing commitment to excellence and innovation in data management, ensuring that our customers in regulated industries can rely on MongoDB Atlas as a robust and secure platform to power their digital transformation initiatives.
MongoDB and BigID Delivering Scalable Data Privacy Compliance for Financial Services
Ensuring data privacy compliance has become a critical priority for banks and financial services. Safeguarding customer data is not only crucial for maintaining trust and reputation but also a legal and ethical obligation. In this blog, we will dive into why and how the financial services industry can adopt an approach to data privacy compliance effectively using BigID and MongoDB. Embracing a privacy-first mindset To establish a robust data privacy compliance framework, banks, and financial services must prioritize privacy from the onset. This entails adopting a privacy-first mindset throughout all aspects of their operations. Embedding privacy principles into the organizational culture helps create a foundation for compliance, ensuring that data protection is a core value rather than an afterthought. Understand the regulatory landscape Compliance with data privacy regulations is an ongoing process that requires a deep understanding of the applicable legal landscape. Banks and financial services should invest in a comprehensive knowledge of regulations such as the General Data Protection Regulation (GDPR), California Consumer Privacy Act (CCPA), Digital Personal Data Protection (DPDP), and other relevant global and local regulations. This understanding helps organizations identify their obligations, assess risks, and implement necessary controls to ensure compliance. Ensuring compliance with regulatory requirements Data privacy compliance requirements vary based on specific regulations applicable to state, region or country. Organizations must adhere to these regulator requirements as its crucial to meeting legal obligations, maintaining trust and mitigating risks. Regularly Update Policies and Procedures: The data privacy landscape is constantly evolving, with new regulations and best practices emerging regularly. Banks and financial services should stay ahead of these developments to review and update their privacy policies and procedures accordingly. Regular audits and risk assessments should be conducted to identify gaps and ensure that the organization remains compliant with evolving requirements. Implement Data Discovery & Governance Frameworks: Effective data governance is a fundamental aspect of data privacy compliance. Banks and financial services should establish data governance frameworks with clear policies, procedures, and accountability mechanisms. This includes defining data ownership, identifying data across systems, implementing data classification, setting retention periods, and establishing secure data storage and disposal protocols. Regular audits and internal controls help ensure adherence to these policies and procedures. Streamline Consent Management: Transparency and consent are vital components of data privacy compliance. Banks and financial services should provide clear and easily understandable privacy notices to customers, outlining the types of data collected, the purposes of the processing, and any third-party sharing. Additionally, organizations should develop user-friendly consent mechanisms that enable individuals to make informed choices about their data. Fulfill User Rights and Data Subject Access Requests: All privacy regulations grant individuals various rights over their data, including the right to access, correct, delete, and restrict the sale of data. The fulfillment of data rights requires mechanisms such as customer self-service portals and automated workflows for data subject access requests. Conduct Privacy Impact Assessments (PIAs): Privacy Impact Assessments (PIAs) are essential tools for evaluating and mitigating privacy risks associated with data processing activities. Banks and financial services should regularly conduct PIAs to identify potential privacy concerns, assess the impact of data processing, and implement appropriate safeguards. PIAs enable organizations to proactively address privacy risks, demonstrate compliance, and enhance transparency in data processing practices. Prioritize Data Minimization and Purpose Limitation: Collecting and processing only the necessary personal data is a key principle of data privacy compliance. Banks and financial services should adopt data minimization strategies , limiting data collection to what is essential for legitimate business purposes. Furthermore, data should be processed only for specific, clearly defined purposes and not repurposed without obtaining appropriate consent or legal basis. By embracing data minimization and purpose limitation, organizations can reduce privacy risks and respect individuals' privacy preferences. Navigate Data Localization & Transfers: Data localization involves keeping data within the jurisdiction where it was collected. While this approach can help ensure data protection, it can also create challenges for businesses that operate in multiple countries. Implementing data localization practices ensures that customer data remains within the country's boundaries as well as adhering to cross-border data transfer requirements. Strengthen Security Measures: Protecting customer data from unauthorized access, breaches, and cyber threats is crucial. Banks and financial services should implement robust security measures, including encryption , access controls, intrusion detection systems, and regular security assessments. Ongoing staff training on cybersecurity awareness and best practices is essential to mitigate the risk of human error or negligence. Achieving privacy compliance with BigID and MongoDB Financial institutions need the ability to find, classify, inventory, and manage all of their sensitive data, regardless of whether it’s on-prem, hybrid-cloud, or cloud-based. Organizations must know where their data is located, replicated, and stored — as well as how it is collected and processed, it’s a momentous task — and requires addressing common challenges like siloed data, lack of visibility and accurate insight, and balancing legacy systems with cloud data. All while meeting a litany of compliance requirements. With a major shift towards geographically dispersed data, organizations must make sure they are aware of – and fully understand – the local and regional rules and requirements that apply to storing and managing data. Organizations without a strong handle on where their data is stored potentially risk millions of dollars in regulatory fines for mishandling data, loss of brand credibility, and distrust from customers. A modern approach relying on modern technologies like BigID & MongoDB helps to solve data privacy, data protection, and data governance challenges. BigID, the industry leader for data security, privacy, compliance, and governance, is trusted by some of the world's largest financial institutions to deliver fast and accurate data discovery, classification, and correlation across large and complex data sets. BigID utilizes MongoDB as the internal data store for the platform to help generate data insights at scale, automate advanced discovery & classification, and accommodate complex enterprise requirements. As technology partners, MongoDB’s document model and distributed architecture enable BigID to deliver a scalable and flexible data management platform for data privacy and protection. How BigID powered by MongoDB addresses privacy compliance challenges By taking a privacy-first approach to data and risk, organizations can address the challenges of continuous compliance, minimize security risks, proactively address data privacy programs, and strengthen data management initiatives. BigID, powered by MongoDB, helps organizations identify, manage, and monitor all personal and sensitive data activity to achieve compliance with several data privacy requirements. Organizations get: Deep Data Discovery: BigID helps organizations discover and inventory their critical data, including financial information. This enables organizations to understand what data they have and where it is located, which is an important first step in achieving compliance. Accurate Classification: With exact value matching, BigID graph based technology can identify and classify personal and sensitive data in any environment such as email, shared drives, databases, data lakes, and many more. Efficient Data Mapping: Automatically map PII and PI to identities, entities, and residencies to connect the dots in your data environments. Streamlined Data Lifecycle Management: Accurately find, classify, catalog, and tag your data and easily enforce governance & control – from retention to deletion. Fulfillment of Consent & Data Rights Request: Automate consent and data rights management with a privacy portal that includes a seamless U/X that manages data subject rights requests (DSAR). Centralize DSAR’s with automated access and deletion workflows to fulfill end-to-end data rights requests. Effective Privacy Impact Assessments (PIA/DPIA): Easily build seamless workflows and frameworks for privacy impact assessments (PIA) to estimate the risk associated with all data inventory. ML-based Data Access Management: For full compliance with specific requirements, BigID helps mitigate risk with significant open-access requirements to remediate file access violations on critical data across all data environments. Validated Data Transfers: Monitor cross-border data transfers and create policies to enforce data residency and localization requirements. Effective Remediation: BigID helps to define the remediation action related to critical data to provide audit records with integration to ticketing systems like Jira for seamless workflows. By adopting a privacy-first approach to data and risk, financial services organizations can tackle the challenges of continuous compliance, mitigate security risks, and enhance data management initiatives. BigID, powered by MongoDB, offers comprehensive solutions to help organizations identify, manage, and monitor personal and sensitive data activities, enabling them to achieve compliance with various data privacy requirements. Looking to learn more about how you can reduce risk, accelerate time to insight, and get data visibility and control across all your data - everywhere? Take a look at the below resources: Control your data for data security, compliance, privacy, and governance with BigID Data-driven privacy compliance and automation for new and emerging data privacy and protection regulation Protect your data with strong security defaults on the MongoDB developer data platform Manage and store data where you want with MongoDB MongoDB for Financial Services
Being Latine in Tech: Two MongoDB Employees Share Their Advice on Building Careers in Engineering
Ashley Naranjo and Martin Bajana, members of MongoDB’s employee resource group QueLatine, share their career journeys and offer insight into how other members of the Latine community can build careers in tech. Jackie Denner: How did you make your way into the tech industry? Ashley Naranjo: I am a first-generation Latina with a passion for Information Technology and a knack for problem-solving. After graduating early from high school, I embarked on a career in Nursing. I chose Nursing initially because I wanted to make a difference and help others, but my path took an unexpected turn when COVID-19 reshaped our world. In light of the circumstances, I reevaluated my options and decided to seize an opportunity with a program called Year Up . During the intensive six-month training and deployment phase, I not only completed rigorous coursework but also obtained IT Google Coursera certifications and actively pursued CompTIA certifications. This experience allowed me to secure an internship at Meta (Facebook) as an Enterprise Operation IT Support Tech, where my love for technology blossomed. During my time at Meta, I had the privilege of assisting diverse Meta users worldwide with a wide range of technical issues, including troubleshooting, software and hardware support, internal access permissions, and more. The exposure to a global tech environment further fueled my passion for the field. When my internship concluded, I was offered a 1-year contract role with Meta to continue my work as a support tech for the same team. Throughout that year, I immersed myself in all aspects of technology, maximizing my learning opportunities and applying my networking skills. As time went on, I knew I needed a new challenge. This led me to embark on a search for an exciting role, which eventually brought me to MongoDB. I am passionate about driving technological innovation, and MongoDB is a place where I can make an impact. Martin Bajana: My interest in technology stems from a variety of sources. From a young age, I developed a strong passion for video games and exploring new technologies. Whether it was experimenting with the latest gaming consoles or delving into computer hardware, I relished the opportunity to learn and understand the inner workings of these technologies. In school, I discovered my affinity for mathematics, which further solidified my decision to pursue a career in the tech industry. Choosing to study computer science in college was a natural progression for me, as it allowed me to combine my love for technology with my aptitude for problem-solving. After completing my education, I was recruited by Verizon, where I worked on front-end applications and Android development. Although the transition was initially challenging, I persevered and regained my confidence. It was during this period that I realized a career in technology was my long-term aspiration. Throughout my tenure at Verizon, I embraced opportunities to work across various teams, acquiring valuable experience and honing my skills. Eventually, I made the decision to join MongoDB, which has provided me with an enriching journey and the chance to shape my career in the tech industry. JD: Have there been any challenges you've faced throughout your career? AN: Imposter syndrome has been a significant challenge for me throughout my career, and it's something I still deal with to this day. When surrounded by my talented colleagues, I would often compare myself to them and focus on my perceived weaknesses and flaws, leading to a lack of self-confidence. However, I tackled this issue by addressing my feelings with my manager. Her support and guidance helped me realize my own potential and acknowledge my accomplishments. Maintaining a positive mindset has enabled me to view myself as a competent engineer and recognize the value I bring to my team. I have learned to take ownership of my successes and embrace opportunities for growth. Stepping out of my comfort zone has become a regular practice, as personal and professional development often stems from embracing challenges and discomfort. By giving myself permission to take up space and be confident in my abilities, I have been able to overcome imposter syndrome and continue to thrive in my role. MB: I have been fortunate enough to work for companies and teams that value and respect me for the work I deliver. Being in the tech industry and growing up in a culturally diverse region of the country, I have had exposure to individuals from various backgrounds and identities, which has made me more comfortable as a Latinx individual in the industry. My personal goal is to promote a work environment where everyone is judged based on the contributions they bring to the team, rather than their identity. I believe in supporting and respecting the identities of my peers and coworkers while fostering a culture of inclusivity and equality. JD: How has MongoDB supported your career growth and development? AN: In my time working at MongoDB, I have experienced exceptional support that has greatly contributed to my professional development and growth. As an engineer at MongoDB, I have been provided with numerous opportunities to expand my knowledge and skills through participation in tech talks, hackathons, and continuous learning about emerging technologies. I am grateful for the proactive approach taken by my manager and team leaders in fostering my growth as an engineer. Additionally, MongoDB's commitment to diversity and inclusion is evident through the company's DEI initiatives. Platforms like our employee resource group “QueLatine” have made me feel a stronger sense of connection and belonging, particularly among my Latinx peers. By recognizing the power of our diverse backgrounds and experiences, MongoDB empowers us to have a meaningful impact in the industry. MB: I have experienced full support from my leader since day one. They have proactively sought to understand my career goals and have helped me create a clear career path to achieve those goals. This level of support has enabled me to take on challenging projects and initiatives within the company, allowing me to grow and develop in my career. Furthermore, MongoDB offers a wealth of learning and development resources to its employees, which I have fully utilized to continue learning and growing my skill set. JD: What is your advice for other Latines who want to begin careers in tech? AN: Having made a significant career change myself, I can empathize with the challenges that come with exploring new paths, particularly in the tech industry. As a Latina in tech, I feel a strong desire to encourage and raise awareness within our community about the incredible resources and opportunities that are available to us. My advice to others who may be considering a similar journey is to prioritize the continuous development of your technical skills, actively seek out mentoring opportunities, push yourself beyond your comfort zone by honing your networking abilities, and most importantly, believe in yourself and your ability to achieve great things! MB: Navigating the vast world of technology can certainly be overwhelming, but it's important not to fear feeling lost. Even after 12 years in this career, there are still days where I come across something I've never heard of before. Fortunately, we live in a world abundant with resources for continuous learning. My advice is to take the time to explore and ask questions. Seek out open-source projects that you can contribute to, and connect with other professionals in the tech industry who can share their experiences and provide guidance. Additionally, taking advantage of hackathons and other tech events can expose you to new technologies and ideas. Don't be afraid to make mistakes, and most importantly, don't give up! Join us in transforming the way developers work with data. Build your tech career at MongoDB .