Thursday, 25 February 2021 00:01

Alibaba Cloud passes 'Australian Prudential Regulation Authority' Assessment

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Alibaba Cloud commits to security regulations and to helping Australian businesses to go global.

Alibaba Cloud. It is the digital technology and intelligence backbone of Alibaba Group, and it has demonstrated the company’s ability to meet the requirements which are established by Australian Prudential Regulation Authority (APRA)

APRA is a reputable regulator of the financial services sector in Australia. It maintains strict prudential standards and guidelines for all outsourced activities and information securities that businesses must comply with.

The review included an in-depth analysis in how Alibaba Cloud meeting the requirements of APRA Prudential Standard in the areas, such as CPS231 Outsourcing, CPS 232 Business Continuity Management, CPS 234 Information Security, and CPG 235 Managing Data Risk, and the areas covered in the Prudential Practice Guide in the Australian market.

In addition, Alibaba Cloud says it "demonstrated the ability to fulfil requirements as a service provider, from a security and outsourcing risk management perspective. Following a credible third-party review in the area of outsourcing, business continuity management, information security, managing data risk, Alibaba Cloud has proven its readiness in meeting the requirements outlined by APRA."

“As part of our ongoing commitment to be a trusted cloud service provider for Australian businesses, it was crucial to undergo assessment and demonstrate our readiness to meet all necessary requirements and beyond. APRA is a highly renowned regulatory accreditor in Australia and we couldn’t be more proud to have passed all stages of the auditing process,” said Raymond Ma, General Manager of Australia and New Zealand, Alibaba Cloud Intelligence.

APRA assessment is an important benchmark for cloud computing companies when it comes to safeguard for financial companies’ sensitive information. Alibaba Cloud has already seen success in the financial service sector, partnering with Lifebyte’s Trade Max and Vantage FX.

Over the course of these partnerships, each company has benefited from Alibaba Cloud’s large range of capabilities including enhanced security systems to protect against common attack threats, and an increase in operational efficiency.

“In addition to providing us with products and solutions that meet with our high requirements for real-time, reliability, system performance, and network speed, Alibaba Cloud team’s attitude, work efficiency and response to our questions and requests were excellent. We have been impressed with their ability to deliver results and are looking forward to working in partnership into the future,” said Lee Yu, LifeByte CEO.

Alibaba Cloud is dedicated to upholding a high level of security to all clients around Australia and this prestigious recognition is key in demonstrating its desire to comply with local regulations and industry standards. As part of its commitment, Alibaba Cloud has obtained more than 80 security and compliance accreditations worldwide.

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Alex Zaharov-Reutt

Alex Zaharov-Reutt is iTWire's Technology Editor is one of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

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