In today’s data-driven world, keeping sensitive information secure is vital.
Hardware Security Modules (HSMs) play a crucial role in protecting data, but why not go one step more and harness the power of HSM as a Service (HSMaaS)?
HSMaaS offers the same high-level security as Hardware Security Modules but in a cloud-based, flexible form. This makes it attractive to businesses looking to boost security without adding complexity to their infrastructure.
In this overview, we’ll explore HSMaaS, how it works and its benefits.
What is HSM?
Hardware Security Module (HSM) as-a-service is a cloud-based service that provides all of the same benefits as HSMs but with even more added benefits.
HSM as-a-service is convenient way to access HSMs without needing to have physical equipment on-site. The HSM is hosted on your behalf, removing all software from your payments process with no need for any drivers or application software.
There are no PINs to memorise and security can be bolstered by the use of MFA (Multi-factor authentication), typically via SMS-based One-Time PIN.
How does HSMaaS work?
HSM, or Hardware Security Module, functions as a safeguard for digital keys, managing encryption and decryption processes for digital signatures, robust authentication, and other cryptographic functions.
The certificate from your sponsor bank, vital for signing payment submissions, is stored on a hosted HSM. Integration with your approved Bacs software facilitates seamless and secure payment signing without the reliance on physical smartcards.
The functionality of HSM can be likened to a chip-enabled credit card: its tamper-proof design ensures internal authentication and resistance against tampering.
Why do businesses use HSM as a service?
HSM as-a-service provides the highest level of security against external threats while keeping you compliant as regulations change. With a cloud based HSM, payments are available anytime, anywhere making remote working instantly easier and more secure.
In today’s interconnected world, where data breaches and cyber threats loom large, ensuring the security of your digital assets has become more critical than ever. That’s where Hardware Security Module as a Service (HSM-as-a-Service) steps in, offering a robust and convenient solution to safeguard your sensitive information.
Advantages of HSM as a service
1. Substantial cost savings
Traditional HSMs often entail significant upfront costs, making them a substantial investment for businesses of all sizes. With HSM-as-a-Service, you eliminate the need for capital expenditures and ongoing maintenance expenses. This cost-efficient model enables you to access top-tier security without breaking the bank. HSM-as-a-service is a very cost effective solution, particularly if you have a lot of smartcard users.
2. Immediate availability on-demand
This translates to no operational delays and provides the flexibility to take swift action when necessary. HSM boasts universality, ensuring that payment processes can proceed seamlessly even in the event of personnel changes, in stark contrast to smartcards, which require card replacement and destruction of the previous card.
3. Robust security and compliance
HSM offers unparalleled protection against external threats due to its tamper-resistant design. With an automated update mechanism, the software remains compliant with evolving regulations, guaranteeing the ability to process payments while adhering to standards.
4. Safeguarding business continuity
HSM’s replication across multiple instances assures the availability of disaster recovery measures. Thus, in the face of unforeseen challenges, payment processing can continue without interruption.
5. Empowering automation
HSM-as-a-Service lets businesses streamline workflows by automating tasks such as payment signing, approval, and submission. This not only increases efficiency but also reduces the risk of human error, further bolstering your security posture.
Additionally, comprehensive automation options can be explored, allowing for processes like automatic retrieval and distribution of Bacs A-Reports.
HSM-as-a-Service offers a comprehensive and user-friendly solution for fortifying your digital security. Consider HSM-as-a-Service as your trusted ally in safeguarding what matters most – your data, your operations, and your peace of mind.
If you’re ready to take your payment security to the next level, our paygate experts are ready to help. Get in touch.