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October 17, 2012

Bloomberg Vault Launches Local Cloud Service for Global Data Privacy

By Erin Harrison, Executive Editor, Cloud Computing

Media giant Bloomberg (News - Alert) has just unveiled a new service for global firms facing strict data privacy laws, allowing them to deploy a cloud-based data archiving and compliance solution locally by leveraging the news organization’s global infrastructure.

Dubbed “Local Vault,” the service is the latest extension to Bloomberg’s cloud-based enterprise information management service, Bloomberg Vault, which leverages Bloomberg’s network of data centers in 55 countries.

The service is designed to give organizations a highly scalable, secure cloud-based solution for managing and archiving corporate messages and digital communications, according to Harald Collet, global business manager for Bloomberg Vault.

“Bloomberg Local Vault is the first truly global service capable of supporting various regional and national regulations governing data transmission and storage, as well as large-scale analytics,” Collet said in a company statement. “Local Vault makes it easier for international organizations to leverage cloud-based solutions for big data challenges.”

By using Local Vault, businesses can configure data compliance and archiving policies at the employee level to adhere to regulations impacting all corporate communications and content, including e-mail, mobile communications, social media content, instant messaging, files and documents, company officials said.

Organizations with multinational operations, especially those based in Europe, are often challenged with managing sensitive electronic data while adhering to regional data privacy guidelines.

Security and legal jurisdiction are major obstacles for organizations considering adopting the cloud. According to an IDC (News - Alert) survey commissioned by the European Commission’s Cloud Partnership initiative, technology professionals cited issues related to legal jurisdiction, security, data protection and data access and portability impede the adoption of cloud computing-services.

“European enterprises are looking to cloud providers, such as Bloomberg, to remove the barriers to cloud adoption, including those posed by data privacy laws,” said Chris Dale of the e-Disclosure Information Project. “Bloomberg’s Local Vault combines the cost benefits of a managed service with the data privacy controls required by global organizations.”  

Bloomberg’s Local Vault service includes:

  • A network of globally-linked secure local data centers that allow for in-region or in-country archiving
  • Secure data transfer, data storage, and instant search and analytics tools
  • Global services for user management, data retention management, legal hold application, policy management, fine-grained auditing and reporting
  • Policy management to enable centralized access to remote data archives.

The combination of European privacy rules, multi-country business processes, the Euro crisis and a lingering recession will continue to delay cloud computing adoption in Europe by at least two years compared to the U.S., according to the IT research firm Gartner (News - Alert).

However, last month, the European Union outlined a new strategy designed to speed up and increase the use of cloud computing across the region, TMCnet reported.

The European Commission’s new strategy for “unleashing the potential of cloud computing in Europe” specifies actions that would ultimately have the goal of adding a net gain of 2.5 million new European jobs by 2020.

Edited by Jamie Epstein
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