Databricks Completes the Financial Security Institute’s Security and Safety Assessment for Cloud Service Providers in Korea

Accelerating the adoption of the Databricks Data Intelligence Platform in the Korean financial sector by providing data and AI competitiveness chosen by global financial institutions such as S&P Global, HSBC and Mastercard

Seoul, Korea, November 20, 2024 – Databricks, the Data and AI company, today announced its completion of the Financial Security Institute (FSI)’s Security and Safety Assessment for Cloud Service Providers (CSP) in South Korea. This will enable financial institutions in Korea to confidently adopt the Databricks Data Intelligence Platform to securely utilize data and AI insights on  Amazon Web Services (AWS) and Microsoft Azure.

The Financial Sector CSP Security and Safety Assessment, mandated by the Regulation on Supervision of Electronic Financial Transactions, is a critical requirement for financial institutions in Korea using commercial cloud services. This assessment thoroughly evaluates CSPs in key areas such as data protection, access control, business continuity, and incident response, ensuring robust risk mitigation, sensitive information security, and uninterrupted services. 

Databricks has completed a comprehensive assessment as a Platform-as-a-Service (PaaS) provider, covering 54 evaluation items — well above the 43 items required for Software-as-a-Service (SaaS) assessments. The expanded assessment addressed a broad range of security requirements, enabling financial companies to leverage the Databricks Data Intelligence Platform on AWS and Azure to deliver their data and AI strategy. The final report is available at https://csp.fsec.or.kr/.  

The Databricks Data Intelligence Platform democratizes access to analytics and intelligent applications by marrying customers’ data with powerful AI models tuned to the unique characteristics of their business. The Data Intelligence Platform is built on a lakehouse foundation of open data formats and open governance to ensure that all data is within the customers’ control.

In Korea’s highly regulated environment, financial institutions face significant challenges and opportunities in driving innovation through advanced technologies. Drawing on extensive expertise in the global financial services sector, Databricks empowers financial companies to meet their data and AI goals. Globally, the Databricks Data Intelligence Platform is trusted by leading financial institutions, including HSBC, Mastercard, AXA, FactSet, and S&P Global.

“Powered by Databricks Data Intelligence, the financial sector holds the keys to propel Korea into a global leader in AI. We look forward to working with banks, insurers and asset managers in Korea to execute high-value use cases across personalization, risk management and fraud detection,” said Junta Nakai, Vice President and Global Head of Financial Services at Databricks. 

“We are pleased that Databricks has met the rigorous security and regulatory standards required by local financial institutions, and we are excited to work with Korean financial customers to unlock the full potential of their data and AI assets with our Data Intelligence Platform,” said Hyoungjun Anthony Kang, Vice President and Country Manager for Databricks Korea.

About Databricks

Databricks is the Data and AI company. More than 10,000 organizations worldwide — including Block, Comcast, Condé Nast, Rivian, Shell and over 60% of the Fortune 500 — rely on the Databricks Data Intelligence Platform to take control of their data and put it to work with AI. Databricks is headquartered in San Francisco, with offices around the globe, and was founded by the original creators of Lakehouse, Apache Spark™, Delta Lake and MLflow. To learn more, follow Databricks on LinkedIn, X and Facebook.