CASE STUDY Sareb Sharing Highly Confidential Information in the Cloud and Securing It from Attack In the wake of the 2012 financial crisis, the Spanish government established Sareb, Spain’s “bad bank,” created to manage and dispose of assets transferred by the nine financial institutions that received government funding. The sole purpose of Sareb is to serve as a private management company to help restructure the Spanish financial sector and provide financial aid to real estate banks experiencing excessive exposure and financial difficulty. As a key element of the restructuring, Sareb received almost 200,000 assets—or the equivalent of more than US$54 billion worth of Spanish real estate assets— which it is now selling back into the market. Securing sensitive data As a relatively smal

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