Why financial firms are missing out by not embracing the cloud

The financial sector’s high Security and compliance standards have traditionally made it something of a laggard in the adoption of cloud computing. Yet there are indications that momentum is shifting and finance institutions are beginning to benefit from the agility, flexibility, speed and innovation that is missing when running large, on-premise data centres.

But just how secure can customer data and commercial operations be when stored and running on someone else's infrastructure? The short answer is: very secure. Indeed, cloud services should be at least as secure if not more secure than their in-house equivalents.

Financial organisations have large and complex IT infrastructures that rely on mission-critical legacy applications while conforming to strict compliance criteria and extremely high Security requirements. These factors combined, it’s no wonder that cloud computing within finance has traditionally had slow uptake and been met with scepticism. The advancement of flexible cloud hosting options, including the hybrid cloud model, should help financial institutions overcome infrastructure barriers and ensure compliance and security requirements can be met.  All it takes is some careful planning to create a secure and reliable cloud solution that provides financial enterprises, and their customers and clients, peace of mind.

When planning a move to the cloud, confusing security regulations in the EU can be a major issue for financial organisations. A recent study by the European Union Agency for Network and Information found that nearly a quarter of survey respondents felt confusing cloud security regulations in the EU were the main obstacle for implementing a cloud solution. Take the EU Data Protection Directive for example.;

 

Share it:
Share it:

[Social9_Share class=”s9-widget-wrapper”]

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You Might Be Interested In

Cloud spending can’t stop, won’t stop

9 Aug, 2022

It’s one thing for CIOs to say that cloud computing will see the highest rate of spending growth in 2022, …

Read more

Demystifying the multi-cloud strategy: The key steps organisations need to take today

14 Mar, 2019

The cloud industry is moving at lightning speed, with enterprise adoption of multi-cloud becoming increasingly mainstream due to the need …

Read more

When to architect for the edge

22 Dec, 2022

Edge computing refers to geographically locating infrastructure in proximity to where data is generated or consumed. Instead of pushing this …

Read more

Do You Want to Share Your Story?

Bring your insights on Data, Visualization, Innovation or Business Agility to our community. Let them learn from your experience.

Get the 3 STEPS

To Drive Analytics Adoption
And manage change

3-steps-to-drive-analytics-adoption

Get Access to Event Discounts

Switch your 7wData account from Subscriber to Event Discount Member by clicking the button below and get access to event discounts. Learn & Grow together with us in a more profitable way!

Get Access to Event Discounts

Create a 7wData account and get access to event discounts. Learn & Grow together with us in a more profitable way!

Don't miss Out!

Stay in touch and receive in depth articles, guides, news & commentary of all things data.