Financial services firms still cagey about cloud computing

Grazed from BankingTech. Author: David Bannister.

Cloud computing is becoming more prevalent throughout the financial sector but many firms say they are less than halfway to having a firm cloud strategy in place, with controls and security remaining primary concerns. In a new survey carried out by the Cloud Security Alliance, How Cloud is Being Used in the Financial Sector, 61% of respondents admitted that a cloud strategy is only in the formative stages within their organisation, with 39-47% planning to use a mix of in-house IT, private, and public clouds, and 18% planning to use private clouds. None of the respondents have plans to host a majority of their applications or systems in a public cloud.

The results of the survey also showed that the more a firm’s customer base uses electronic transaction channels, the less strict the cloud policy that firm takes, with only 3% of these types of organisations indicating having a strict cloud policy in place. “The results of this report are insightful into understanding how the financial services industry is progressing in terms of cloud adoption and how cloud providers can best serve their interests and needs,” said Jim Reavis, chief executive of the CSA…

“We hope that cloud providers and financial institutions can use this as guidance to help accelerate the adoption of secure cloud services in the financial industry.”…

Read more from the source @ http://www.bankingtech.com/282821/financial-services-firms-still-cagey-about-cloud-computing/