Bloomberg’s Vault Cloud Service Goes Local
October 17, 2012
Grazed from WallStreeTech. Author: Greg MacSweeney.
While cloud computing has been around for a few years, many financial services organizations have been reluctant to move to the cloud because of security and compliance concerns.
On the regulatory front, financial services regulators are very concerned about where customer data resides. If a firm can’t identify where the data is being stored and used, regulators could take action. For instance, if data is being stored in a large cloud provider’s service, it may be difficult to identify where the data is or how it got there (did the data travel through another country on its way to the data center?)…
To address these concerns, cloud providers are starting to offer local cloud offerings to financial services companies. Bloomberg, which launched a cloud-based enterprise information management solution named Bloomberg Vault last year, today launched Local Vault, a cloud service that provides for the granular control of data archiving, compliance and e-discovery policies…
Read more from the source @ http://www.wallstreetandtech.com/it-infrastructure/bloombergs-vault-cloud-service-goes-loca/240009201