Companies look to the Cloud for their Big Data solutions

Grazed from LiveTradingNews. Author: Editorial Staff.

Cloud computing continues to be hearled as holding many of the answers to taming the exponential rise of ‘Big Data’. But issues of compliance, reliability and security persist as some financial services firms remain reluctant to move into Cloud computing, which is the practice of using a network of remote servers hosted on the Internet to store, manage and process data, rather than on a local server.

With the amounts of data that firms are now being forced to use and hold escalating at a rapid rate, cloud computing-which is an increasingly mature technology that has now been around for a few years-is becoming an attractive option for many firms in dealing with these Big Data needs. Financial services watchdogs, especially in Europe, continue to have concerns as to where the data in a Cloud actually resides. Regulators have serious issues if a firm cannot identify where its data is being stored and how it got there…

An example of this would be if the data traveled via another country en route to the data center. While a recent study by Exponential-e, a US network technology provider, revealed that of the 250 UK IT directors and managers it surveyed across a range of sectors, 84% said that their businesses had experienced unplanned connectivity outages due to unreliable network infrastructure in the last 12 months, while over 50% found significant security concerns over adopting cloud services. It did also find that of the 79% of businesses that currently use cloud services, 84% see Cloud computing as Key to increasing productivity…

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