Financial Firms Cloud Security Practices Maturing: Report

July 31, 2015 Off By David

Grazed from TheWhir. Author: Chris Burton.

Financial services firms are aggressively using encryption and tokenization to maintain data security while adopting cloud computing, according to a new report from CipherCloud. The report shows that financial companies are employ a rapidly maturing approach to cloud, with almost every one storing personally identifiable information (PII) in the cloud.

CipherCloud surveyed employees of over 50 global banking and financial services firms from North America, Europe, Asia Pacific and Latin America, asking them about strategies used to protect personally identifiable information in the cloud. The results inform the company’s Q2 2015 Global Cloud Data Security Report…

While almost all companies surveyed store some PII in the cloud, which data and how it is stored varies. Highly sensitive data is only held in the cloud by 33 percent, while the cloud is used by 47 percent to process personal financial data and 53 percent to store confidential business data…

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