Financial Services and the Great Cloud Conundrum

January 25, 2017 Off By Hoofer

Grazed from CCI. Author: Editorial Staff.

Depending on your source, UK cloud adoption rates are currently anywhere between 78% and 84%, and whilst cloud is no longer a new phenomenon, its importance to not only the CIO but also the full c-suite of decision makers such as CEOs, CMOs and CFOs, is paramount as they jostle to gain a competitive advantage over competitors.

It has been argued that cloud adoption heralds the largest disruption in enterprise computing since the advent of the PC, with many industries embracing cloud-based platforms to not only cut costs but also drive efficiency. Despite this, there has been a certain amount of trepidation from the financial services sector to make the transition and fully embrace cloud and its many advantages…

At the mere utterance of the word ‘cloud’ we used to hear a plethora of reasons why financial services organisations could not make the leap. There were concerns over regulatory compliance as well as the complexity of functional replacement, security and control. And, in an era where financial institutions are more highly regulated than ever before, one could forgive these organisations for a tentative approach to change – especially when it came to new technologies that cloud put compliance at risk. To further validate this hesitance, financial services firms are reportedly hit with security incidents 300 percent more frequently than other industries…

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