What Banks Don’t Know About the Security Hazards of Cloud Computing
December 15, 2014
Grazed from AmericanBanker. Author: Penny Crossman.
As bank executives continue to debate, hesitate and worry over the security issues related to using applications that connect to the cloud, their employees are using cloud-based apps by the hundreds — often without banks’ knowledge. The average bank had 844 cloud services in use throughout its network in the third quarter of this year, according to an analysis conducted by Skyhigh Networks, far higher than bank IT departments estimated.
"If you did a survey where you asked the financial services companies themselves [how many cloud services they use], the answer would be somewhere between 32 and 34, because you approved those," said Rajiv Gupta, CEO of Skyhigh, which provides cloud security software…
The gap is because many employees are quietly downloading cloud services like Dropbox and Gmail, in the interest of being more productive, while a bank’s IT department is not even aware it’s happening or the potential security problems that could result. Indeed, many IT departments distrust cloud services because they do not view them as secure…
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