Cloud is slowly gaining popularity within the financial sector, but many companies have been slow to adopt it and put in place a proper strategy for cloud. Unsurprisingly, the main concerns are over the security of cloud systems.
A survey recently conducted by Cloud Security Alliance revealed that 61 per cent of respondents had a cloud strategy in the formative stages in their company. 47 per cent of those said they had plans to use a combination of in-house IT, public and private cloud. 18 per cent planned to use private clouds. None of those surveyed had plans to primarily use public cloud.
The survey also revealed a link between use of electronic transaction channels and cloud policy. The more an organisations customer base used electronic transaction channels, the less strict the cloud policy in place.
“The results of this report are insightful into understanding how the financial services industry is progressing in terms of cloud adoption and how cloud providers can best serve their interests and needs,” said Jim Reavis, chief executive of the Cloud Security Alliance. “We hope that cloud providers and financial institutions can use this as guidance to help accelerate the adoption of secure cloud services in the financial industry.”
“The responses overall showed a very active market for cloud services in the financial services sector,” said Chenxi Wang, vice president, cloud security and strategy at CipherCloud, which sponsored the report. “Cloud has made solid in-roads in this industry with many firms looking to harnessing the power of cloud. There’s plenty of room for growth, particularly for providers who can fill the void for the auditing and data protection controls that are at the top of respondents’ cloud wish list.”