3 Things Financial Service Institutions Cannot Miss to Look in Cloud

Banking CIO Outlook | Thursday, June 27, 2019

Financial services organizations are largely shifting their applications to the cloud, seeking the efficiencies and cost reductions; this smart move proves to holds.

FREMONT, CA: From banks to financial services, organizations are investing in the cloud to stay ahead of the competition and deliver the best customer experiences that they can. Bloomberg report reveals that 25 out of the world's 38 largest financial institutions have signed up with cloud business and are beginning to put applications in the cloud. While firms increasingly consider options in the cloud, it is essential to keep the following concerns at the top of their mind.

• Security

Because data is the fuel of financial services, it presents with the threat of reputation damage and financial loss. Hence data protection is the chief concern among financial institutions that are shifting work to the cloud. This concern arises as financial information transfers outside the organization. So firms should start their cloud security selection process by analyzing the security features that providers have, and must make sure they meet requirements.

• Scalability

By embracing cloud services, data and applications are accessible from anywhere at any time. Additionally, the cloud allows financial institutions to grow without cumbersome investments in infrastructure or human resources. While it is essential to think about the business benefits of moving to the cloud, organizations have to remember that their security solutions must be flexible and scalable as the cloud. As the financial landscape and requirements continuously change, organizations need to update security solution as well. A reliable cloud provider will offer end-to-end security for both virtual and physical environments.

• Visibility and Control

The loss of financial information can present organizations with severe ramifications and can severely harm reputation. As financial firms become more digital than ever, control over data and security becomes paramount. Firms should ensure that their cloud security providers are offering the ability to review network activity from a single location, to keep security breaches at bay and overall costs down. Visibility and control lets organizations are proactive, rather than reactive.

With cyber attackers eager to get their hands on financial data, security is paramount for financial firms. There are myriad providers in the market, so it is essential to look for each of the above elements before investing.

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