The latest study from IDC Financial Insights indicates that only a small percentage of financial institutions in Western Europe have adopted or are planning to adopt cloud-based solutions and technologies.
The study, which discusses how financial institutions can overcome security and privacy concerns that continue to inhibit them from adopting cloud technologies, shows that just under 15% of respondents have adopted public cloud solutions and only 25% have implemented private cloud computing.
Speaking at the Cyber Security Summit 2014, U.K. Cabinet Office Minister Francis Maude said the cloud is safe and secure, and that using the cloud is more secure than owning your own datacenter.
Key recommendations in the study include:
The cloud does have a place in the array of solutions that customers should have access to from financial institutions, and demands on services such as mobile banking will make cloud solutions increasingly attractive and relevant.
A clear cloud management plan should be part of financial institutions’ information assurance (IA) plans. The likely use of multiple cloud service providers and environments along with various other technology infrastructures will result in financial institutions having to develop cloud management platforms to achieve visibility and measure performance across the organization and ensure the security of all its information.
Solid outsourcing agreements must be established to ensure that the financial institution is safeguarded against these issues when dealing with cloud providers.