By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    data Analytics instagram stories
    Data Analytics Helps Marketers Make the Most of Instagram Stories
    15 Min Read
    analyst,women,looking,at,kpi,data,on,computer,screen
    What to Know Before Recruiting an Analyst to Handle Company Data
    6 Min Read
    AI analytics
    AI-Based Analytics Are Changing the Future of Credit Cards
    6 Min Read
    data overload showing data analytics
    How Does Next-Gen SIEM Prevent Data Overload For Security Analysts?
    8 Min Read
    hire a marketing agency with a background in data analytics
    5 Reasons to Hire a Marketing Agency that Knows Data Analytics
    7 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: Is the Cloud Secure Enough for the Financial Industry?
Share
Notification Show More
Aa
SmartData CollectiveSmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Uncategorized > Is the Cloud Secure Enough for the Financial Industry?
Uncategorized

Is the Cloud Secure Enough for the Financial Industry?

Entech Marketing
Last updated: 2014/09/30 at 1:14 AM
Entech Marketing
3 Min Read
SHARE

Investors, bankers and financial planners have a responsibility to their clients to secure their personal and business financial information.

Investors, bankers and financial planners have a responsibility to their clients to secure their personal and business financial information. It’s not just about good business practices; it’s the law. When your company reputation and livelihood is on the line, it’s important to have a full understanding of how any decision you make regarding the data of your customers and clients can affect security. For the most part, financial services companies have been hesitant to adopt cloud technologies, labeling it as not secure enough. Many principals find themselves asking the question, “Is the cloud secure enough for the financial industry?” There are a few factors at play in the discussion of cloud security for the financial industry.

Yes. Just ask Microsoft.
While the ultimate decision should be weighed after an assessment from IT consultants with experience in the financial industry, Microsoft’s resources are a great place to start. In particular, they have created a Cloud Security Readiness Tool (CSRT). According to Microsoft’s website, the tool was created to help organizations understand their current IT infrastructure, identify relevant industry regulations, and evaluate whether cloud adoption will meet business needs. To access the tool, click here.

The hack myth.
According to Ovum research: “The capital markets are set to increase investment in cloud services, continuing the trend of technology adoption in the industry. New research from global analysts indicates that due to improvements in cloud security and a wider variety of applications, investment in the cloud […] is set for further growth.” The idea that the cloud is available to hackers is a bit of an exaggeration. With the appropriate infrastructure and planning most cloud computing systems created by Enterprises have much higher security than any localized data resource.

More Read

cloud advances

Cloud Advances Make Record Keeping Compliance Easier Than Ever

CASBs Help Cloud-Based Businesses Avoid Data Breaches
Top Tools for Your Cloud Data Security Stack in 2023
Businesses Must Cope with the Benefits and Risks of Cloud Computing
Cloud-Centric Companies Discover Benefits & Pitfalls of Network Relocation

484950883What about the compliance side of things?
The reality is that if you’ve got the right IT systems and partner in place, the cloud will address all major concerns involved in financial industry cloud services with regard to compliance. Things like unauthorized data access, business continuity and disaster planning and liability and risk management can easily be handled by IT providers and will cover any bases that need to be addressed before cloud services are deployed.

What you have to remember when you’re considering a switch to cloud services is that the companies that you’re hosting with invest millions (sometimes billions of dollars) to ensure the security of data. If you’re taking the appropriate measures to be sure that your employees are following compliance standards and set up data security precautions, the cloud can absolutely be a viable option for any financial industry organization.

TAGGED: cloud computing
Entech Marketing September 30, 2014
Share This Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

ai low code frameworks
AI Can Help Accelerate Development with Low-Code Frameworks
Artificial Intelligence
data Analytics instagram stories
Data Analytics Helps Marketers Make the Most of Instagram Stories
Analytics
data breaches
How Hospital Security Breaches Devastate Local Communities
Policy and Governance
analyst,women,looking,at,kpi,data,on,computer,screen
What to Know Before Recruiting an Analyst to Handle Company Data
Analytics

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

cloud advances
Cloud Computing

Cloud Advances Make Record Keeping Compliance Easier Than Ever

8 Min Read
CASB
Security

CASBs Help Cloud-Based Businesses Avoid Data Breaches

6 Min Read
cloud data security in 2023
Cloud Computing

Top Tools for Your Cloud Data Security Stack in 2023

7 Min Read
cloud computing benefits and risks
Cloud Computing

Businesses Must Cope with the Benefits and Risks of Cloud Computing

9 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive
AI and chatbots
Chatbots and SEO: How Can Chatbots Improve Your SEO Ranking?
Artificial Intelligence Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?