At long last, the financial services industry is embracing cloud computing, but cloud adoption in the financial sector hasn’t yet accelerated to its full potential. Many firms haven’t yet found a cloud security platform or strategy that’s mature and robust enough to meet the stringent data privacy and security requirements that financial services firms must satisfy. That’s according to a new CipherCloud-sponsored Cloud Security Alliance (CSA) survey, How Cloud is Being Used in the Financial Sector.
The key takeaway of the CSA report is that while many in the financial services industry are beginning to develop cloud adoption strategies, firms continue to find themselves in need of well-orchestrated cloud data security strategies that combine data encryption with increased transparency and auditing controls. These solutions are particularly critical, given that CRM and email are among the most popular cloud services and features being adopted by financial services firms. Such applications often contain or enable the sharing of sensitive or legally protected consumer financial information in unstructured formats, which traditional data security and DLP solutions may not be able to properly analyze and secure.
And for the financial services industry, robust data protection with broad visibility and granular, customizable, policy-based controls are not optional. They are imperative in order for financial services firms to proceed with cloud adoption initiatives while remaining in compliance with relevant data privacy regulations and industry best practices. Firms that fail to identify suitable cloud data protection providers, or that attempt to cobble a cloud data protection strategy from disparate point solutions, will find their cloud adoption plans undermined or even crippled by the limitations of sub-par solutions.
On the other hand, financial services organizations that secure their cloud adoption initiatives with purpose-built, best-of-breed cloud data security solutions can accelerate their cloud programs and begin enjoying the benefits of the cloud faster than anticipated, whether their preferred cloud be public, private, or hybrid. And those benefits are nothing to sneeze at. Infrastructure capacity of unprecedented flexibility and scalability is at the top of the list of drivers for cloud adoption in the financial services industry, closely followed by reduced provisioning times—benefits that only the cloud can provide. Businesses stand to dramatically streamline their operations, cut their costs, and increase efficiency and profitability thanks to the cloud.
At CipherCloud, we have long been committed to developing the leading cloud security solution for large enterprises, and it’s gratifying to see the enterprise’s growing recognition of a need for solutions like ours. There is no industry that can’t benefit from cloud adoption, and with CipherCloud technology, there is no industry that can’t safely adopt the cloud.
Want to learn more about the CSA’s financial services cloud adoption findings? Download How Cloud is Being Used in the Financial Sector today.