{"id":12667,"date":"2015-03-06T00:55:33","date_gmt":"2015-03-06T00:55:33","guid":{"rendered":"http:\/\/www.cloudcomputing-news.net\/news\/2015\/mar\/06\/financial-firms-accessing-cloud-more-readily-yet-roadblocks-still-remain-say-csa\/"},"modified":"2015-03-06T00:55:33","modified_gmt":"2015-03-06T00:55:33","slug":"financial-firms-accessing-cloud-more-readily-yet-roadblocks-still-remain-say-csa","status":"publish","type":"post","link":"https:\/\/icloud.pe\/blog\/financial-firms-accessing-cloud-more-readily-yet-roadblocks-still-remain-say-csa\/","title":{"rendered":"Financial firms accessing cloud more readily yet roadblocks still remain, say CSA"},"content":{"rendered":"<p><em>(c)iStock.com\/eve_eve01genesis<\/em><\/p>\n<p>61% of financial businesses are developing a cloud strategy within their organisation, according to a report from the Cloud Security Alliance (CSA).<\/p>\n<p>The paper, in conjunction with CipherCloud and interviewing over 100 global participants across the financial sector, found that businesses are slowly but surely moving into the cloud, with a mix of leveraging private and public cloud the optimum strategy.<\/p>\n<p>The findings came out of the Financial Services Working Group (FSWG), an organisation within the CSA which provides &ldquo;knowledge and guidance on how secure cloud solutions can be delivered and managed by the financial industry.&rdquo; Key trends included:<\/p>\n<ul>\n<li>While 61% of respondents are developing cloud strategies in their organisations, a third (32%) already have a cloud policy established with 7% having a strict no cloud policy<\/li>\n<li>For companies who have a strict private cloud only policy the main reasons for this were security concerns (86%), compliance concerns (86%), privacy (79%), data retention and destruction (79%), and data residency concerns (57%)<\/li>\n<li>The most appealing features financial services providers require from cloud vendors are increased transparency (80%), better data encryption tools (57%) and real-time logs (51%).<\/li>\n<\/ul>\n<p>The primary reason financial firms adopt cloud computing is flexible infrastructure capacity (68%), reduced time for provisioning (63%) and reduction in total cost of ownership (57%). Interestingly email, usually the most popular cloud app adopted across verticals, was only the third most popular in the CSA report with 43% of the vote, behind app development test environments (46%) and CRM software (46%).<\/p>\n<p>When it came to not adopting cloud, every single respondent cited security as key, ahead of regulatory restrictions (71%) and concerns over public breach notifications (43%).<\/p>\n<p>&ldquo;The responses overall showed a very active market for cloud services in the financial sector,&rdquo; said Dr. Chenxi Wang, vice president cloud security and strategy at CipherCloud. &ldquo;Cloud has made solid inroads in this industry, with many firms looking to harnessing the power of cloud.&rdquo;<\/p>\n<p>Recent CSA research has found more worries with cloud adoption in regulated industries, with more than 90% of companies <a href=\"http:\/\/www.cloudcomputing-news.net\/news\/2015\/jan\/09\/are-you-aware-your-employees-shadow-it-activity-csa-cloud-study-shows-most-arent\/\">polled in a January study<\/a> unaware of their employees&rsquo; shadow IT activity.<\/p>\n<p>You can find the full financial services report <a href=\"https:\/\/cloudsecurityalliance.org\/research\/fswg\/#_downloads\">here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(c)iStock.com\/eve_eve01genesis<br \/>\n61% of financial businesses are developing a cloud strategy within their organisation, according to a report from the Cloud Security Alliance (CSA).<br \/>\nThe paper, in conjunction with CipherCloud and interviewing over 100 glo&#8230;<\/p>\n","protected":false},"author":50,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-12667","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/posts\/12667","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/users\/50"}],"replies":[{"embeddable":true,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/comments?post=12667"}],"version-history":[{"count":0,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/posts\/12667\/revisions"}],"wp:attachment":[{"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/media?parent=12667"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/categories?post=12667"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/tags?post=12667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}