Several companies in finance sectors are becoming comfortable while accessing online apps in the public cloud. All this is because of cloud service providers who are evolving their power of data security and privacy. Financial services are at the top of companies that make profit from cloud computing technology. Nowadays, this seems like establishment of the same fact. However, a controversial question arises among business owners that which cloud service is more beneficial for the firm? This post is going to provide knowledge over the same and render ideas for cloud security in finance sectors to make work flexible in cloud with full protection.
Cloud Computing In Financial Sector
In the financial services, there exist 3 common use cases of online computing. These cases include the facts like server storage capacity, risk analysis capability, behavior to deal with traffic, etc. Prominent examples are present in today’s date, which are profiting themselves after adopting cloud services. Well, the following listed are the reasons due to which financial services use cloud computing:
- Reduce the Overall Costing – As per the news was given by Business Cloud, Commonwealth Bank of Australia said that ‘partnership with Amazon web services reduced their extra expenditures’. These expenditures included maintenance of hardware infrastructures which was decreased from 75% of overall outgoings to only 25%.
- Shorten the Market Time – To achieve shortened market time and more flexibility in work, cloud computing in the financial sector is used. For example – Spanish bank Bankinter was able to decrease the total time duration needed in the process of risk analysis from 23 hours to less than 1 hour.
- Sensitive Content Outsourcing – Financial companies shift their business data from traditional IT infrastructure to off-premises environment to outsource server security and maintenance. In this manner, it cuts down the enterprise costing up to some extent and becomes a reason for financial services growth.
A large amount of content is stored by every finance company in day-to-day life. They do not have to go through any phase of worry associated with the on-premises service set up, update, and maintenance. When a financial business switches their working platform from on-premise to off-premise, they need to determine an encryption solution with them. This is required for cloud security in finance industry. The cloud service provider takes charge of emergency strategy and secure customer’s information from break-ins, fire, or sudden disasters. A suitable encryption solution helps in preventing the occurrence of data breaches and sudden information leakage incidents. Cloud computing in financial sector enables engineers, employees, or executive of a firm will be able to think more innovative ideas rather than putting attention on IT structure maintenance. These ideas will be the one that determines a new way of making business more successful by tomorrow.
General Fearing Facts or Myths That People Have
CloudCodes renders an advanced encryption solution for majority cloud service providers. A close look over the industries of clients states that financial organizations are in the list of top 5 firms that uses cloud storage encryption methods. Encryption solution enables users to establish a secure virtual connection over the internet and then, perform data transmission. The encrypted data ensures that only the authorized person will be permitted to work with specific set of content.
However, there are several myths and misconceptions regarding cloud security in finance industry. For example – everyone agrees that confidential information should not be saved in the cloud. Such users are the one who is unaware of actual cloud data protection solutions. A survey says that encrypted solution is the best way to keep data secure on cloud. But, these kind of people are so careless that they store data openly on public cloud and undoubtedly it leads to misshapen.
Cloud security in finance industry is dependent upon the way enterprises store their information on the business cloud. Since the security area and solutions are kept private therefore, in-house data is secure. You will agree with the fact that – Traditional IT infrastructure team never keeps the door of their workstation open and their PCs unprotected in which business confidential information is saved. People around the world need to understand that same concept applies for IT architecture. Off-premises content needs to be secured and protected with strong passwords to prevent Cyberthreats.
No one is having right to put stress on ‘security’ factor of cloud computing until and unless he or she is not using proper security standards. A study said that 39% of enterprises around the world store their information in plain text format on cloud environment. Well, 44% of organizations use encryption solution at rest and 17% claim using another approach to secure data at rest.
Conclusion
To expand and grow financial business, nothing can be best than online computing. Whether it is IT infrastructure or off-premise infrastructure, both require security. Shifting of work on cloud in the financial field helps in achieving momentum with big players. A proper cloud data protection strategy is required to prevent information leakage incidents. Organizations can prefer using CloudCodes IAM Solution to achieve high level of security in their online business. The solution is programmed and provided by certified team of security experts. One can feel free to get in touch with them and learn more regarding the solution for cloud security in finance industry.
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