Minor Assignment
Minor Assignment
The financial services industry has traditionally relied on on-premise data centers for
storing and processing sensitive customer information. However, the rise of cloud
computing has offered a compelling alternative. Cloud technology provides financial
institutions with:
Despite these benefits, cloud adoption comes with the inherent responsibility of
securing sensitive data in a shared environment. A data breach in the financial
sector can have catastrophic consequences, leading to:
While some security threats remain consistent on-premise and in the cloud (e.g.,
malware attacks), the cloud environment introduces unique vulnerabilities. Here's a
breakdown of the major concerns specific to cloud security in finance:
Financial institutions face various cybersecurity threats, both traditional and cloud-
specific. Here's a breakdown of the major concerns:
Regulatory Compliance
Financial institutions migrating to the cloud must ensure their cloud environment
meets all relevant regulatory requirements. This includes robust data encryption,
access controls, and incident response procedures.
Conclusion
Cloud computing offers significant benefits for the financial services industry.
However, it's crucial to prioritize security to protect sensitive data and maintain
customer trust. By understanding the threats, complying with regulations, and
adopting best practices, financial institutions can leverage the cloud securely and
achieve their business goals.