The financial industry is like any other in exploring the possibilities and benefits of cloud security solutions in place to protect sensitive information.. However, some experts within the sector are calling for regulations to ensure organizations have the proper
According to a recent Wall Street & Technology report, these wheels are already in motion. The industry news provider stated that the banking association BIDS, along with the Cloud Security Alliance and the Enterprise Cloud Leadership Council, have taken preliminary steps for drafting regulation standards.
“The industry needs to start talking about information security and cloud computing with regulators,” Adam Honore, research director of consulting firm the Aite Group, told Wall Street & Technology. “They’ll have to see what is and isn’t acceptable behavior. And that discussion should start happening sooner rather than later.”
For financial institutions, sooner would certainly be better, as these types of organizations are being encouraged to explore the use of the cloud. According to a separate Wall Street & Technology report, the technology can provide numerous benefits for banks and other financial services providers.
For example, these organizations could utilize the cloud to improve customer relationship management, while also using virtual desktops to improve the efficiency of their computing processes, the earlier report stated.
Even then, experts told the news provider that cloud use can’t go unchecked. Given how easily data can be moved in the cloud, it’s imperative to know where it is at all times.
“You have to be able to analyze everything in real time, and if you detect patterns that are abnormal, you have to react to them in real time,” Larry Ryan, chief technologist for the financial industry at HP, said.
To guide and improve the use of the cloud, the Cloud Standards Customer Council recently released a library of use cases. While not steadfast regulations, the group believes the examples will help organizations better deploy the cloud.
Cloud News from SimplySecurity.com by Trend Micro