"Banking with the cloud is definitely a game changer"

Use And Implementation Of Cloud In Business

The burden of possessing, managing and maintaining the IT infrastructure has been the key challenge for financial sector. Banking with the cloud has definitely been a game changer. Many banks have already placed their less critical application to cloud computing as a low-risk exercise. The major benefits to the bank are:
• No upfront capital costs and reduced technology costs
• Faster implementation • High flexibility and scalability
• Multi-channel reach

Secure Implementation of Cloud in Banking and Financial Sectors

With cloud, it has been a generic fear that confidential data would be exposed and security and compliance with banking regulations will be at stake. Following security issues needs to be considered based on the significance of the information:

1. Physical Security
With certain type of cloud models, it is likely that we may lose control over physical security as the physical boundaries cannot always be distinguished. Cloud model chosen should consider this fact.

2. Encryption
Encryption is a tool by which we can encrypt the information while passing through the cloud. Application of both ways Secure Sockets Layer protocol (SSL) may be a good option but the important thing to consider would be who will hold the encryption/decryption keys when data is at rest and when data is moving. Full encryption functio