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Financial firms turn to the cloud, but data security concerns remain

After a slow start, the financial services sector is beginning to embrace cloud technologies – but not without residual concerns over the standard of data security on offer.

This is according to a new report from the Cloud Security Alliance (CSA), published on Thursday (March 5th), which found that 61 per cent of 100-plus financial firms are developing their own cloud computing strategies.

However, a majority of respondents said they wanted to see better data management tools from their cloud providers, including auditing controls (cited by 80 per cent of firms) and encryption (57 per cent).

A further 75 per cent said they were concerned about the ability of cloud services to meet data protection requirements such as access control and secure data erasure.

The results of this report are insightful into understanding how the financial services industry is progressing in terms of cloud adoption, and how cloud providers can best serve their interests and needs,” commented Jim Reavis, chief executive of the CSA.

For peace of mind that end of life data is permanently destroyed, contact Kroll Ontrack for cost-effective and compliant end-of-life data erasure solutions.

From:: https://www.ontrack.com/uk/company/press-room/data-recovery-news/financial-firms-turn-to-the-cloud,-but-data-security-concerns-remain809.aspx

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