How the cloud has changed bank security
June 25, 2014

When looking at the modern IT market, many trends will likely appear to hold equal importance for organizations in a wide range of industries and regions, including big data and mobility. However, cloud computing is likely the most critical one because of its ability to facilitate the deployment of other advanced solutions and capabilities, and this is evidenced by the fact that a majority of technology spending is already beginning to center around these services. 

Cloud computing's single biggest obstacle standing in the way of more widespread adoption has been security, and this has been the case since the industry first took off a few years ago. Regardless of concerns, though, businesses that handle sensitive information have already begun to leverage these tools to bolster productivity and technological power, working to implement modern access management controls alongside cloud deployments for safe outcomes. 

When it comes down to it, cloud computing can be just as secure as any other type of IT foundation, and it really all depends on the performances and practices of those using the services rather than the technology itself. With multi-factor authentication tools now becoming more ubiquitous, organizations in even the most heavily regulated industries are beginning to capitalize on the financial and operational benefits of cloud computing. 

Why the fear?
Finextra recently asserted that many decision makers in the financial services sector, which is under stringent guidelines for privacy protection and data security, believe that the cloud is not suitable for their purposes because of the erroneous belief that these systems cannot be adequately protected. Again, while there was some truth to this myth back in the mid-2000s, the industry has become far more capable of protecting networks and systems in the past few years. 

In fact, many cloud providers have focused a wealth of their investments, efforts and strategies toward assurance-related objectives, ensuring their clientele are protected and do not take on extraneous risk from these types of investments. According to the news provider, the cloud can be even more secure than legacy systems and other IT frameworks, and it is simply a matter of a company's internal procedures that defines how protected data will be. 

This is an argument that has been growing in prevalence as of late, especially as financial services firms and virtually all other types of businesses push for mobile capabilities. The cloud can centralize oversight and data management in ways that traditional IT assets never could, simultaneously reducing the strain of security on resources while increasing the accuracy of individualized efforts. 

Finextra stated that the cloud does shift some of the responsibilities and best practices of security, specifically when it comes to the enhanced need for thorough security checks and audits, as well as advanced identity and access management controls. The source noted that the bulk of security requirements can be completed by simply partnering with a reliable vendor of cloud computing and leveraging advanced security tools in the process. 

A reasonable pursuit
In the coming years, experts, researchers and analysts predict the cloud will become entirely ubiquitous on the global scale, moving into a classification closer to that of a utility than a novel technological advancement. Businesses should never try to avoid these new movements and trends in technology, as this can quickly lead to irrelevance in the modern market and lackluster financial performances. 

Instead, businesses can put their best feet forward by managing access with advanced authentication solutions, revised policies and strategies, diligent research ahead of deployments and careful selection of vendors for the various solutions that need to be implemented.