Almost half of financial service industry businesses use
either public or private cloud services, despite nearly 60% not having
sufficient in-company knowledge for proper cloud execution.
The usage of cloud computing technology by financial
services businesses is set to hit 90% by 2023, according to a Frost &
Sullivan white paper.
Banks and other financial entities are already among the
highest users of hybrid cloud, the adoption of which grew an additional 8% in
2020.
Banks, however, have unique requirements when compared to
many other industries that complicate their ability to pursue the advantages of
the cloud. These include being highly regulated, the protection of personal
information, a lack of technical knowledge to migrate to the cloud and
competitive challenges.
According to the white paper, data compliance and security
are the top concerns for cloud implementation for the financial services
industry, affecting 66% of businesses, as 89% of IT executives in the industry
reported an increase in cyberattacks last year.
This white paper is supported by research released earlier
in the month by Harris Poll and Google Cloud, which found that 83% of financial
services companies around the world had adopted some form of cloud-based
technology as part of their primary computing infrastructure.
It also showed that North American and Canadian firms are
leading the way when it comes to converting to cloud computing – 54% and 52% of
their workload, respectively, is on the cloud.
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