The U.S. Treasury Department recently issued a report outlining the potential risks that cloud computing poses for financial institutions.
The department is therefore calling on financial firms to be more scrupulous about their cloud services.
- The report highlights several challenges associated with cloud computing, including financial firms’ exposure to potential cyber-attacks, an oligarchy of cloud providers that dominate the financial industry, and a shortage of IT professionals to assist financial institutions with deploying cloud services.
- A lack of a unified, consistent global framework for cloud computing presents another obstacle for the industry.
- Treasury officials clarified that the department “neither endorses nor discourages cloud service adoption by the sector.”
- According to the report, small and medium-sized institutions are more vulnerable to the risks that accompany cloud services.
