Banking Compliance and the Cloud: Can They Coexist?

From Bank Director –

“Businesses large and small are enamored with cloud computing. After all, it promises less information technology expense, delivering cheap, on-demand, and elastic processing power, disk storage and memory, while cutting down on energy use. By meshing their services with the cloud, companies gain social and mobile capabilities that can connect them more closely with their customers. But is it right for financial institutions?”

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Proliferation of mobile devices and Internet of Things to send ‘cyber risk skyrocketing over next five years’

From Continuity Central –

“The 2015 Global Cyber Impact Report, released by the Ponemon Institute and sponsored by Aon plc, has found that while cyber is one of the fastest growing risks for companies across the globe, and information technology assets are often as valuable as property assets, companies are only protecting 12 percent of those assets compared to 51 percent of tangible property assets.

“This survey is unique as it focused on the relative financial statement impact of cyber incidents compared to tangible asset vulnerabilities,” said Kevin Kalinich, global practice leader for cyber/network risk at Aon Risk Solutions. “The explosion of cloud computing, mobile devices, big data analytics and the Internet of Things is creating enterprise risk management issues that are rapidly growing with the increased use of information assets and technology. Companies large and small are advised to consider cyber threats in this perspective.”

The report’s findings act as a roadmap for risk managers and finance, helping them take a broader look at their organization’s overall risk profile to help establish comprehensive insurance coverage is in place compared to the impact of each risk on the organization,” added Kalinich.”

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Finance and Risk Converge In Creating the 'Everyday Bank'

From Forbes –

“Financial services institutions, notably banking, capital markets and insurance firms, are rapidly evolving in response to the explosive growth in digital technologies – particularly those related to analytics, cloud computing, social media and mobility. These innovations can help firms establish a more strategic market position, one that responds to customers’ expectations for online, always-available products and services.”

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What Banks Don't Know About the Security Hazards of Cloud Computing

From American Banker

“As bank executives continue to debate, hesitate and worry over the security issues related to using applications that connect to the cloud, their employees are using cloud-based apps by the hundreds — often without banks' knowledge.

The average bank had 844 cloud services in use throughout its network in the third quarter of this year, according to an analysis conducted by Skyhigh Networks, far higher than bank IT departments estimated.”

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