Thomson Reuters finds concern over cloud-based solutions
Increasing use of cloud-based solutions is giving financial firms cause for concern.
According to a poll by Thomson Reuters, firms are rapidly increasing investment in the cloud to manage their financial data needs but senior technologists and market data managers in the financial services sector are concerned about data privacy.
“As financial institutions increasingly leverage cloud technology to manage their financial data needs, firms will always need to ensure that sensitive data remains completely safe,” says Brennan Carley, Global Head of Enterprise Proposition & Product for the Financial & Risk business at Thomson Reuters. “Regulations like GDPR and high profile data privacy scandals have increased the focus on data privacy. The cloud is increasingly seen as part of the solution, thanks to the dramatic improvements to cloud security.”
Despite the financial services industry’s traditional wariness of using public cloud services, especially due to the sector’s strong regulatory environment, the report finds that security has been bolstered by providers and this is allaying finance firms’ fears.
“Cloud technology is opening up new opportunities for financial firms to experiment and create value by combining data at scale with other emerging technologies such as AI and machine learning. Ultimately, whatever technology financial institutions use to manage data, they are responsible for ensuring robust controls are in place.”
