{"id":1584,"date":"2017-03-12T23:46:53","date_gmt":"2017-03-12T23:46:53","guid":{"rendered":"https:\/\/blogs.scu.edu\/finis\/?p=1584"},"modified":"2017-03-12T23:46:53","modified_gmt":"2017-03-12T23:46:53","slug":"would-you-put-your-money-in-the-cloud","status":"publish","type":"post","link":"https:\/\/blogs.scu.edu\/finis\/2017\/03\/12\/would-you-put-your-money-in-the-cloud\/","title":{"rendered":"Would you put your money in the cloud?"},"content":{"rendered":"<p>The article tries to discuss the competitive advantage Financial Institutions will have when putting dynamic transactional data in the cloud, and also says the risks involved can be mitigated. I think the traditional firewalls and security measures might suffice to protect data within one&#8217;s premises, but will not\u00a0hold against data on the move.ie the data put on cloud services . So what are the options Financial Institutes have to handle risk?<\/p>\n<ul>\n<li><strong>Accept the Risk<\/strong> &#8211; If the decrease in operational costs, outsourcing of IT and flexibility offered by cloud platforms outweigh the risk of a data breach, the bank must accept the possibility of damaging its brand due to such incidents . Risk <strong>retention<\/strong>\u00a0is only advisable if it does not pose any financial threat.<\/li>\n<li><strong>Mitigate the Risk<\/strong> &#8211; \u00a0Removing PII &amp; PCI before moving to cloud helps reduce amount of risky activity. Ramping up security measures and firewalls at company expense is another risk <strong>reduction<\/strong> strategy.<\/li>\n<li><strong>Eliminate the Risk<\/strong>&#8211; The only way to eliminate this risk completely is to keep data on premise.Even then it is not ideal situation as on-premise data stores are also susceptible to hackers.<\/li>\n<li><strong>Transfer the Risk<\/strong>-Altering the contract with cloud vendors so that there are strict data monitoring clauses transfer some of the the risk. Insurance is also a good way to transfer risk. Investing into legal and compliance teams to protect themselves from legal issues are other steps to transfer risk to a 3rd party.<\/li>\n<li><strong>Risk Avoidance- <\/strong>When you forsake the activity containing risk, it is risk avoidance. Risk avoidance usually leads to risk elimination.<\/li>\n<\/ul>\n<p>I feel that banks with sensitive data can not transition to a cloud framework unless they understand that the security in the cloud has whole new dynamics and technology than the security measures that they are historically used to.<\/p>\n<p>Reference:<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"NhngXuyGLW\"><p><a href=\"https:\/\/www.nextplatform.com\/2017\/02\/24\/financial-institutions-weigh-risks-benefits-cloud-migration\/\">Financial Institutions Weigh Risks, Benefits of Cloud Migration<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Financial Institutions Weigh Risks, Benefits of Cloud Migration&#8221; &#8212; The Next Platform\" src=\"https:\/\/www.nextplatform.com\/2017\/02\/24\/financial-institutions-weigh-risks-benefits-cloud-migration\/embed\/#?secret=JTXjzMUzh5#?secret=NhngXuyGLW\" data-secret=\"NhngXuyGLW\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The article tries to discuss the competitive advantage Financial Institutions will have when putting dynamic transactional data in the cloud, and also says the risks involved can be mitigated. I think the traditional firewalls and security measures might suffice to protect data within one&#8217;s premises, but will not\u00a0hold against data on the move.ie the data &hellip; <a href=\"https:\/\/blogs.scu.edu\/finis\/2017\/03\/12\/would-you-put-your-money-in-the-cloud\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Would you put your money in the cloud?<\/span><\/a><\/p>\n","protected":false},"author":1805,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"qubely_global_settings":"","qubely_interactions":"","kk_blocks_editor_width":"","_kiokenblocks_attr":"","_kiokenblocks_dimensions":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-1584","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"gutentor_comment":0,"qubely_featured_image_url":null,"qubely_author":{"display_name":"nora","author_link":"https:\/\/blogs.scu.edu\/finis\/author\/nora\/"},"qubely_comment":0,"qubely_category":"<a href=\"https:\/\/blogs.scu.edu\/finis\/category\/uncategorized\/\" rel=\"category tag\">Uncategorized<\/a>","qubely_excerpt":"The article tries to discuss the competitive advantage Financial Institutions will have when putting dynamic transactional data in the cloud, and also says the risks involved can be mitigated. I think the traditional firewalls and security measures might suffice to protect data within one&#8217;s premises, but will not\u00a0hold against data on the move.ie the data&hellip;","post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/1584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/users\/1805"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/comments?post=1584"}],"version-history":[{"count":1,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/1584\/revisions"}],"predecessor-version":[{"id":1629,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/1584\/revisions\/1629"}],"wp:attachment":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/media?parent=1584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/categories?post=1584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/tags?post=1584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}