As cloud technologies continue to advance, financial service institutions are migrating an increasing amount of their data to the cloud. Whether companies are looking to migrate general firm data, or more sensitive customer information, the cloud represents an increasingly attractive opportunity for financial service institutions of all sizes.
The Financial Conduct Authority (FCA) recently published a report for financial service organisations migrating to the cloud, stating that there was “no fundamental reason why cloud services (including public cloud services) cannot be implemented, with appropriate consideration, in a manner that complies with our rules”. This new legislation has led to a surge in financial service providers adopting cloud technologies as part of their infrastructure.
However as with any data migration, moving data to the cloud comes with a number of concerns and important factors to consider, with this article aiming to outline five of the biggest considerations that financial service institutions need to take into account when moving data to the cloud.By Tom Stanbury