Concerns over data privacy, data residency, and regulatory constraints were among the key reasons FIs avoided the public cloud initially. On the heels of these were questions over the financial regulatory perception of public cloud and additional measures needed to demonstrate compliance. This uncertainty slowed the adoption of public cloud by the financial services industry for many years. Over time, the availability of cloud-appropriate security tools, industry certifications of public cloud providers, and the benefits of public cloud have since enticed many financial institutions to make the move.
Greater understanding of public cloud computing and subsequent regulatory guidance have given the financial services industry confidence in adopting public cloud for certain workloads. The common regulatory view of public cloud as another form of outsourcing allows financial institutions to leverage many of their third-party management techniques. In spite of this, financial regulators across the globe share some common areas of concern over public cloud. Awareness and attention to these are necessary as financial institutions proceed on their journey to the cloud.
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