View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Cloud
March 5, 2015

Slowly but surely, financiers begin to trust cloud

Cloud Security Alliance quizzed financial services professionals on cloud adoption.

By Alexander Sword

Financial firms are slowly but surely getting to grips with the cloud, according to a new Cloud Security Alliance survey.

The survey, sponsored by CipherCloud, revealed that 61 percent of financial institutions are developing a cloud strategy within their organisation.

Additionally, between 39 and 47 percent of respondents planned to use a mixture of in-house, IT, private and public clouds, while 18 percent planned to use private clouds.

The survey also revealed that small firms with under 500 employees and large firms with over 5000 employees had the highest adoption rates for the cloud, with figures of 40 and 35 percent respectively. By contrast, for companies of between 501 and 5000 employees the figure was 18 percent.

The research also revealed the priorities of financial executives when moving to cloud; 80 percent of respondents reported desiring "increased transparency and better auditing controls", while 57 percent wished for better data encryption tools.

Jim Reavis, CEO of the CSA, commented: "The results of this report are insightful into understanding how the financial services industry is progressing in terms of cloud adoption and how cloud providers can best serve their interests and needs."

He added: "We hope that cloud providers and financial institutions can use this as guidance to help accelerate the adoption of secure cloud services in the financial industry."

Content from our partners
Rethinking cloud: challenging assumptions, learning lessons
DTX Manchester welcomes leading tech talent from across the region and beyond
The hidden complexities of deploying AI in your business

"The responses overall showed a very active market for cloud services in the financial services sector," said Dr. Chenxi Wang, Vice President, Cloud Security and Strategy, CipherCloud. "Cloud has made solid in-roads in this industry with many firms looking to harnessing the power of cloud.

"There’s plenty of room for growth, particularly for providers who can fill the void for the auditing and data protection controls that are at the top of respondents’ cloud wish list."

The survey attracted 102 executives from banking, insurance and investment firms in 20 different countries around the world.

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU