Cloud Computing And Banking Security

Cloud Computing and Banking Security

I have talked about security in cloud computing many times before, explaining why it is just as safe as conventional networking security, even citing its benefits over the conventional. However, there are many who still find cloud computing security lacking.

Individuals which still worry about cloud security, are those that fall under the financial institution category like banks, brokers, lenders and the like. They do not trust third party cloud computing providers and vendors, at least not with their most sensitive information and data. They might use cloud computing for some things like websites and applications that they think they can risk security with, but they would never consider parting with direct access of their financial and other similar data.

The biggest reason behind this is simpler than most would imagine as it has something to do with numbers and probability, thought they probably would not admit it is something as basic as that and would rather cite some technical issue like migration and data integrity. Those are valid points, but they are not truly even problems. With ease and security of data migration through cloning and inter-server data transfers with services like Cloud Velocity, migration is truly a no pain no worry process. The real reason as I have said is the probability of a successful attack. Government systems and financial data systems are under attack multiple times a day, and a sizeable majority of these fail at the first lines of defense. The probability of a successful attack is always real, and this probability of success increases as the number of attempts increases.

When data systems reside behind closed and secret doors, very few people will be able to access it, never mind knowing about it. However, the moment that data resides in the cloud, a sign bearing the words “Step right! Take your chance to earn millions of dollars!” goes up as well; it is inherently an invite to all attackers of all skill levels to at least try. Inevitably the success of an unscrupulous individual/s will prevail. A basic analogy would be to keeping a jar of cookies on a high table when there are a lot of kids around as opposed to keeping it out of reach and out of sight inside the cupboard.

In this case, it’s not a matter of technology but a matter of probability. No matter how advanced your security measures are men can open locks that are made by other men, it is best to keep those that try to a minimum.

By Abdul Salam

Sorry, comments are closed for this post.

5% Of Companies Have Embraced The Digital Innovation Fostered By Cloud Computing

5% Of Companies Have Embraced The Digital Innovation Fostered By Cloud Computing

Embracing The Cloud We love the stories of big complacent industry leaders having their positions sledge hammered by nimble cloud-based competitors. Saleforce.com chews up Oracle’s CRM business. Airbnb has a bigger market cap than Marriott. Amazon crushes Walmart (and pretty much every other retailer). We say: “How could they have not seen this coming?” But, more…

How To Humanize Your Data (And Why You Need To)

How To Humanize Your Data (And Why You Need To)

How To Humanize Your Data The modern enterprise is digital. It relies on accurate and timely data to support the information and process needs of its workforce and its customers. However, data suffers from a likability crisis. It’s as essential to us as oxygen, but because we don’t see it, we take it for granted.…

The Fully Aware, Hybrid-Cloud Approach

The Fully Aware, Hybrid-Cloud Approach

Hybrid-Cloud Approach For over 20 years, organizations have been attempting to secure their networks and protect their data. However, have any of their efforts really improved security? Today we hear journalists and industry experts talk about the erosion of the perimeter. Some say it’s squishy, others say it’s spongy, and yet another claims it crunchy.…

Moving Your Email To The Cloud? Beware Of Unintentional Data Spoliation!

Moving Your Email To The Cloud? Beware Of Unintentional Data Spoliation!

Cloud Email Migration In today’s litigious society, preserving your company’s data is a must if you (and your legal team) want to avoid hefty fines for data spoliation. But what about when you move to the cloud? Of course, you’ve probably thought of this already. You’ll have a migration strategy in place and you’ll carefully…

Protecting Devices From Data Breach: Identity of Things (IDoT)

Protecting Devices From Data Breach: Identity of Things (IDoT)

How to Identify and Authenticate in the Expanding IoT Ecosystem It is a necessity to protect IoT devices and their associated data. As the IoT ecosystem continues to expand, the need to create an identity to newly-connected things is becoming increasingly crucial. These ‘things’ can include anything from basic sensors and gateways to industrial controls…

Four Recurring Revenue Imperatives

Four Recurring Revenue Imperatives

Revenue Imperatives “Follow the money” is always a good piece of advice, but in today’s recurring revenue-driven market, “follow the customer” may be more powerful. Two recurring revenue imperatives highlight the importance of responding to, and cherishing customer interactions. Technology and competitive advantage influence the final two. If you’re part of the movement towards recurring…

Are Cloud Solutions Secure Enough Out-of-the-box?

Are Cloud Solutions Secure Enough Out-of-the-box?

Out-of-the-box Cloud Solutions Although people may argue that data is not safe in the Cloud because using cloud infrastructure requires trusting another party to look after mission critical data, cloud services actually are more secure than legacy systems. In fact, a recent study on the state of cloud security in the enterprise market revealed that…

Cloud Services Providers – Learning To Keep The Lights On

Cloud Services Providers – Learning To Keep The Lights On

The True Meaning of Availability What is real availability? In our line of work, cloud service providers approach availability from the inside out. And in many cases, some never make it past their own front door given how challenging it is to keep the lights on at home let alone factors that are out of…

Beacons Flopped, But They’re About to Flourish in the Future

Beacons Flopped, But They’re About to Flourish in the Future

Cloud Beacons Flying High When Apple debuted cloud beacons in 2013, analysts predicted 250 million devices capable of serving as iBeacons would be found in the wild within weeks. A few months later, estimates put the figure at just 64,000, with 15 percent confined to Apple stores. Beacons didn’t proliferate as expected, but a few…