Cloud computing: What banks need to know

Description

Abstract: Moving IT operations to the “cloud” offers substantial benefits, but many banks are reluctant to embrace cloud computing because of concerns about information security, data reliability and regulatory compliance. These concerns are legitimate, particularly when outsourced cloud services are provided over the Internet. This article discusses cloud computing and its benefits, but also shows how banks can conduct thorough due diligence and take other steps to manage the risks. A sidebar offers three specific due diligence tips.