This approach “destroys much of the business case for using the cloud”, she says. Lydia Leong, an analyst at research company Gartner, argues that they are expensive, stifle innovation, and ultimately make it harder for organisations to use cloud services because they are more complex and costly. However, some industry experts remain sceptical about the benefits of multi-cloud approaches. He says this ensures the bank’s sensitive data is backed up right around the clock, decreasing the “impact of outages on the bank and the people that bank with us”. “In today’s fast-moving digital economy, it’s one of, if not the, biggest threat for the industry.”
“The financial services industry paid the second-highest price for data breaches last year, averaging $5.97mn,” he says. The cost of cyber attacks to financial businesses is high, warns Prakash Pattni, managing director of digital transformation at IBM Cloud for Financial Services.
This must include the cyber risks of people, processes and technologies, he explains. But, because financial companies are a “chief target for cyber criminals”, they should also develop an IT security and risk programme for their cloud usage and other operations, advises Aslaner. The UK’s National Cyber Security Centre provides advice for selecting, deploying and using cloud services in a secure manner. “In reality, there is a shared responsibility model between the CSP and the organisation.” “It’s a dangerous misconception that cloud service providers are the ones solely responsible for cloud security,” says Aslaner. Cyber criminals can gain “direct access to the entire digital estate of an organisation” and “operate completely in the shadows” if they successfully hack a cloud system offered by a commonly used vendor.
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