Cloud Computing – Outsourced

Use Case for Cloud Computing

Important considerations for banks deploying a public cloud computing model includes clearly identifying and mitigating legal, regulatory and reputational risks. The bank’s ability to assess risk may be more complex and difficult in an environment where the cloud computing service provider processes and stores data overseas or comingles the bank’s data with data from other customers that operate under diverse legal and regulatory jurisdictions. The bank should understand the applicability of laws and regulations governing this technology and the bank’s ability to control access to its data.

Who Should Assess the Risk? Chief Technology Officer, Data Security Officer, Chief Information Officer