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Pages:
2 pages/≈550 words
Sources:
4 Sources
Level:
APA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 8.64
Topic:

Cloud banking (Essay Sample)

Instructions:
The task was about cloud banking whereby you were supposed to address the challenges that come with banks deciding to store their data in clouds. i analysed two challenges and how they have impacted the decisions of banks to store their data using the services of cloud storage providers such as google. source..
Content:
Student’s Name: Instructor’s Name: Course: Date: Challenges of Cloud computing in Banking Introduction The banking industry has serious concerns about sustainability even though cloud computing models can provide it with a variety of benefits. The most significant concerns they have include security, privacy, confidentiality, data integrity, and authentication requirements, as well as availability, location, and recovery. In order for a bank to successfully implement cloud computing, it must address two primary challenges of security and regulatory compliance. The banking industry has really lagged in its adoption of cloud computing (De Vass, Tharaka, Himanshu Shee & Shah 615). Due to concerns about potential cybersecurity failures of cloud services and compliance with regulations governing the industry, cloud service providers are nervous about cybersecurity failures. Cloud computing, however, raises several issues that banks must consider before making the switch Security breaches are an unaffordable risk for banks since they could lead to huge money losses. Information such as financial data, personal information, and mission-critical applications should be kept confidential (Takabi et al. 25). Security and integrity of customer data are ultimately their responsibility, regardless of whether the data is held by a service provider. Those cloud computing providers who refuse to accept this scrutiny are "signaling that their customers can only use them for trivial tasks". Several banking regulators insist that banking customers' financial data be kept in their home countries. There are some compliance regulations that prohibit data intermixing, such as on shared servers. Due to this, banks should keep track of their data storage systems (Subramanian 30). Conclusion In order to address security and compliance concerns, financial institutions need to choose the right services, deployments, and operating models. In the early phases of c...
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