Securities Technology Monitor has a short list of risk questions for financial firms who are considering the cloud. Spoiler alert, they provide a list of eight:
- Who Will Have Access to Your Data?
- Will the Regulators Approve?
- Where Will My Data Be?
- How Will My It Be Kept Separate?
- How Will It Be Brought Back?
- What If Your Service Provider Goes Out of Business?
- What Financial Applications Can Be Safely Put into the Cloud?
- What About Executing Trades?
No surprises, except maybe for the fact that it’s a mixed bag of questions and they have no regulators listed in their sources of information.
SOURCES: Gartner, Accenture, Lime Brokerage, BT Radianz
Easy to tidy things up with some regular compliance-relevant concepts:
- Data Inventory: Location, Access and Recoverability
- Application Security
- Regulatory Approval
Do they have to be questions?
- Will you be able to maintain a Data Inventory: Location, Access and Recoverability?
- Will applications be secure enough to protect you and your customers?
- Will the regulators approve?