More and more we are seeing that firms in the financial industry are taking advantage of cloud-based solutions. However, there can be some deciding factors to consider when planning a move to the cloud -- these include which cloud model (i.e. private, public, or hybrid) to select, when is the right time to move and security. In this article we'll dive into these considerations:
When is the right time to move to the cloud?
Determining when the right time to move to the cloud is a challenge that many firms can face. An ideal time to think about making the switch to the cloud is when you are moving offices; it would be a good idea to think about whether or not you would want your firm to move from on premise into the cloud. It would be wise to migrate your data, applications, etc. prior to relocation to reduce risk.
Moving outdated technology can cause security issues as well as duplicating the expense on the movement. Speaking of outdated technology, another ideal time to move to the cloud would be when your firm is in need of a technology refresh, or when there is a time for new applications [since it is easy to add a new app in the cloud!]
Which model is best for my firm?
When it comes time to move your business to the cloud, a challenge arises when the question of whether a public, private, or hybrid cloud is best for your firm -- it is best to know what each model entails. Diving into a certain cloud model and not knowing much about it can lead the firm into problems such as having to switch cloud models, or duplicating/increasing costs due to switching cloud models because of the unknown. Not knowing what the different cloud models entail can also lead to security concerns.
How secure is the cloud? Historically the private cloud was the best option for financial firms based on the deep layers of security and control layered on by the cloud provider. Today, firms are evaluating combining the deep security and control of the private cloud with key applications (i.e. Microsoft Office/Excel/Outlook) delivered via the Microsoft cloud -- we see this with the Eze Hybrid Cloud.
To minimize risks when selecting a cloud provider, firms should inquire about the layers of security in place and ensure the cloud undergoes regular risk assessments and practices other security measures, such as intrusion detection/prevention system, multi-factor authentication, next gen firewalls, targeted attack protection and more.