At this point in time, cloud technology is widely accepted within the financial industry, and many organizations choose to take advantage of the benefits of a cloud environment, such as flexibility, scalability, and resiliency.
Like all organizations, financial firms grow and evolve, and sometimes at a fast pace. When choosing which cloud model is best for an organization, firms should think long term about which model is going to be sustainable for their company. However, with advances in technology such as the hybrid cloud methodology, new regulations from governing bodies like SEC, and cybersecurity breaches in the news everyday, a firm may decide it is time for them to switch from one cloud model to another. Whatever their reasoning may be, one question we often hear from clients is "How can I switch between cloud models?".
Step 1: Find a trusted vendor or partner for guidance through the migration process.
Finding a trusted vendor or partner can streamline the process of migrating to a different cloud model, as well as reduce any headaches within your organization. The process of migrating from one cloud model to another is not as simple as one may think, and when clients attempt to keep this process in-house, they can miss important steps that open up their organization to potential threats. Having a trusted partner who's an expert in the field and has done this many times for organizations in the same industry can ensure that your organization is covered when it comes to security and ensures that the job is done properly.
Pro tip: Make sure that your partner is scalable and can grow and evolve with your organization. This will ensure a long term partnership instead of having to switch vendors if your organization becomes too large or projects become too complicated.
Step 2: Be aware of security requirements established by governing bodies.
Having awareness for what regulations are in place for your organization is an important step to migrating to the cloud or migrating from one cloud model to another. This will save time and effort down the road by ensuring that you aren't switching to a model that could put your firm in trouble with any governing body.
Step 3: Define an end strategy based on your firm's unique needs.
Clearly state your firm's goals and needs to your partner or vendor. Why do you want to switch models? What do you hope to gain? What would you like to change? What is most important to your firm: cost, security, availability, flexibility, all of the above? Establishing a clear end game can protect your organization and your vendor. Discussing the differences in service, security, availability and up-time between cloud models ensures that everyone is on the same page and will help make the process as smooth as possible.
Of course, at Eze Castle Integration we help clients move from on-premises IT environment to the cloud, and from the public cloud over to our Eze Private Cloud or Eze Hybrid Cloud. The Eze Hybrid Cloud is interesting to firms because it gives the applications of the Microsoft Cloud while keeping all the security, data governance, and reporting of the Eze Private Cloud, and also provides a consistent end-user experience.
For more information on migrating from one cloud model to another, contact Eze Castle Integration.