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Financial Data in the Cloud? Expand / Collapse
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Posted Saturday, April 24, 2010 11:49 AM


Mr or Mrs. 500

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Comments posted to this topic are about the item Financial Data in the Cloud?


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Phil Factor
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Post #910000
Posted Saturday, April 24, 2010 2:34 PM


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I equate "Cloud Storage" to child care... who in their right mind would give their kids to someone they've never met and send them to a place they don't know location of nor who'll they'll run across even if based on the promises of a government agency that everything will be just fine even if a disaster occurs or strangers invade the premises.

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Post #910047
Posted Monday, April 26, 2010 7:43 AM
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I think cloud services are here to stay, at least until the next big thing. The financial argument for cloud is so good there will be a lot of pressure to get everything that fits into the cloud. Personally, I have no doubt that security capabilities in the cloud will improve to the point that certified vendors become the standard place to host financial data.

But there is a long long journey from where we are now to a cloud that is secure and resilient enough to host the 'crown jewels' of large enterprises.

I think wise organisations will put the low hanging fruit into the cloud first. Third-party applications where the customer has little control over how they are configured seem the lowest fruit to me. As cloud maturity and confidence grows, a wider range of applications will move. This could be to either hosted or in-house clouds, but move they will.



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Post #910380
Posted Monday, April 26, 2010 7:59 AM
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Honestly, as security in the cloud matures, it will increase my reasons for putting my data there. Someone has to do the work to make my data safe. Either I do it, among the 30 other things I do, or someone else does it with dedicated staff. At some point they will do a better job than I because of resources.


Post #910390
Posted Monday, April 26, 2010 8:28 AM


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I do think things will mature, and we'll get data in the cloud. Even financial data, but it will not be the mainstream, IMHO. Just like the web, we'll get private clouds for secure stuff.

Wells Fargo manages their own data centers because it's important they control the servers; they wouldn't put it in a colo with other companies. Mint hosted their stuff as a startup because it was cheaper. We'll see that with cloud databases, just as we have with cloud web servers.

They have a time and place to be used, and fitting everything up there doesn't make sense.







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Post #910417
Posted Monday, April 26, 2010 12:43 PM
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Until Cloud vendors have a way of getting certified and certain procedures are hammered out (such as patch testing and audits), I think adoption will be slow for hi-risk groups like financial institutions.

However, I do think they will, eventually, adopt it in one form or another, even if it is their own data center, as Steve mentioned.

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Post #910614
Posted Monday, April 26, 2010 1:13 PM
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I didn't understand the reference 'remote from sand and iron', anyone care to explain? Thanks.
Post #910641
Posted Monday, April 26, 2010 2:02 PM


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The benefit for storing data in the cloud is simply to save money. But the very same department that actually benefits from that (financial dptmt.) is unlikely to put their data in the clouds too: even within a company financial data are usually secured better than Fort Knox (most of the times for good reason, I hope ). Any company where the financial folks don't even trust their internal IT organization is more than unlikely to try cloud computing on financial data...



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Post #910676
Posted Monday, April 26, 2010 2:18 PM


Mr or Mrs. 500

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I didn't understand the reference 'remote from sand and iron', anyone care to explain? Thanks.

Sorry, I was getting a bit too poetic. I meant the actual physical computer equipment (silicon and hardware)




Best wishes,

Phil Factor
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Post #910692
Posted Tuesday, April 27, 2010 4:11 PM


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Jeff Moden (4/24/2010)
I equate "Cloud Storage" to child care... who in their right mind would give their kids to someone they've never met and send them to a place they don't know location of nor who'll they'll run across even if based on the promises of a government agency that everything will be just fine even if a disaster occurs or strangers invade the premises.



Scary and sums it up for me.




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