Banking Regulators Issue Reminder about Cloud Security

Federal banking regulators issued a cloud security reminder as most banks have shifted their employees to work from home mode; the recent Finastra ransomware case might have been the catalyst to release the reminder note; cloud based banking is still in its infancy as most banks are using private clouds and when public clouds are used it is in a limited way; the reminder talked about making sure the bank takes on the responsibility to ensure the cloud provider they are using is safe and compliant for banks; Microsoft, Google and Amazon have great reputations but they are not traditional banking providers and will not know all the intricate details and regulations a bank needs to follow; “The regulations already make cloud services pretty scary to financial institutions, which is why you don’t see banks using public cloud very often, and when they do, it’s just for very limited, low-risk applications,” Steve Hunt, Senior Analyst at Aite Group, said to American Banker. “The high-risk, sensitive applications are deep in the fortress.” American Banker

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