Security

01:40 PM
Becca Lipman
Becca Lipman
Commentary
Connect Directly
Facebook
Google+
Twitter
RSS
E-Mail
50%
50%

Financial Service Employees Ranked 2nd-Riskiest Users of Cloud Services

Skyhigh Networks reports that financial services demonstrated some of the most risky behaviors among major industries.

Comment  | 
Print  | 
Comments
Newest First  |  Oldest First  |  Threaded View
Becca L
50%
50%
Becca L,
User Rank: Author
8/30/2014 | 9:02:07 PM
Re: Oh no
Perhaps it all comes back  to building a sound corporate policy, classifying data and deciding what information needs X level of protection. It's terrible that this is happening in such a risky way, but there's little companies can do beyond education to stop users from downloading unsecure cloud apps. They have to have an open conversation in which they acknowledge the reality of user behavior and talk about pragmatic security.
Greg MacSweeney
50%
50%
Greg MacSweeney,
User Rank: Author
8/13/2014 | 4:01:12 PM
Re: Human nature
Jon, as you stated, there is often confusion between banks and cloud providers about who is responsible. That is one of the reasons why many banks have been slow to move to the cloud.

As far as the regulators are concerned, however, all of the responsibity belongs to the bank, no matter what is says in SLAs.
Jonathan_Camhi
50%
50%
Jonathan_Camhi,
User Rank: Author
8/11/2014 | 3:55:18 PM
Re: Human nature
It's not just employees using cloud apps that could create security risks. There's often issues with the enteprises' approved cloud vendors too in terms of confusion over who has what responsibilities in regards to security. Those issues will get worked out over time as companies gain more experience with the cloud, but for now they are a big concern and show the need for greater communication and education between cloud providers and clients.
Byurcan
100%
0%
Byurcan,
User Rank: Author
8/8/2014 | 10:37:14 AM
Oh no
Well this isn't good news, considering fianncial services employees are dealing with the most valuable and sensitive of data. I guess there is always more training needed on proper protocol. 
KBurger
100%
0%
KBurger,
User Rank: Author
8/8/2014 | 9:16:27 AM
Human nature
This actually surprises me, given everything we've reported and heard industry folks discuss about security concerns @ the cloud, etc. I'm not surprised that there are issues, but am surprised that the problem is so extensive in financial services. But I guess it comes down to human nature, as Rajiv Gupta says: "Employees in financial services are no different than employees anywhere. We all want to get our jobs done in an efficient way. We choose highly usable, flexible, scalable services in our personal lives, and we want to use the same things in our professional lives." It's kind of a Pandora's box, in that there's no going back on restricting employees' use of these cloud-based capabilities. Financial services firms have to figure out how to channel this aspect of consumerization to boost productivity and employee engagement without increasing risks.
More Commentary
Shared Reporting Services on the Horizon, Genpact Predicts
The financial services industry is starting to adopt shared services, resulting in reasonable impacts to the bottom line. Genpact expects a push for reporting efficiency will come next.
Don't Let the Cloud Rain on Your Operations Strategy Parade
Avoid migrating large applications all at once to minimize risk during a cloud project.
Could Intel Lose Data Center Market Share to ARM Chips?
ARM chips could be an alternative for certain purposes in the datacenter, but many questions have to be answered before they pose a threat to Intel's market dominance.
Cost to Trade: Hey, Banks, Itís Time to Face the Music
Why is calculating the cost to trade so difficult for banks? The answer is as complex as the calculations themselves.
M&A Activity Will Continue to Grow in 2015
Data shows that the M&A market continues to improve, and forecasts indicate deal making will be healthy in 2015.
Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - Elite 8, October 2014
The in-depth profiles of this year's Elite 8 honorees focus on leadership, talent recruitment, big data, analytics, mobile, and more.
Video