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The 10 Hottest Cloud Apps on Wall Street

Your IT team may not have heard of them.



The cloud is growing exponentially. Its market growth has gone from $28 billion in 2008 to more than $180 billion in 2014, according to cloud access security company Skyhigh Networks.

Today's marketplaces boast thousands of cloud services, and hundreds of apps aimed at accomplishing similar goals on every device. "Must have" and "top ten" app lists are churned out constantly. Today, the average number of cloud services used in an enterprise hovers around 730, over 10 times more than the average IT team expects.

And, unfortunately for those IT teams, it's impossible to keep track of them all. Try as they might to secure applications for their employees' professional purposes, people will be people. If an employee finds a convenient, streamlined, free app in her personal life, it's difficult or perhaps impossible to stop her from crossing over the apps for professional use. Risk of data leaks, security breaches, and dissemination of proprietary information abound.

Ten Hottest Apps on Wall Street

Skyhigh Networks looked at usage data for more than 10 million enterprise users and took note of the thousands of cloud services. Here we list the top 10 fastest growing services being used by employees in financial services.

Drumroll, please...



Skyhigh Networks rated services with varying levels of risk, with 1-3 being the safest and "Enterprise-Ready"; 4-6 average risk; and 7-10 the riskiest.

"Nine of the top 10 fastest growing services used by financial services companies are medium risk, bringing up compliance questions for data in those services," says Rajiv Gupta co-founder and CEO of Skyhigh Networks.

10. Zendesk, a customer service platform that helps companies maintain personal and productive relationships with their customers. Quarterly growth: +44.29%

CloudTrust rating: 3



"Xoom is a consumer service often used to transfer money to other countries," says Gupta. "Perhaps employees in financial services are no different than others using Xoom to send money to relatives abroad, traveling, or potentially sending money to offshore accounts."

9. Xoom provides consumers with an easy and cost-effective way to transfer money worldwide. Quarterly growth: +46.16%

CloudTrust rating: 6



Skyhigh’s CloudTrust rating is based on the app's attributes across the data, user and device, security, business, and legal evaluation categories.

8. WeTransfer is a cloud storage service that allows consumers to send big or small files from A to B for free. Quarterly growth: +62.05%

CloudTrust rating: 6

 



Github came in as 7th fastest growing application in the financial vertical. Across all industry verticals it is the 15th most popular enterprise cloud service.

7. With Github, users can share code with friends, co-workers, and even complete strangers, to build software together. Quarterly Growth: +67.53%

CloudTrust rating: 4





"Finance has discovered file sharing," says Gupta. There are three file sharing services (MediaFire, Yandex.disk, and WeTransfer) on the list.

6. Yandex.Disk can store all your online files, including your photos from Facebook and other social networks. Quarterly Growth: +76.55%

CloudTrust rating: 6





Two content sharing services made the list, Slideshare and Scribd. "Given the sensitivity of information at financial services firms they should be especially vigilant about terms and conditions that conflict with compliance requirements," cautions Gupta. "For example, Slideshare and Scribd do not specify a retention policy for data uploaded, something that risk and compliance teams care about."

5. Scribd is a social network where users can upload and share documents with a community of 80M+ users. Quarterly Growth: +92.14%

CloudTrust rating: 6





"CareerBuilder is the fourth fastest growing service, which may put some quantitative validation to the exodus of talent leaving investment banking and finance for other industries," says Gupta.

4. CareerBuilder helps job-seekers find and apply for jobs that match their interests. Quarterly Growth: +101.34%

CloudTrust rating: 5





According to Skyhigh Networks, last quarter the average company across all verticals uploaded 86.5 GB to high-risk services (those rated 7-10). Video sharing was the top destination for that data.

3. Comodo Backup allows users to back up all their local files in the cloud, securely and privately. Quarterly Growth: +121.64%

CloudTrust rating: 5





The average number of cloud services in use by a company across major verticals dropped quarter-over-quarter for the first time, from 759 in 2014 Q1 to 738 in Q2.

According to the Q2 report, the number of cloud services used by each enterprise ranges from 327 to 3,201, with a total of 3,816 unique cloud services identified in use overall.

2. Slideshare is an online community for sharing Powerpoint presentations, documents, and infographics online. Quarterly Growth: +182.87%

CloudTrust rating: 6





Despite MediaFire's rank as the top-growing app in financial services, it does not rank in the top 10 file sharing apps across industries. Read SkyHigh Networks' full Q2 2014 "Cloud Adoption & Risk Report" (registration required) to learn the top cloud services and trends on usage and risk.

1. MediaFire stores all your media and makes them available to you anytime you want, anywhere you go, on any device you have. Quarterly Growth: +202.18%

CloudTrust rating: 6

 

Becca Lipman is Senior Editor for Wall Street & Technology. She writes in-depth news articles with a focus on big data and compliance in the capital markets. She regularly meets with information technology leaders and innovators and writes about cloud computing, datacenters, ... View Full Bio

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