Financial institutions need to approach cloud computing the same way they approach most ventures; with an eye on security. When planning due diligence for a cloud computing vendor, banks need to consider the following:
- Information Security
- Audits
- Legal & Regulatory compliance
- Business Continuity
Large banks may have the ability to build their own virtual cloud while smaller institutions may either avoid the cloud altogether or outsource smaller parts of their business. Big or small, the lack of standards is a challenge for financial institutions trying to decide how to approach entering the cloud in a safe and prudent manner. Bank Systems Technology recently published a document, "Is the Cloud Safe" which you can download here. The National Institute of Standards and Technology has also issued a set of cloud computing guidelines. Here are more details
One more related resource on cloud computing and banking security is here
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