The Banking Industry And Cloud Computing Essay

Cloud computing has recently emerged as a ground-breaking model for hosting and delivering services over the Internet. This paradigm is engaging to business organizations since it removes the need for users to plan ahead for provisioning and enables enterprises to start from minimal and increase resources only when there is an increase in demand for service. However, the deployment and implementation of cloud computing for enterprises has been characterized with various challenges and security concerns. In essence, the successful deployment and cloud computing in an enterprise needs proper planning and understanding of the various emerging threats, risks, vulnerabilities, and potential counter-measures. As there are top five challenges in cloud computing for the enterprise, there are various available solutions with varying benefits and limitations, which necessitate the development of a new solution.

However, research focusing on the adoption of cloud computing technology and its impact on business operation is limited. This trend may be explained by cloud computing being a relatively new field. Available research on the structures, processes, security measures surrounding the cloud services are still at an early stage.

Organizations use the Cloud in a variety of different service models (SaaS, PaaS, IaaS) and deployment models (Private, Public, Hybrid). There are a number of security issues/concerns associated with cloud computing but these issues fall into two broad categories: Security issues faced by cloud providers (organizations providing software-, platform-, or infrastructure-as-a-service via the cloud) and security issues faced by their customers.In most cases, the provider must ensure that their infrastructure is secure and that their clients’ data and applications are protected while the customer must ensure that the provider has taken the proper security measures to protect their information.

For example, in stead of payment by cash, transactions can be performed by credit or EFTPOS (Electronic Funds Transfer at Point of Sale) cards. Moreover, this is also a convenience for organizations to finacial management. 2.1.4. Technology 2013 is the year of five high-tech trends of banking industry, which are mobile, cloud, analytics, social, and cyber (Deloitee, 2013). This assignment just focuses on the first three technologies. Mobile banking is a service which customers can perform the transaction, check the balance, or have some feedback by their mobiles. The second applied technology is cloud computing. The US National Institute of Standards and Technology (NIST) formally defines cloud computing as "a model for enabling ubiquitous, convenient, on-demand network access to a shared pool of configurable computing resources – networks, servers, storage, applications and services – that can be rapidly provisioned and released with minimal management effort or service provider interaction." There are many advantages of cloud computing which are to use dynamic computing resources, reduce cost, and decrease complicated level in framework of organization, increase ability to use computing resources. By applying cloud computing, the third party will participate in the client experience, but not intervene in the client relationship of the bank. Analytics technology means that data needs to be kept secret to

The majority of us have been found out about the most cloud security disappointments in which all the cloud innovation organizations are kept on developing, despite everything they endure a similar kind of issues in-house infrastructure's. Distributed computing has turned into a greatest market in the present innovation. In a report of 2016, experts at Gartner anticipated that exchanging to cloud will influence $1 Trillion in Information innovation in the following five years. Cloud administrations showcase has developed to a degree level that it was not a striking level of aggregate it is spending, which was creating new innovations and new businesses which are conceived in the cloud. At the point when cloud administrations are going

There is a huge technology shift taking place in the financial service sector. In spite of concerns about meeting the protection and agreement standards, the benefits of the cloud computing is being recognized and also been highly adopted.

The high regard to cloud computing is on the rise due to its ability to improve flexibility, expand access to data, and lower costs. Cloud computing release organizations from being required to have their hardware and software infrastructure from being acquired and maintained (Holt, Niebuhr, Aichberger, & Rosiello, 2011). On the other hand, while there is much noise being made about the benefits of cloud computing, questions have been brought up with respect to whether cloud computing is safe especially when it comes to its privacy, security, and reliability. The purpose of this paper is to discuss the different general controls and audit approaches for software and architecture, cloud computing, service-oriented architecture, and virtualization. This paper gives a summary analysis of the recent research that is available. Additionally, risks and vulnerabilities associated with public clouds, private clouds, and hybrids have also been researched. Within the research conducted, there are important examples provided. Recommendations are shown on how organizations could implement and mitigate these risks and vulnerabilities. This paper even outlines a list of IT audit tasks that focuses on a cloud computing environment due to the results of the analysis, the risks and vulnerabilities, and the mitigation controls.

The high regard to cloud computing is on the rise due to its ability to improve flexibility, expand access to data, and lower costs. Cloud computing discharges organizations from requiring their hardware and software infrastructure to be acquired and maintained (Leavitt et al., 2009). On the other hand, while there is much noise being made about the benefits of cloud computing, questions have been brought up with respect to whether cloud computing is safe especially when it comes to its privacy, security, and reliability. The purpose of this paper is to discuss the different general controls and audit approaches for software and architecture, cloud computing, service-oriented architecture, and virtualization. This paper gives a summary analysis of the recent research that is available. Additionally, risks and vulnerabilities associated with public clouds, private clouds, and hybrids have also been researched. Within the research conducted, there are important examples provided. Recommendations are shown on how organizations could implement and mitigate these risks and vulnerabilities. This paper even outlines a list of IT audit tasks that focuses on a cloud computing environment due to the results of the analysis, the risks and vulnerabilities, and the mitigation controls.

Cloud computing entails the pooling of computing resources from several computers and devices to enhance computing capability and power. These on-demand accesses to required computing resources have enabled organizations to cut down on costs (such as start-up capital and operational costs) significantly through the pay-as-you-use subscription model. Computing resources are provisioned via the internet with minimal management effort from firms providing the service. While this service has greatly improved the operations of organizations, there are several challenges that is has faced. These include: data ownership challenges; data security; data service levels; data privacy protections; data mobility; and high bandwidth costs. Due to the continued growth and expansion of the internet, more organizations are seeking to leverage such technology advancements to enhance their competitive advantage. This paper focuses on cloud security, which forms a vital component for the growth and enhancement of the technology and service provision. It seeks to propose a comprehensive layered framework solution to the security concerns outlined above.

The benefits such as low cost and convenience of cloud computing services have significantly changed our day to days activities, however, there are numerous security issues facing cloud computing making it difficult to maintain data security and privacy, support data and service availability and

Usage of remote servers via internet to store, manage and process data instead of using a personal computer is known as Cloud computing. It’s a set of Information Technology services with the ability to scale up or down their service requirements. Most of the cloud services are provided by a third party service provider. In cloud computing, organizations can utilize IT services without in advance investment. Despite its benefits obtained from the cloud computing, the organizations are slow in accepting it due to security issues and challenges. Security is one of the major problems which hinder the growth of cloud. It’s not wise to handing over the important data to another company; such that clients need to be vigilant in understanding the risks of data infringement in this new environment. This paper discusses a detailed analysis of the cloud computing security issues and challenges. (Ayoleke)

The utilization of cloud computing has generated many problems within the banking industry due to the developing trend in its adoption, implementation and security. It is important to know that the users of the services are private financial institutions. This explains the fact that cloud computing has a big influence on the bigger banking institutions. The services provided by cloud computing are pertinent for the banking institution even though it may cause negative. This causes the need to study the computing cloud problems relating to the three (adoption, security and implementation) in order to establish ways to make the services attractive to the banking institutions.

cloud computing means to deliver services in rapid speed on demand at any time and from any location. Access can be reached from any device. Could computing covers both office based surface and also the out-sourced platform. A lot of survey has been taken place to determine the benefits of cloud computing. As one survey postulate that based on written statement from CIO chief information officers. They reported in their survey that nearly 50 countries in year 2014 the greater number of information technologies’ survives were operating in the cloud computing platform. Also

Cloud computing alludes to a network of computers, connected through internet, sharing the resources given by cloud providers catering to its user’s needs like scalability, usability, resource requirements. The National Institute of Standards and Technology (NIST) gave meaning of cloud computing, which demonstrates the vast majority of the key components of cloud computing [1]: "Cloud computing is a model for enabling convenient, on demand network access to a shared pool of configurable computing resources (e.g., networks,

In 2014 a study was conducted and respondent were asked to rate their organization’s effectiveness in securing data and applications used in the cloud. Results of that study showed that 51% of respondents said that the likelihood of a data breach increases due to cloud systems. 62% of respondents were unsure that cloud services were thoroughly secure before deployment. Lastly 69% of respondents stated that their organizations failed to be proactive in assessing sensitive information that will be stored in the cloud (Racuciu and Eftimie, 2015). The right security technologies and procedures are necessary to protect confidential information and data while using the cloud. The lack of accepted security standards makes it difficult for organizations to move data to the cloud in addition to making risk assessments. The abuse of cloud services is a threat that occurs from attackers using the large amounts of computing power for malicious purposes. For instance cracking an encryption key to staging a DDoS attack. Cloud service providers and cloud users should take this threat into consideration while developing incident response strategies. Risk can be reduced by implementing acceptable use policies that SaaS users, PaaS developers and