Banks should never use the cloud

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I have been working on a feature today and going through my interviews have found some interesting stuff.

This one comes from an unnamed source within banking IT. This is what he said when asked about the cloud's role in banking.

"None at all hopefully. The cloud is a giant security and reliability disaster waiting to happen. Banks should keep their systems safely locked away in their own data centres and do all they can to protect the infrastructure and physical security. I hope the cloud is only used for holiday snaps and music. Banks should not go there. We have to remember there are bad guys out there trying to crack into these systems millions of times a day around the world. And they only have to get it right once to cause a major disaster! I would not bank with a firm using the cloud to operate my account or hold my details."

So that's pretty clear then.

I recently wrote this article after an event about the cloud in banking: Is cloud computing almost too good to be true for banks?.



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Simple Rule: If something sounds to good to be true, that's because it is!
It is generally accepted that the third world war will be thought in Cyberspace and you only have to look at what has happened to Bitcoin owners....

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This page contains a single entry by Karl Flinders published on January 15, 2014 2:44 PM.

Has outsourcing contributed to banking IT problems? was the previous entry in this blog.

Could back office outsourcing at Post Office spell end to troublesome Horizon system? is the next entry in this blog.

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