Intelligent Issue 07 | Page 45



requirements and does not endorse or discourage the use of any specific provider or cloud services .
“ There is no question that providing consumers with secure and reliable financial services means greater demand for cloud-based technologies ,” said Wally Adeyemo , Deputy Secretary of the Treasury . “ Treasury is committed to working with financial regulators , industry partners and cloud service providers to drive greater collaboration and transparency . By building trust , cooperation and collaboration at the outset , we can promote safe and effective migration for financial institutions that choose to adopt cloud services .”
In assessing the current state of cloud adoption in the financial sector , Treasury found that cloud services could help financial institutions become more resilient and secure , but that there were some significant challenges that could detract from these benefits . These include :
1 . Insufficient transparency to support due diligence and monitoring by financial institutions . Community banks expressed concerns that they do not often receive details of incidents or outages impacting their systems . It is essential that financial institutions fully understand the risks associated with cloud services so they can build their technology architecture with appropriate protections for consumers . While recognising that CSPs provide significant information to financial institutions already , Treasury believes that further efforts are needed to achieve the right balance of information sharing between CSPs and financial institutions .
2 . Gaps in human capital and tools to securely deploy cloud services . The current talent pool needed www . intelligentfin . tech