The US Department of the Treasury has released a report , detailing the opportunities and challenges faced by the financial sector and businesses migrating to the cloud .
NEW TREASURY REPORT ASS SECTOR CLOUD-BASED TECH
Federal Reserve Building , Washington DC , USA .
It is essential that financial institutions fully understand the risks associated with cloud services .
The US Department of the Treasury has released a report on the potential benefits and challenges associated with the increasing trend of financial sector firms adopting cloud services technology .
While cloud services can increase access and reliability for local communities as well as empower community banks to compete with financial technology firms , the report found that financial service firms ramping up their reliance on cloud-based technologies need more visibility , staff support and cybersecurity incident response engagement from Cloud
Service Providers ( CSPs ). The report also recommends further evaluation from the Treasury and the broader financial regulatory community to continue to determine the financial risks associated with a limited number of providers offering cloud services .
The first-of-its-kind report is the product of months of work in coordination with members of the Financial and Banking Information Infrastructure Committee ( FBIIC ) and was developed with extensive input from US regulators , private sector stakeholders , trade associations and think tanks . The report does not impose any