Cloud-based SaaS applications are undeniably the wave of the future, says Guy Krige, executive risk consultant at ESCROWSURE.
Cloud-based disruptions highlight risks for SA financial servicesCloud-based SaaS applications are undeniably the wave of the future.
Cloud computing and SaaS are significant drivers of the rapid and wide-ranging digitalisation of commerce worldwide. South African business and government are largely on board with the movement to abandon their old servers in the basement and ascend to the cloud. "South African banks and insurers, as well as many others, are already deeply dependent on distant CSPs and their third-party SaaS service providers. There are many benefits of the model that can’t be ignored, especially when it comes to on-demand scalability, rapid deployment, automated software updating, systems integration and predictable ongoing costs.
Krige concludes, “We want to make sure that businesses are aware of the elevated risks associated with cloud hosted solutions With the new Joint Standard for IT Governance and Risk Management issued by the Financial Sector Conduct Authority and the Prudential Authority coming into effect on 15 November 2024, South African banks and insurers must have comprehensive business continuity plans in place, and SaaS Escrow is today, a globally recognised business resilience best practice.
Guy Krige Cloud Computing SAAS Software Escrow Financial Rsk Business Continuity
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