WASHINGTON : U.S. Treasury Department officials are urging the financial sector to address potential challenges in using cloud computing services, warning in a report on Wednesday that failure to do so could leave them and their customers vulnerable. The risk was particularly acute for small and medium-si
WASHINGTON : U.S. Treasury Department officials are urging the financial sector to address potential challenges in using cloud computing services, warning in a report on Wednesday that failure to do so could leave them and their customers vulnerable.
Deputy Secretary of the Treasury Wally Adeyemo said while"there is no question that providing consumers with secure and reliable financial services means greater demand for cloud-based technologies,” there needed to be"safe and effective migration" as banks and other financial companies adopt cloud services.
Those issues include financial firms' exposure to potential cyber incidents, an industry-wide reliance on a small number of cloud providers and a lack of technology workers able to help financial institutions deploy cloud services, among other challenges, department officials said.
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