Although financial services companies see significant benefits in cloud-based systems, the adoption of this technology is still slow-paced for the industry. The reason? For highly-regulated institutions there are significant legal and regulatory challenges that must be considered and dealt with before migrating to the cloud.
However, no industry can afford to ignore cloud computing any longer and its impact is strongly felt within the financial services sector.
Adapting to a New Business Model
When thinking about writing this article, I was actually wondering, do I really need to get started on why businesses should prioritize moving to the cloud? By now the majority of business managers and IT administrators have already read many cloud related articles and listened to a large number of talks related to this topic.
A trend quickly embraced by end users, BYOD makes companies and IT managers shiver when thinking about security and compliance implications.
If the number of employees that bring their own device to work is continuously increasing, so does the number of vulnerable entry points into sensitive corporate data. Organizations find themselves in the situation of managing even more computing devices and having to protect themselves against security threats and costs to support these devices.
If there’s a thing everybody agrees upon when it comes to cloud migrations, is that there are a lot of choices to be made when you decide you are going to move to the cloud. With all the noise around the topic it can be difficult to make the right choices, especially related to the cloud environment that is the best fit for your company.
We all know that since cloud computing services are available, almost every organization, regardless of its size, at least thought about migrating to the cloud. When analyzing a solution this complex, there are many aspects to understand and plan, including costs, efficiency, technology, resources and so on. But one of the biggest worries was and still is security, and this is one of the main reason why SMBs are still avoiding to move to the cloud.
Identifying workloads to move to the cloud can be challenging. I personally believe that every company has the ability to migrate most of their existing business to the cloud, but before doing so, it’s necessary to complete a proper assessment of your applications and the requirements needed to support them.