Since its widespread introduction into the business environment cloud has been transforming
operations and challenging traditional mindsets regardless of industry. While the majority
of industries have overcome the initial challenges and obstacles to adopting some form
of cloud technology, those in more heavily regulated industries, such as financial services
(think investment services, insurance, hedge funds), have been a little slower to respond
to the opportunity.
As cloud has matured and attitudes towards its benefits have changed as a result, for many
organisations the key question is now how to make the most from the technology and fully
realise the potential of their IT estates. For investment companies, insurance providers,
hedge funds and banking institutions, however, the main consideration is whether to
migrate to cloud in the first place.
According to recent HFM Technology research1there is a definite appetite for cloud adoption
in the hedge fund space, with 27% of firms saying they used hybrid cloud, while 54% made
use of private cloud.
This indicates that attitudes cannot remain stagnant for too long and over the last few years cloud
and hosted services are slowly finding acceptance in these areas. One of the main concerns
(and financial services organisations are not alone in this) is about security. Can cloud provide
the required levels of protection to keep customer data and proprietary information safe?