Banks, credit unions, insurance companies,
Infographic: Security Issues Hamper Cloud Adoption in Financial Sector
Netwrix outlines key cloud adoption trends and challenges faced by the financial industry based on the results of its 2016 Cloud Security Survey
Irvine, CA, February 16, 2017
Netwrix Corporation, the first vendor to introduce a visibility and governance platform for hybrid cloud security, extracted data about financial organizations from its 2016 Cloud Security Survey and released an infographic that reveals the key cloud security concerns of financial institutions.
More and more financial organizations are making a transition from on-premises to cloud-based services to support core business activities. According to Deutsche Bank Group, financial organizations could go from zero use of cloud computing to 20–30% within the next three years. This growing popularity of the cloud has initiated a discussion about cloud beneﬁts and risks to data and system security. Moreover, cloud adoption can be challenging for financial institutions due to stringent regulatory requirements and the increased number of data breaches, including the recent Mossack Fonseca and Qatar National Bank attacks.
Netwrix identified the following cloud security trends for the financial industry:
- Cloud scalability and flexibility are the key advantages. 67% of financial institutions appreciate the ease of cloud scalability, which enables them to quickly adapt to changes in organization size and market conditions. Other major cloud benefits include flexibility in resource utilization (50%) and high availability of systems (42%).
- Security remains the top concern. Most financial organizations (85%) are worried about the security and privacy of data in the cloud, and 17% are strongly skeptical, saying that they are not ready to move their IT infrastructures to the cloud because of security concerns. The major reason why financial entities are not ready to embrace the cloud is the risk of unauthorized access and account hijacking (80%).
- Visibility is the critical part of security guarantees. 58% of financial entities said that their own employees pose more of a threat to data integrity than anyone else. So it’s no wonder that 95% of organizations consider visibility into changes and user activities to be a critical part of cloud security, and gaining that visibility may help them become more willing to adopt cloud technology.
"Even though CIOs of financial organizations recognize that the cloud can address a variety of business needs, the technology is still associated with a number of security and compliance risks," said Michael Fimin, CEO and co-founder of Netwrix. "In the light of emerging cyber threats, financial institutions need, more than ever, to keep their IT infrastructures under control and gain complete visibility across their core systems, so they can quickly identify potential threats and protect sensitive data from loss and unauthorized access."
To learn more about ways to safeguard your financial records against security threats, visit: https://www.netwrix.com/financial_services_industry.html
About Netwrix Corporation
Netwrix Corporation was the first vendor to introduce a visibility and governance platform for hybrid cloud security. More than 160,000 IT departments worldwide rely on Netwrix to detect insider threats on premises and in the cloud, pass compliance audits with less effort and expense, and increase productivity of IT security and operations teams. Founded in 2006, Netwrix has earned more than 100 industry awards and been named to both the Inc. 5000 and Deloitte Technology Fast 500 lists of the fastest growing companies in the U.S. For more information, visit www.netwrix.com
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