Independent Banker - March 2018 - 85

TECH TALK
Storms ahead?
The move to cloud-based infrastructure and outside services promises to
reduce expenses and remove headaches from overtaxed community bank
IT departments. We look at how this ongoing shift could affect the security
of banks' data and systems.
By Karen Epper Hoffman
I
f banking technology were
a weather report, this year's
forecast would assuredly call
for continued clouds.
Indeed, like many sectors,
the financial industry has been
rapidly embracing the use of cloud
service providers and cloud architectures
in hopes that this more efficient
and cost-effective computing
approach will better streamline data
operations. In 2017, researchers at
Deutsche Bank predicted that cloud
technologies would carry as much as
30 percent of all global banks' operations
by 2019.
But, as with any move to a new
computing infrastructure, there have
been a few bumps in the road as
banks and their vendors learn how to
best use cloud computing, while also
making sure it is secure and meets a
growing list of regulations. According
to a recently released report, almost
two-thirds (64 percent) of databases
in the public cloud are not encrypted.
The same study also found that
cyberthieves were " piggybacking "
off the computing power of large
corporations to mine bitcoin, since
cryptocurrency mining involves
complex and time-consuming mathematical
calculations.
Johannes Ullrich, dean of research
with SANS Technology Institute, says
that he expects " a lot of [community
banks] will be using services offered
by service providers like FIS to implement
cloud services, not [just] the
more generic Amazon Web Services
[AWS, a public cloud service].
" Cloud services and cloud servers
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Independent Banker - March 2018

Table of Contents for the Digital Edition of Independent Banker - March 2018

Table of Contents
Independent Banker - March 2018 - Intro
Independent Banker - March 2018 - Cover1
Independent Banker - March 2018 - Cover2
Independent Banker - March 2018 - Table of Contents
Independent Banker - March 2018 - 2
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