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This is Part 5 of our ten-legged journey to explore how the Cloud can enable productivity, innovation, and scalability in financial services.
Each of my ten blogs over the eighty days will echo the themes discussed in Reply’s ten-part webinar series,
Cloud in Financial Services, in which we’ll highlight some of the key points offered by our presenters and panel members.
In the fourth webinar, we benefited from a panel of senior leaders from Google and Unicredit as well as some of Reply Cloud experts (Alan Clacher, Marco Noli and Julien Recan). They shared their ideas on the operating models and governance considerations of Cloud adoption. If you haven’t yet read the write up for part four, you can do so
At this point in the series, we have seen the countless benefits of cloud adoption in financial services. But one sticking point keeps recurring: is it safe? That’s why, in this blog relating to the fifth leg of the journey, we’ll cover the
security issues pertaining to cloud adoption by financial institutions that the board and C-suite must consider.
My panel of speakers included Luca Mayer, Manager at Spike Reply; Keyun Ruan, Head of Security, Risk & Compliance at Google Cloud; Julien Recan, Associate Partner with Alpha Reply; and Julian Schmücker, Policy Advisor, Digital Innovation, European Banking Federation.
I have summarised the expertise that they so generously shared with us here in this short blog.
Luca highlighted five key considerations that will help you adopt the Cloud more securely:
Julian described some of the work of the European Banking Federation (EBF) regarding Cloud and the important dialogue between the industry, policymakers and regulatory bodies, including the European Banking Authority (EBA), the European Commission, and the European Network and Information Security Agency (ENISA).
Regulators require that financial institutions must have adequate oversight of outsourcing arrangements, including to third-party ICT providers and CSPs. The industry is working closely with the regulatory community to ensure that the regulatory requirements are harmonised across jurisdictions and respond to technology evolutions.
Keyun began by echoing Luca’s previous sentiment that Cloud adoption requires a mindset shift. In the same way that money is now less minted coins and more digital numbers in a bank account, Cloud is transforming how we manage, store, and send data.
From there, she went on to detail a number of risks financial institutions face with the Cloud and how Google Cloud helps its customers overcome them, including:
Following the explanation of the various risks a financial institution may face, Keyun shared a useful image that shows the shared responsibility between the financial institution and Google in managing Cloud security in various scenarios from on-premise infrastructure to SaaS, as you can see below.
If you have any questions about any of the above, please feel free to reach out to us at Reply at
Keep an eye out for episode 6 where we’ll discuss Cloud Regulation.