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Cloud Development is a Risk Worth Taking To Combat Fraud says InterCloud
March 30 @ 8:00 AM - 5:00 PM BST
The pace of digital acceleration in the European economy is second to none. As a result, the 2030 vision for tech on the continent is now one of greater openness and collaboration. But what has caused this digital uptake? One key factor is the European Commission’s Data Governance Act. Its purpose is to overcome barriers to the reuse of data, all the while increasing trust in data sharing and improving data availability.
According to Jerome Dilouya, CEO of InterCloud, this culture of increased cooperation will place added scrutiny on financial institutions. This is because they are responsible for protecting large quantities of sensitive customer data. Research from IDC revealed that as of September 2022, 83 per cent of banks are utilising public and private cloud platforms.
Dilouya believes that banks and other financial institutions should leverage the capabilities of multicloud environments. In doing so, they can effectively meet new challenges. Institutions must ensure that they carefully interconnect environments in a safe and coherent way.
Dilouya says: “Financial institutions face an ever-changing threat landscape in their pursuit of digital transformation. Especially as the industry’s growth hinges on the success of this transition. Consumers and businesses alike now favour more remote and digital interactions. The digital transformation of other sectors is driving the need for banks to modernise their customer service.
“Common barriers to cloud adoption include the complexity of legacy systems, trust and skills gaps, regulatory uncertainty, and the fragmentation of compliance requirements. Banks also face technological challenges associated with infrastructure, applications, processes, data, and customer engagement. This is a result of the grapple with the ever-increasing amount of data they collect. All the while simultaneously pivoting to counter cyber threats.
“Some leaders at businesses we work with in the banking, financial services and insurance industries have recognised these obstacles. As a result, they are adopting an open, hybrid multicloud approach. This can help to balance innovation with security and compliance requirements.”
Taking a risk for a potentially great return
There is an element of risk to the transition to the cloud. Dilouya acknowledges this, but he also highlights the importance of embracing network autonomy and favouring an agile cloud environment.
Dilouya continues: “While the cloud offers great promise, it also presents a danger for banks. Specifically, those who could get caught-out by shifting to the cloud too hastily and without due preparation. An overzealous approach often exposes vulnerabilities. Sensitive data is transferred not only ‘to’ the cloud, but also ‘in’ and ‘across’ multiple cloud environments.
“However, refusing to change based purely on potential challenges will lead to stagnation or worse, especially in light of research from the Bank of England last year, which revealed that cyberattacks are the biggest risk to the UK financial system.
“Financial institutions relying solely on internet service providers (ISPs) relinquish all control over network availability, security, and confidentiality. If malicious third-party networks manage to intercept traffic or if the network suffers a denial-of-service attack, this poses a risk of losing the connection needed to allow certain applications to function properly.
“More complex needs require the more agile and dynamic use of a variety of routes – all credentials of a multicloud environment. Financial institutions, therefore, should implement secure interconnection interfaces and adapt this infrastructure to combat new businesses challenges.”
Dilouya concludes: “In the current climate, where customer behaviours and expectations are continually evolving, flexibility and adaptability are key. Banks looking to accelerate their digital transformation will benefit from a multicloud environment, but only if they also pay attention to how they interconnect their environments in a smarter, more secure way.”