Cybersecurity: Will Banking Ever Use Cloud Technology?

Having worked for many years in the Banking sector, (including cybersecurity) it is obvious to to me why cloud technology still has a way to go before it will be accepted into the industry. Even with the many cloud companies are desperately touting for this sectors attention, a gem of an untapped market to continue growth.  So, why is banking lagging behind other sectors in cloud uptake and will they ever submit to the lure of the cloud?

It is well documented that people divorce more readily than changing their bank accounts, so retail banking is vying for every value-added service or product it can.  As flexible and useful elastic infrastructure would be for banking, ensuring peak internet banking is a quick as off-peak, the risks far out-weigh the benefits and it’s a risk banking can’t afford to take.  As for the Investment and Trade arm of the bank, where a microsecond is a long time, processing trades on an (almost) infinite resource, is surely a huge benefit?

layers-of-security

Cloud Will Breach The Mesh In The Ring of Steel

Banking on Cybersecurity

The answer is simple.  Banks have extremely advanced cybersecurity and secure infrastructure, but even they have to fend off thousands of cyber threats every month. The inherent risk of handing your data to a third party to manage and protect rules out Public cloud.  Allowing an external channel into the bank’s highly sensitive data is not an option.  Hosted private cloud is similarly a no-go.  Their only option is to host their own Private cloud on-premise.

Private cloud infrastructure will undoubtedly be used by the banking industry, but it will be with a protracted and piecemeal approach.  For them the barrier is not finding the right product at the right price, since the hardware costs pale into insignificance when the Professional Services are tallied up.  Some of the smallest migrations have been in the multiple-millions and each one is carefully de-risked.  The driver will be the application development, which will play a large role in determining the choice of platform for any next generation technology. In short, the cloud driver is shifting from the technical (hardware) capability to software functionality.

Give DevOps A Home

Now, more than ever, the future of technology is in the hands of the developer in the form of self-service infrastructure provisioning and the driving force of a DevOps model can’t be underestimated, but perhaps has been so far.  When companies moved their systems to the Public cloud, they neglected the infrastructure resource required for development teams and subsequently, they have been finding their cloud subscription costs escalating.

A simple low cost change, such as purchasing a ScaleCloud® cloud appliance, designed specifically as an affordable cornerstone of on-premise private cloud will enable the future of low cost on-premise cloud technology development.

ScaleCloud® is Paul Rawlinson’s invention devised and realised through years of experience in Infrastructure Architecture Design for Enterprise customers across all sectors; Defence, Central Government, Local Government, Finance and Private sector businesses.  It is an enterprise-class 1U private cloud appliance with no on-going subscription costs and capacity for hundreds of development environments.  To find out more visit www.ScaleCloud.co.uk

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Paul Rawlinson
Managing Director @ Innovate IT Ltd
Paul is founder and Managing Director of Innovate IT, his reputation for being knowledgeable and personable is reflected in our company ethos.  As a solution architect with experience in small to enterprise corporations he is always keen to understand the clients needs and business aspirations as a basis for designing any solution.