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The Cloud Fear Factor in Financial Services

Michael Vizard

When it comes to new technologies, the financial services sector is usually first in line in adoption.

 

But a new survey from LogLogic, a provider of log analyzer software, shows that financial services firms may not be all that excited about cloud computing.

LogLogic surveyed 82 financial services companies from around the globe; with 34 percent of them saying that cloud computing was not a strategic priority at the moment. Another 26 percent said their companies were generally risk-averse to cloud computing, while 17 percent their company is slow to adopt new technology and 8 percent said there was too much hype.

 

Now the financial services industry encompasses everything from Wall Street titans to relatively staid insurance companies. But Bill Roth, chief marketing officer for LogLogic, notes that data governance and security issues are always top of mind in these environments. That means that until progress is made on cloud computing security and data governance issues are firmly addressed, cloud computing adoption in this sector might see slower adoption than, for example, midmarket companies that are by comparison short on IT resources.

 

Cloud computing as a whole is still in its infancy. But unless IT moves quickly to address security and data governance issues, it may be a while before cloud computing reaches adolescence.


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