Power point on Issues in Cloud Computing

1. Issue Identification
Cloud Computing
Girish Subramaniam

2. Cloud Computing
•Emerging opportunity in IT- Service delivery
•Helps firms reduce costs
• Compelling Scale
Public • Cost reduction
• Costly
Private • Greater adoption
One has to be living under a rock to not have heard of Cloud Computing

3. Issues in Cloud Computing
•Control
 Availability
 Integrity
 Confidentiality
•Visibility
 Compliance
 Governance
 Risk Management
Lack of Visibility = Lack of Security

4. Cloud- Financial Services
•Need for Cost Reduction - Recession
 Firms need to reduce costs to make
•Tremendous focus on Data Security
 Tougher regulatory norms
 Compliance- SOX, PCI etc
 Anti-Money Laundering
 Fraud Prevention
•Slowest adoption compared to other industries
A “not good” Data Security would have Financial and Reputational Loss

5. Fundamentally Difficult Issue
•Cloud is controlled by CSP (Cloud Service Provider) –External
Vendors
 High Dependency on Financial Health of CSP
 Site inspection and audit very difficult
 Constant connectivity required
 Loss of data due to improper back-up
 High Difficulty in migrating to another CSP
•Access to Data is difficult given the network of databases
 Especially for public clouds
CSP’s and Enterprises are still figuring out a way to solve the above
problems

6. Understanding the Issue
•High Vulnerability
 Cost of Entry is Low
 Little or no due- diligence
•CIO’s of Banks/ Insurance firms need to ask:
• Who can see my clients’ data?
• What regulatory and compliance audits has the firm completed?
• If the firm doesn’t keep data in its own systems, how can we ensure it is safe?
• What safeguards are in place to ensure data is never viewed by someone who
shouldn’t see it?
• If the system is compromised, what’s the emergency action plan, and how will that
be communicated to our clients?
Not Understanding the issue can have dire consequences