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Financial Services Industry Remains Conservative Over Cloud Adoption

LogLogic : 11 June, 2010  (Technical Article)
Survey from LogLogic indicates that managers of financial service providers are continuing to focus their resources on achieving compliance and improving security rather than adopting new technologies such as Cloud Computing
LogLogic has announced the results of its industry benchmark report for financial services. Surveying some of the world's largest banks, investment houses and insurance companies, the "2010 Financial Services Industry Analysis: Critical Concerns for Information Security in a Down Economy" found that today's financial services firms are avoiding popular IT infrastructure investments such as cloud computing, in large part due to data security and transparency concerns.

The survey, which sought to uncover the top information technology and security priorities for today's financial services companies, found that essential IT functions, such as security and compliance, continue to be the top concern for IT departments industry-wide. While the financial services market has traditionally been a leader in adopting cutting edge information technology, few financial services companies said that they have plans to invest in new technologies, like cloud computing, this year.

In particular, the survey found that:

* 34 percent of respondents believe that Cloud Computing is not strategic to their company, while 26 percent of respondents believe their company is risk-averse to Cloud Computing
* 58 percent of respondents only plan to invest in essential IT functions, such as security and compliance;
* More than 75 percent of respondents are concerned about increasing government regulation.

"While the cloud holds many benefits for the enterprise, we're not surprised to see that financial services firms are hesitant to adopt Cloud Computing ," said LogLogic CEO Guy Churchward. "There are still many lingering questions about data security and transparency in the cloud, and it's up to cloud providers to offer visibility into these practices before we see mainstream adoption from financial services firms."

"Many industries are proceeding cautiously as we emerge from the recent economic downturn, not just financial services," continued Churchward. "The imperative to drive efficiencies and get the most out of your existing infrastructure is alive and well. Companies today are looking to maximize their IT investments - focusing on critical functions such as improving their overall security posture and meeting stringent compliance demands."

Survey respondents were asked to share information on compliance, security and the allocation of their overall IT budget. Companies surveyed ranged from small and medium businesses with less than $250 million in annual revenue, to large enterprises with more than $1 billion in annual revenue.
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