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State of Financial Services in Cloud
Release Date: 06/05/2023
Working Group: Financial Services Industry
In recent years, the financial services industry has increasingly adopted cloud services. This trend is expected to continue with the further adoption and integration of cloud service provider functions, replacing traditional technology for banking, commerce, financial transactions, and the exchange of financial data.
Due to this trend, CSA has been conducting surveys to better understand the adoption of cloud computing technology in the finance industry, bringing together a community of contributors from global banks, fintech, payment processors, insurance companies, financial supervisory authorities, data protection authorities, and other national regulatory bodies. Now, with this latest report, we aim to better understand:
- Financial institutions’ level of adoption of cloud solutions and requirements compared to prior surveys conducted in 2019-2020.
- Current challenges facing the financial services industry.
- Opportunities for CSA to create guidance on protecting financial data and related assets within secure cloud services.
Most evident from this report is that cloud services are becoming well-rooted in all aspects of financial services and are expected to be used for a very long time. No longer is the question as to whether cloud will be adopted, but about the execution of how: how to adopt cloud-native security, how to apply Zero Trust methodologies, and how to educate all relevant stakeholders.
Key Takeaways:
- 98% of organizations are using some form of cloud computing, up from 91% in 2020.
- 57% of organizations currently use multiple cloud providers for their IaaS/PaaS needs.
- 59% of organizations store or process regulated banking information within cloud services, with only 25% having no future plans to do so.
- A common pain point is the need for broader awareness of approaches to auditing cloud services by regulators and auditors.
- 65% of organizations use CSA’s CCM and CAIQ to demonstrate adherence to frameworks, establish an internal cloud security controls framework, and establish an internal cloud risk management approach.
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