Securing the Cloud: Mitigating Data Security and Privacy Challenges in Cloud Computing

S. Babu Reddy, R. Ganesh, Nirmalya Pal, Sammarth Choudhury and Riya Sil

Chapter 3 in AI in Finance:Shaping the Future of Intelligent Automation and Financial Services, 2026, pp 47-69 from World Scientific Publishing Co. Pte. Ltd.

Abstract: With current businesses increasingly shifting toward the use of cloud computing, it is crucial to address the issue of data security in such environments. This literature survey aims to compile the current knowledge in a structured manner in order to provide a systematic review of the existing literature and gain insight into the complex implications of data security and privacy in the cloud. It begins by examining the problems specific to cloud computing, for instance, the issue of secure data transfer, storage complexities, and the development of strong access control mechanisms. The survey classifies and evaluates the complex processes involved in the protection of sensitive information, providing a comprehensive overview of the evolving landscapes in the context of cloud computing. It also assesses the effect of legislation and other compliance standards on data security and privacy in cloud environments, presenting an overview of existing governance and suggesting possible future developments. In addition, this survey critically assesses encryption techniques and data anonymization methods to understand their efficacy in mitigating vulnerabilities associated with cloud-based data storage. The function of identity and access management systems is explained, highlighting how they govern the secure use of users’ interactions with cloud services. Real-world case studies of data breaches and privacy issues in cloud environments are examined and reviewed to draw out valuable lessons learned and to recognize the areas that need improvement. The survey concludes with a discussion of current technology advancements and best practices in cloud security, along with the latest developments such as zero-trust architecture and secure multi-party computation. Upon analyzing existing research, this survey seeks to offer a deeper comprehension of the issues and their remedies for securing data in the cloud. The insights gained from this study are intended to aid future endeavors, to guide policymakers in developing effective regulations, and to support organizations in implementing proper measures for data security and privacy in cloud computing environments.

Keywords: Artificial Intelligence; AI in Finance; Financial Technology; FinTech; Machine Learning; Deep Learning; Neural Networks; Automation; Robotics; Intelligent Automation; Algorithmic Trading; Robo-Advisors; Predictive Analytics; Data Science; Big Data; Risk Management; Credit Scoring; Fraud Detection; AI Ethics; Responsible AI; AI Governance; Regulatory Compliance; Financial Regulations; Cybersecurity; Blockchain; Cryptocurrencies; Bitcoin; Ethereum; InsurTech; Digital Banking; AI in Banking; AI in Investments; AI in Insurance; AI in Wealth Management; AI in Payments; Natural Language Processing; AI Chatbots; Virtual Assistants; Customer Experience; Personalization; Sentiment Analysis; Credit Risk Modeling; Financial Forecasting; AI-powered Decision Making; Quantitative Finance; Trading Algorithms; High-Frequency Trading; AI in Hedge Funds; AI-driven Market Analysis; Automated Financial Services; Smart Contracts; Digital Assets; AI-driven Portfolio Management; Financial Planning; AI in Asset Management; AI in Lending; AI in Mortgage Industry; Financial Inclusion; Alternative Data; Explainable AI; Model Interpretability; AI and Human Collaboration; AI-driven Credit Analysis; Robo-Trading; Supervised Learning; Unsupervised Learning; Reinforcement Learning; AI-driven Customer Insights; Data-driven Decision Making; Financial Market Predictions; Behavioral Finance; Smart Finance; AI-based Anomaly Detection; Computational Finance; Financial Data Analytics; Financial Fraud Prevention; Future of Work in Finance; AI Strategy in Financial Firms; Financial Risk Analytics; Digital Transformation in Finance (search for similar items in EconPapers)
JEL-codes: C45 D81 G17 G21 O33 (search for similar items in EconPapers)
Date: 2026
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