FINANCIAL DATA SECURITY IN CLOUD COMPUTING

Naveen Kunnathuvalappil Hariharan

No 6jens, OSF Preprints from Center for Open Science

Abstract: Many enterprises have achieved a novel, quick, and low-cost technology to address the concerns of data storage and availability for customers, which is referred to as Cloud Computing. More and more financial service companies and organizations have shifted their offline services to cloud platforms to provide customers with more convenient and accurate services. Working with a cloud services provider offers a wide variety of benefits for banks and financial institutions. This includes greater flexibility and scalability, lower costs, and improved organizational efficiency. However, at the moment, they pose a certain level of data security risk to financial organizations. For financial institutions, keeping data secure is of the utmost importance. Financial information is extremely sensitive, making it valuable and especially vulnerable. The cloud service providers are making significant efforts to develop the cloud industry in order to maintain optimal security. After discussing cloud computing in the financial sector, this research outlined six major security concerns that financial institutions face in cloud computing. They are Information security Business securitySystem Security Host Security Data Security Network Security. We also discussed the major strategies by cloud computing providers to tackle these issues.Once the security challenges can be resolved properly, cloud computing will be further promoted in the finance sector. Financial institutions may leverage cloud computing in the future to develop novel business models and provide customers with an entirely new experience with financial services.

Date: 2021-01-09
New Economics Papers: this item is included in nep-isf and nep-pay
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Persistent link: https://EconPapers.repec.org/RePEc:osf:osfxxx:6jens

DOI: 10.31219/osf.io/6jens

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