What the Change Towards Security in the Cloud Means for CFOs

George Papayiannis

 

Hosted applications were once considered too high risks, but now even the pros are reconsidering their position. 

 

Over the years, finance leaders have probably gotten used to hearing “no” from the IT department when they asked to have certain kinds of technologies installed. It may come as something of a surprise, therefore, when CFOs begin hearing CIOs say “yes” to the cloud.

 

Since security concerns have been dealt with, those in finance or other parts of the business can spend more of their time reaping the benefits [of] cloud-based products and services: a better and faster process. 

 

In the early days — and as recent as a couple of years ago — many technology professionals were concerned about the risk of hosting infrastructure, much less using applications that were provided through cloud-based providers. Maybe all it took was time and exposure to the cloud, but according to a story on Infoworld, much of that resistance is going away.

 

In fact, the article captured the highlights of a survey in which IT professionals said they were even putting some of their security-oriented tools on the cloud now:

In the survey, 57 percent of respondents believe the cloud is secure. The cloud has the most confidence in on-demand security, and that confidence is highest among IT professionals (78 percent). . .  Cloud technology is on-demand, so it can combat emerging and changing threats with updates that occur automatically.

Of course, software-as-a-service (SaaS) gets adopted in different ways by various industries, and while the benefits can apply to all kinds of finance departments, the acceptance of cloud computing in banking is probably one of the most critical proof points. The Hindu Times explored the change in more detail, noting that there was once a potential for being a laggard in SaaS, rather than a leader.

 

For years, the industry sat on the sidelines due to concerns about data security and regulatory compliance as other corporations took advantage of the cloud’s benefits. Silicon Valley took notice and made changes,” the article states.

 

“JPMorgan Chase & Co., Goldman Sachs Group Inc., Capital One Financial Corp. and Liberty Mutual Insurance Co. are already using shared cloud services from large vendors, executives and spokespeople said. So are institutions such as Nasdaq Inc., The Depository Trust and Clearing Corporation and the Financial Industry Regulatory Authority (FINRA), the brokerage industry watchdog.”

 

None of this means that organizations aren’t (or shouldn’t) be continuing to talk about their security worries with cloud computing or SaaS. It just means that the responses to those fears are becoming more sophisticated and reassuring to the IT professionals who need to feel confidence in deploying technology through this model.

 

It also means that, since security concerns have been dealt with, those in finance or other parts of the business can spend more of their time reaping the benefits that motivated them to pursue cloud-based products and services in the first place: a better and faster process.

 

 

The post What the Change Towards Security in the Cloud Means for CFOs appeared first on Blog | Vena Voice | Vena Solutions.

 

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