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Financial Businesses Concerned About Cloud

New study by LogLogic shows questions persist about security

In a recent LogLogic survey, 60% of respondents expressed some reservations about moving to cloud computing technology. 34% of respondents said that cloud was not strategic for their companies, while another 26% said that they were concerned about the risks relating to the technology, and that security was the number one concern.

Respondents cited security, control and transparency as the main drawbacks to cloud computing. According to one IT security manager interviewed, security requirements are “crucial” to adoption and use of cloud computing. “A significant pitfall to cloud computing is the lack of control. It creates a massive security risk.”

“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.”

A respondent from a Fortune 500 global financial security company noted that, “We don’t have any cloud computing implementations right now. Typically we’re early adopters – but with cloud computing, we won’t be.”

Recent alleged “state-sponsored” network security attacks by China on Google have had an effect as well. 37% of respondents to the survey have altered their security profile as a result of the China attacks.

It should be noted that LogLogic has been at the forefront of the Cloud Security movement, as an early member of the Cloud Security Alliance, as well as a company that has talked openly about the solutions to security problems in public clouds. LogLogic proposes a full-featured log management solution which audits the happenings on a “cloud provider” as one component of a cloud security program. For more information, see http://loglogic.com/

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Bill Roth is a Silicon Valley veteran with over 20 years in the industry. He has played numerous product marketing, product management and engineering roles at companies like BEA, Sun, Morgan Stanley, and EBay Enterprise. He was recently named one of the World's 30 Most Influential Cloud Bloggers.