Security News > 2021 > January > 43% of financial services orgs plan to increase private cloud investments

In the industry's five-year outlook, hybrid cloud is the only IT model showing positive growth among financial company respondents, and it is expected to increase by 39% in that timeframe.

43% of financial services companies plan to increase their investment in private cloud over the next year, 10% higher than the global average - pinpointing that private cloud adoption is crucial to creating a modern hybrid cloud.

Security concerns are driving private cloud adoption: Financial services organizations ranked security, privacy, and compliance issues as the most concerning when running applications within public cloud solutions.

This investment is directly aligned with increased private cloud adoption, as HCI reduces the time it takes to build the software-defined, scalable infrastructure necessary to support private cloud.

The industry must invest in talent to support a hybrid cloud environment: 36% of financial services respondents said they were short on skills needed to manage mixed private/public cloud environments, while 34% said they lacked expertise in cloud-native technologies and containers, including Kubernetes.

"However, as the industry continues to place greater interest in data privacy and compliance issues, organizations are turning to the private cloud. This rapid increase in private cloud adoption serves as the basis for a hybrid cloud model, which is expected to become the industry norm over the next few years."

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