Security News > 2023 > December > Data security and cost are key cloud adoption challenges for financial industry

91% of banks and insurance companies have now initiated their cloud journey, a significant increase from 2020, when only 37% of firms had embarked on their cloud transformations, according to Capgemini.

"For today's financial services organization, ignoring the cloud is simply not an option. Moving to the cloud requires looking beyond a cost-savings approach and being centered around driving innovation to gain a competitive edge," said Ravi Khokhar, Global Head of Cloud for Financial Services at Capgemini.

Industry executives surveyed in this report across health insurance, life insurance, capital markets, payments, retail banks and wealth management, identify risk management and customer relationship management amongst their top three areas ripe for early cloud adoption.

Cloud adoption constrained by data security and cost challenges.

Despite significant advantages, industry executives express concerns about the challenges associated with cloud migration.

68% identify data security as a barrier to adopting cloud solutions, while 51% point to high operational and transformation costs as potential obstacles.

News URL

https://www.helpnetsecurity.com/2023/12/27/financial-services-cloud-adoption/