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Complete Story
08/21/2019
Concerns Mount Over Banks’ Move To The Cloud
PYMNTS.com
In the wake of the Capital One data breach that exposed data tied to 100 million individuals in the United States comes a warning that there really are not any places to hide.
A quoted by Bloomberg, a senior official at the European Central Bank (ECB) has warned of the threats that come with embracing the digital age.
It’s no secret that banks have been turning, increasingly, to bits and bytes to boost the consumer experience and provide a range of services to individuals and corporates alike.
There may be cause for caution.
“There will be accidents, especially in the cloud,” Korbinian Ibel, a director general at the ECB’s supervisory operations, said in the report. “It’s not that clouds are more vulnerable, they’re actually often better protected than in-house systems, but they’re seen as juicy targets.”
The warning comes as banks have been enlisting the aid of tech giants like Microsoft and Amazon, while bringing operations and data to the cloud. Such moves are tied to the desire to streamline operations, move beyond legacy systems and cut costs. This last point is especially desirable in an age where lower interest rates mean top lines see pressure.
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