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On the Relevance of Security Risks for Cloud Adoption in the Financial Industry

Author:Ulrich Lampe, Olga Wenge, Alexander Müller, Ralf Schaarschmidt
Date:August 2013
Kind:In proceedings - use for conference & workshop papers
Publisher:Association for Information Systems (AIS)
Book title:Proceedings of the 19th Americas Conference on Information Systems (AMCIS 2013)
Editor:J.P. Shim, Yujong Hwang, and Stacie Petter
Keywords:Cloud computing, financial industry, security, risks, problems, relevance, adoption, case study
Number of characters:35028
Research Area(s):IT Architectures
Abstract:For financial institutions as “heavy users” of Information Technology (IT), the promises of cloud computing – most notably, increased flexibility and reduced provisioning cost – are tempting. However, moving data and applications from a confined internal IT infrastructure to an external, shared cloud poses multiple new security issues. This paper provides an assessment of the relevance of selected issues, based on interviews with 12 representatives of financial institutions. Our results indicate that despite technical advancement and legal arrangements, certain security issues are likely to remain important inhibitors for the adoption of cloud computing by financial institutions.
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