Cloud computing can support cybersecurity and improve threat management: according to the latest report by Snowflake, Financial Services Cloud Pulse Surveyaccording to which The world’s largest financial companies are accelerating their transition to the cloud to support enterprise security.
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Looking at the data, 50.5% of the companies involved chose the cloud to follow strategic projects in the cybersecurity field; 38.6% did it to improve fraud detection and 33.8% for complaint management. Given the recent cyber attacks and the increase in financial crimes, organizations have decided to invest in the cloud to protect their data.
“Companies seek to respond quickly to market needs by improving their business results and ensuring the highest possible levels of data security and governance” has explained Rinesh Patel, Global Head of Financial Services at Snowflake. “Faced with an ever-increasing demand for data, we are witnessing an increase in costs for all those companies that remain anchored to traditional technologies. Businesses must leverage the power of the cloud to curb rising financial crime, extract value from insights from data, and support customer needs.”
To respond to growing security threats, financial organizations need to digitize their banking and payment systems. The cloud is capable of increase the level of innovation and allow the real-time fraud and anomaly detectionimproving the customer experience and anticipating attacks.
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Nearly half of respondents (48.7%) will build their cloud data strategy in two to five years, but many financial organizations already have several use cases ready within the next 12 months.
Regarding the nature of the systems, 37% of companies have decided to adopt a multi-cloud strategy, while 34% are leaning towards the hybrid one. Among the key benefits perceived by companies are access to vendors with the best solutions, the flexibility to negotiate on costs, and access to modular flexibility.
Italian companies reflect the trend identified by the research. Laura Ceriotti, Account executive Financial Sector of Snowflake, confirmed the vanguard of Italian organizations in adopting the cloud. “Their needs to maintain high levels of security, governance and compliance are leading them to embrace cloud-native solutions for data management, to reduce costs, ensure flexibility and interoperability in a rapidly changing market” explained Ceriotti.
In addition to the cybersecurity benefits, enterprises are choosing the cloud to benefit from increased data science capabilities and to tighten one greater collaboration with usersproviding him with data ready to be interrogated.
While technology teams are still the primary drivers of cloud investments, Snowflake’s research underlined that business areas and the centralized data office are becoming increasingly influential in decision making.
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