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Migrating business data to the cloud has been like a universal cure for a lot of businesses.
Having vital information in the cloud allows a company to spend less on IT and infrastructure, which they can put into other projects. It also allows their employees to access that information from anywhere, discussing a job with clients onsite rather than being restricted to the office.
Financial Institutions, such as banks, accountants and wealth management offices are now looking into the viability of moving your financial information to the cloud. This could mean either public, private, hybrid or community clouds as a viable place to store data. Cloud-based business is becoming the norm today and allows for plenty of flexibility and scalability in storage. But this also presents a unique set of challenges and risks that have to be addressed.
Migrating this sensitive data has inherent external obstacles and risks that these organizations need to understand and plan for. There are also in-house factors that each individual organization must deal with. These in-house problems can lead to hasty planning that can result in poor implementation. Moving to the cloud for these organizations has to be seen as not a competitive advantage, but as a necessity. However, before making the move, these companies need to be aware of the benefits as well as the downfalls of each cloud type and what it does with their data. Some reasons for the delay in acceptance of the cloud include:
So what is a financial organization to do? If the organization is considering the cloud, maybe they can try a smaller move of less critical data to a private cloud as a test. This could give them insight into the security of their data and the viability of the platform. Some organizations would then have the confidence to pursue the development of a cloud-based migration strategy.