FOREX TECHNOLOGY
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spread across many databases so that stealing one piece of data does not provide any insight,” he says.
However, Houstoun of Rapid Addition points out that large volumes of data held within the walls of financial institutions and specialist Forex firms do not contain information which could put them at risk, should the data fall into the wrong hands. “FX prices are public record. If you want to analyse a big data set of tick- by-tick FX prices for a particular pattern, storing that data in the cloud is fine,” he says. “Te use of the data may be very secretive but quite often the data in itself isn’t.”
Richard Man
“Taking a pay-as-you-go model and being able to bill monthly for software that required annual licencing in the past means that software and applications can be bundled into monthly network charges.”
Data security
Critics of the cloud also raise concerns over data security, an area of particular concern to the financial services industry where protecting proprietary data is of critical importance. Te concept of shifting data outside to a third party is somewhat inimical to the ethos of the banking community, in which a financial institution’s data is closely guarded with stringent checks. Indeed, in the current climate where hackers – often employed by organized criminal groups – are targeting the systems of banks and exchanges, there is undoubtedly a reluctance in finance to put data security into the hands of a third party.
Behnstedt of FX Architects concedes that outsourcing data to the cloud does not come without security risks. “Tere is the risk that someone steals from the cloud in a hacking attack which would result in an unrepairable cost of reputation to the bank,” he says. Behnstedt posits possible solutions to this problem such as the encryption of all data, rendering the information unintelligible, in the event of a hacking attack. “Another solution could be that the data gets
104 | october 2011 e-FOREX
Newberry says Microsoft emphasises the important of data governance to its clients in the UK, which stipulate what type of information is and is not allowed to be moved to a cloud platform. “Tere are particular pieces of data, particular pieces of identifiable information that have to stay within an organisation. And there is other stuff - transient data, information that is transient that has value for the next few minutes but beyond that has no value - which does suit moving on to the cloud,” says Newberry.
Kevin Houstoun
“FX prices are public record. If you want to analyse a big data set of tick-by-tick FX prices for a particular pattern, storing that data in the cloud is fine,”
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