Governance, risk & compliance
The power of the cloud to provide a fl exible and scalable way of keeping data has led to a dramatic rise in its use in fi nancial services. But a scattershot approach risks exposing banks and their customers to security threats. Furthermore, the eagerness of European institutions to invest in their own cloud offerings leaves them at the mercy of Big Tech companies from overseas. Now, 19 European banks are fi ghting back by creating the European Cloud User Coalition (ECUC). Jim Banks talks to ING’s chief information security offi cer Beate Zwijnenberg, CEO of UniCredit Services Daniele Tonella, and David Zeller, Group CTO at Raiffeisen Bank, about what the ECUC means for the industry.
now, driven by unstoppable technological advances. Where online banking was once cutting edge, now it is the norm. As customers conduct their financial transactions in cyberspace and banks rework their legacy systems to gain efficiency, one technology looms large over it all – the cloud. Whether building their own private cloud infrastructure, or leveraging the public cloud services provided by Amazon, Google and Microsoft, banks
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he financial services sector of today is unrecognisable from twenty years ago – and the process of evolution continues even
are transforming the way they store and manage valuable data.
“Cloud computing is completely changing the way businesses store and access their data,” says Daniele Tonella, CEO of UniCredit Services, the ICT provider company to the UniCredit Group. “Whether you choose private, hybrid or public cloud architecture they can offer many benefits – reduced time-to-market and innovation, pay-as-you-go contracts, greener IT, modern infrastructure, and cost sustainability.” Unicredit, like many banks, is using cloud services for a vast array of applications. One example is
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the clouds Ahead in
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