Transcending The Cloud - A Legal Guide to the Risks and Rewards of Cloud Computing: Look, Up in the Cloud…It’s a Bird, It’s a Plane, It's A Bank

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Introduction

The financial services industry, being one of the largest global consumers of technology, often serves as a driver of change as new banking and financial products and services are introduced into the information, transaction processing, storage and communications pipeline. Cloud computing as both a product and service of sorts will likely be no exception. The value propositions presented by utilization of cloud computing environments, such as cost containment, immediacy, availability, scalability, efficiency and resiliency, will simply be too attractive for chief operating and information technology officers to ignore. However, as highly regulated businesses, financial services firms will be forced to develop sound policy and governance practices to manage the risks that come with utilization of a third-party IT platform.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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