U.S. Treasury Department officials highlighted several challenges facing financial firms that are increasingly turning to cloud computing services to support a range of their activities, warning in a report on Wednesday that failure to address them could leave lingering vulnerabilities.
The risk was particularly acute for small and medium-sized financial institutions, the department said.
Deputy Secretary of the Treasury Wally Adeyemo said while "there is no question that providing consumers with secure and reliable financial services means greater demand for cloud-based technologies,” there needed to be "safe and effective migration" as banks and other financial companies adopt cloud services.
"Treasury found that cloud services could help financial institutions become more resilient and secure, but that there were some significant challenges that could detract from these benefits," department officials wrote in their report assessing current cloud adoption in the financial industry. Those issues include financial firms' exposure to potential cyber incidents, an industry-wide reliance on a small number of cloud providers and a lack of technology workers able to help financial institutions deploy cloud services, among other challenges, department officials said.
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