While many industries have experienced high adoption rates in cloud based security solutions, financial services has traditionally been the more hesitate sector, with concerns with compliance and data security. However, these concerns and hesitations have hindered financial/bank/hedge fund providers from accessing more innovation in data protection. But, is this changing?
Some say “yes” as some security providers are starting to see an increase in uptake in cloud solutions from financial services organizations – who are finally overriding their fears-of-the-cloud and taking that leap of faith into the new world of security.
Kurt Long, CEO and Founder of FairWarning, recently sat down with Inside Counsel for an exclusive interview. He shared why the “wall of fear” in financial services is finally coming down, his predictions on why financial services will surpass healthcare cloud security adoptions, the new cloud technologies in privacy and compliance for financial providers that has made this sector more open to the technology. Cloud security fears stem from the fact that data is the most valuable and business critical asset for the finance industry, so mass data loss is a primary fear when it comes to cloud technologies.