The U.S. Department of the Treasury released a report on the concerns with cloud services technology. The report found that financial service firms ramping up their reliance on cloud-based technologies need more visibility, staff support and cybersecurity incident response engagement from cloud service providers (CSPs).
In assessing the current state of cloud adoption in the financial sector, the 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. These include: