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CybersecuritySecurity NewswireCybersecurity NewsBanking/Finance/Insurance

Financial services industry sees rise in public cloud storage

By Security Staff
two people working at desk

Image via Unsplash

July 18, 2023

Cloud adoption within the financial services sector was analyzed in a recent report by Skyhigh Security. The new findings show that while financial services firms — including banks, insurance companies, brokerage houses and credit card companies — tend to have the highest degree of security maturity, they also face the greatest threats.

The report highlights how organizations have embraced the cloud in response to the pandemic-fueled movement toward remote work. From 2019 to 2022, the average number of public cloud services utilized by financial services organizations jumped from 20 to 31 — an increase of over 50%. And although the financial services industry stores a similar amount of sensitive data in the public cloud as other sectors (61%), it skews toward storing more confidential internal information, such as employee records and payment card information.

Eighty-two percent of the financial services organizations surveyed in the report claimed that Shadow IT hinders their ability to keep data secure — in part due to a lack of skilled security staff who can track their organizations’ cloud computing trends. Ninety-six percent of respondents in financial services acknowledged these talent shortages as a problem compared to 92% of respondents across all industries.

However, the sector also takes more precautions than other industries to reduce the risks associated with data loss by migrating users to IT-sanctioned apps, conducting regular auditing and implementing data classifications and policies to monitor and prevent data leakage.

Read the full report here. 

KEYWORDS: cloud migration cloud security data security finance cybersecurity financial crime

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