Data Privacy and System. Security for Banking and Financial Services Industry based on Cloud Computing Infrastructure

Cloud computing architecture and infrastructure has received an acceptance from corporations and governments across the globe. Cloud computing helped to reduce cost of management of physical and technical infrastructure at the same time has made information systems available for locally & globally deployed work force. Cloud computing infrastructure provides access to data and applications from any location and this has made organizations to keep evaluating privacy and security framework. Banking and financial services have data and applications which are internally developed to remain ahead of competition. This data and applications becomes the Intellectual Property (IP) that serves specific business processes and goals. When this data and applications can be accessed from remote locations, there may be a potential risks of data leakages and erosion of IP over a period of time. With an adoption of cloud computing, banking and financial services industry continues to be under strict regulatory and compliance framework to maintain privacy of data and security of systems. Privacy and security of cloud architecture infrastructure continues to be the challenge across the globe. In this paper, various aspects of cloud computing related to data privacy and system security for banking and financial services industry have been introduced.