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Risks of Cloud Computing Transformation in Banking Sector

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Nowadays, organizations have started to build new applications on the cloud computing. Some organizations have also started to migrate their existing applications to the cloud. Some governments have made it the central tenet of their IT moderation strategies. Some organizations are transferring their applications to the cloud without taking care of their financial, technical and legal issues. Similarly, we are also observing cloud computing transformation in the banking sector. We are observing some risks of cloud computing transformation in the banking sector. They will create some problems while moving data on the cloud. Here, we will discuss these risks.

It Will Reduce Visibility and Control

If we are adopting cloud computing transformation, we have to transit assets and operations to the cloud. As a result, the banks may lose visibility and control over these operations. When banks start to use the external cloud, they move the responsibility of policies and infrastructure to the CSP. It means that we have to rely on cloud services for security and logging. If banks want to monitor and analyze the information of their services, they have to focus on network-based monitoring and logging. These services will be available for the banks on-premises IT.

Increases Unauthorized Users

For the provision of new services, CSP has provided a simple and easy interface. It has provided on-demand and self-service provisioning features. This thing allows the organization’s personnel to use additional services without IT consent. As a result, they may start to use software that the IT department has not supported. Moreover, PaaS and SaaS have lower costs. This thing may also increase the probability of unauthorized users. When people will start to use services without the IT team’s knowledge, they will create risks for the organization. Due to this risk of cloud computing transformation, the risks of malware infections may also increase.

Risk of Internet Accessible Management API

CSPs have also exposed the use of APIs. The customers use them for the management and interaction with the cloud services. After adopting cloud computing transformation, the banks have to use them for management and interaction with the cloud services. The banks can also use these services for the management and monitoring of their assets. The experts have found vulnerabilities in the APIs. The users can easily get access to these APIs via the internet. The threat actors may find these vulnerabilities and they can harm the bank’s data.

Insecure Data Deletion

Cloud computing transformation in the banking sector can also create these problems. It shows that threats relevant to data deletion also exist on the cloud. It’s because we don’t know the physical storage of data on the cloud. As a result, we can’t verify the secure deletion of the data. In some cases, your data may be stored on different storage devices. The banks may have to face these problems due to the differences in the deletion processes. That’s why when banks will delete the data; they are not sure about its deletion. If attackers get access to this data, it can also create some problems for the organizations.

Threat for Credentials

According to a dissertation help firm, in some cases, the attackers can also get access to the cloud credentials of the users. After getting access to the CSP services of the banks, they can attack the assets of the banks. In some cases, they can also get access to the administrator’s cloud credentials. After getting access to these credentials, they can use them for getting access to the data of the banks. Due to this risk of cloud computing transformation, the attackers can steal the credentials of the customers. As a result, the banks may have to face some real issues.

Loss of Stored Data

After adopting cloud computing transformation, the banks have to store their data on the cloud. Due to the accidental loss of the data due to an earthquake or fire, the banks will face the problem of permanent loss of the bank’s data. As a result, the cloud service providers may not retrieve the data. In some cases, we have to encrypt the data before uploading it. Due to the loss of the encryption key, your data will also be lost. If an agency increases the use of CSP services, it may have to face the loss of stored data problems.

CSP Supply Chain is Compromised

Sometimes, CSP may outsource its parts. It means that CSP has to get services from third parties. As a result, the CSP may have to face problems to satisfy the requirements of the banks. Therefore, the banks should check the requirements of CSP before adopting cloud computing transformation. If a CSP service is not fulfilling the requirements of the banks by relying on its resources, it may create some threats for the agencies. When organizations will use more CSP services, these threats will also increase. It means that they don’t depend on supply chain policies.

Insider Abuse

If you will take extra care during cloud computing transformation, you can save the banks from external threats. Anyhow, there still exist internal threats. The staff and administrators of both banks and CSP may damage the information. When they will try to steal the useful information of the banks, you can detect them. In some cases, you may fail to detect them. If you will fail to detect them, you require forensics for detection. Now, the problem is that these forensics capabilities are not available for cloud services. The staff members and administrators know this fact. Therefore, they will perform these malicious activities by hiding their identity. This thing can also become the cause of data loss for the banks.

Conclusion

Due to the evolution of cloud services, organizations have started to transfer their applications to the cloud. The banks have also started to transfer their data and services to the cloud. Due to cloud computing transformation, the banks may have to face some threats. For example, the consumers may reduce their control and visibility over the data. It’s because the cloud service providers will store the data in different locations. It can also create some problems with the unauthorized use of the data. After deleting the data, the users may not have full access to this data. At last, the hackers can also steal the credentials.

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