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23. December 2024
The financial sector’s reliance on single-cloud providers has reached alarming levels, with 78% of institutions relying on just one provider for their operations, according to a new study by the Cloud Security Alliance. This finding highlights the industry’s vulnerability to cyber threats and underscores the need for multi-cloud strategies.
A survey of 872 IT and security professionals across various regions revealed that only 22% of financial institutions have adopted multi-cloud approaches, citing high costs and implementation complexities as major barriers. Regional disparities further complicate cloud resiliency efforts, with North America’s mature infrastructure proving insufficient to address challenges, while European institutions benefit from stricter frameworks like the GDPR and DORA.
Troy Leach, Cloud Security Alliance’s chief strategy officer, noted that the financial service industry is facing increasing threats from cyberattacks, and it’s essential that security and governance professionals understand the expectations of new regulations and prepare for the next generation of technology complexities. With several new regulations on the horizon in 2025, institutions must prioritize resiliency measures to protect data and third-party cloud services.
Financial institutions are turning to cutting-edge technologies like containerization and serverless computing to strengthen their resilience. These innovations improve flexibility and reduce deployment times, making them particularly valuable for operational resiliency. Sixty percent of respondents prioritize disaster recovery planning, while 58% focus on improving infrastructure scalability and availability – measures that reflect a stronger emphasis on resiliency.
The rise of generative artificial intelligence (GenAI) poses additional challenges, with data privacy and integrity top concerns for 26% of financial institutions. Twenty percent highlighted the misuse of GenAI for cyberattacks like automated phishing or malware generation, while 13% expressed concerns about AI’s potential to introduce data inaccuracies or biases that could undermine decision-making processes and regulatory compliance.
As institutions navigate these complexities, multi-cloud environments are increasingly essential for maintaining redundancy and mitigating downtime during incidents. Financial professionals must be prepared to address emerging challenges and ensure the long-term resilience of their operations. The study’s findings underscore the importance of cloud resiliency in the face of rising cyber threats. Institutions must prioritize resiliency measures that protect data, third-party services, and regulatory compliance by embracing cutting-edge technologies like GenAI.
By doing so, financial institutions can build a more resilient and secure future for themselves and their clients, and better prepare for the technological innovations on the horizon.