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FORECAST FOR CLOUD IS SUNNY IN APAC

WHY CLOUD IN ASIA-PACIFIC

Economic transformation in Asia-Pacific is being fuelled by the growth of the digital economy and the financial services industry is at the forefront of this transformation. Governments in the region including Thailand, Singapore, Australia are developing forward-looking policies that support innovation. To deliver, financial service institutions (FSIs) are partnering with cloud service providers. The rate of adoption, however, has been slowed by common misconceptions about what is permissible. Read on to get clarity on what to consider when migrating to the cloud in financial services within Asia-Pacific.

JOURNEY TO CLOUD IN 60 SECONDS

KEY STEPS FOR CLOUD ADOPTION

Full, informed stakeholder involvement
A smooth cloud adoption requires informed stakeholder involvement from the outset, with decisions being based on a full understanding of the proposed cloud solution. Cloud service providers such as Microsoft take responsibility for providing detailed product and service information to assist your key decision makers.

Targeted cloud service provider selection criteria
You’ll need to develop selection criteria to verify that your proposed cloud service provider can meet the applicable compliance, risk and security requirements.

A compliant contract
Central bank regulation and guidance stipulate mandatory terms to include in a binding cloud contract with your cloud service provider.

Appropriate engagement with central bank
A successful cloud adoption requires open engagement with the central bank, not just by the financial services institution but also by the cloud service provider.

 

Read the joint reports from Microsoft and Accenture to see the key steps and considerations for your country.

REDUCING RISK WITH CLOUD

Keeps you abreast of ever-changing regulation

Banks and FS Institutions need to consider global regulations like the US Patriot Act, Global Data Protection Regulation (GDPR), Safe Harbour and International Data Transfers.

The board and senior management of the financial institution have a non-delegable duty to ensure that outsourced cloud services are conducted safely and in compliance with all applicable laws and regulations.

Reduces security threats

Critical business applications in the Cloud to increase from 2 percent in 2015 to 45 percent in 2025.

Ongoing instances of cyber attacks.

The 2016 top 3 threats as listed by Cloud Security Alliance called Treacherous 12 were:

  1. Data breaches

  2. Compromised credential and broken authentication

  3. Hacked interfaces and APIs

Trusted third-party solution / partner

Enables third party cloud service providers to meet global and local regulations and security concerns.

Regulators require auditing rights for the supervisory authority for on-site inspection rights of data centres.

Customers require greater transparency, access and control over their data.