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Cloud or Not to Cloud That Is The Question

Finance leaders meet to discuss under fear of heavy regulation

The IT world is locked in an ongoing debate over the usefulness of Cloud Computing; those who believe it directly affects ROI, and those who waver in its importance and believe there is no sure way to keep data safe within the Cloud. To help fuel and resolve the debate, the European Financial industry is assembling in the Netherlands for the FST Summit Europe between the 21 - 24 September.

This committee of CIO's, CISO's, Heads of Architecture and Compliance have highlighted cloud computing as a major talking point and are specifically interested in the pitfalls as well as the benefits to determine if this is a viable solution for cost saving initiatives. With representation from major financial institutions like Credit Suisse, Rabobank International, UBS Allianz and Deutsche Bank the need to look at solutions that save on a tight IT budget can be used when providing effective security, data storage and infrastructures.

The FST Committee explained on Thursday that in a post-financial crises, regulation is expected to increase, specifically in a short term environment, but will likely have long-term effects. While there are many facets to the implications of an increasingly regulated financial environment, this concept does set the stage as to whether cloud computing would survive the obstacles of a strongly regulated industry.

Another consequence of the FST Committee regulated environment is that Senior Management are scrutinized more than other levels of leadership, and these are the budget holders and implementers of cost effective technologies solutions and infrastructures. These are the IT professionals that will be able to determine whether the cloud computing market has matured enough to handle the needs they face when providing kpi's to the C-level directors.

From a security standpoint the cloud computing technologies need to prove that all aspects of its environment are safe from hackers and prying eyes. The major decisions facing successful implementation of cloud technologies is whether to use a solution providers cloud or bring the cloud inside and oversee the process internally. Vmware and McAfee were locking horns on this issue.

Vmware has taken the standpoint that a hybrid cloud that enables enterprises to hand the transfer of flow between internal data and private clouds and is the most viable option. On the other hand, McAfee is boasting of its ability to provide stronger imbedded security options for private cloud development based on its recent acquisition of Intel. The argument relies on IT departments running the cloud exclusively internally whilst understanding that most public clouds cannot provide the security and infrastructure required of a versatile enterprise.

While the end of this gathering will provide clarity as to the arguments associated with the numerous potential outcomes for implementation of cloud computing, the undeniable consensus is that cloud computing is going to be with us for a number of years. One thing that stands as a testament to the financial industry is that it is able to work in every industry and translate problems and obstacles into bridges toward success.

More Stories By John Funnell

John Funnell has worked in online media for over ten years, after achieving his First Class BSC Hons Degree (BBC Sponsored), John won Bos 18-21 Princess Trust Entrepeneur of the year at 21, setting up Clean Living Records Ltd (including www.BeatReview.com) with great success having many acts that charted in Europe and Canada. After selling the business John looked for a new challenge and joined GDS International, having a successful career in sales and Delegate acquisition, he worked up to Event Director EMEA, forging contacts with some of the biggest technology names in the world, this lead to John having a lead role in the creation of MeettheBoss.com and MeettheBoss.tv – the worlds largest business IPTV channel. John then took over as Marketing and Communications Director and ran a multifaceted global Marketing team for GDS International in New York, Sydney, Kuala Lumper and the UK.. John joined Global in 2011 with the challenge of supporting its growth by developing a solid Marketing foundation through various Digital, PR and brand initiatives.