About Banking on Cloud
Though cloud computing has become widely accepted across industry as a tool to optimize their IT infrastructure and investment, including their need to adopt newer online service delivery model, its adoption is still limited by PSU banks in India.
While private sector banks are forerunner in taking the advantage of cloud to offer better consumer services, PSU banks are sluggish in their adoption and are skeptical about moving to the new computing environment due to the sensitive nature of data being processed by them and the nature of operation. Experts agree that while enormous opportunities exist in the cloud computing environment, the industry, particularly the sectors like banking and financial verticals are face with challenges and issues ranging from initial inertia to legal to public policy.
While managing the cloud environment due to geographic location of data center of service provider and data classification is a big concern, one of the biggest regulatory hurdle is compliance of the section 79 of the IT Amendment Act 2008. Besides, the industry also faces the challenge of limited cloud forensic capabilities due to limited skills set available, and lack of encryption standards.
The Governance Now Banking on Cloud conference will facilitate a collaborative environment and a platform to deliberate how banks can utilise the full potential of cloud for transforming their business operation while addressing the various challenges and issues that banks are facing in terms of adopting cloud.