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welcome back to part three of our understanding risk online video series my name is Paul Taylor editor of the f t's connected business in this video we're looking at the cloud and financial services 18 months ago most financial institutions had serious misgivings about the public cloud and the risks associated with it today while they still have concerns banks and other financial institutions a much more sanguine about cloud computing technology as a physical destination that those are the days gone by I'm the opportunity for improvement to what we do is outstanding the change in attitudes towards cloud computing in the financial services sector in part reflects the growing maturity of cloud service providers and the technology itself so the general interest in cloud as a computing style is increasing but specifically I think you're talking about public cloud adoption so I want to adopt these public cloud services available from various vendors and yes what you're seeing now is more of a maturity a shift in mindset to embrace the cloud nevertheless because they are regulated financial institutions do face special considerations when it comes to cloud computing as David casts chief information security officer and elsevier who previously worked in financial services explains so from from a security point of view I think there's a lot that else we can do to innovate and leverage some of the newer technologies whereas from the banking and financial services sector being a heavily regulated industry you have a lot of regulators and guidelines that clearly dictate what you need to adhere to I think like anything it's a maturing product so I think the transparency is improving on what people are doing within a different cloud from the cloud providers and I think it's gonna get better and better I think some of the areas that were helping drive some immaturity and trying to figure out how do you do information security within the cloud context do you how do you conduct you know logging monitoring auditing how do you pen test things that are out in a cloud provider so those are all aspects that we have to look at as well as we look at you know the the additional quick time-to-market is these resources gets spun up very very fast how are they managed while much of the burden of compliance falls on the private sector most financial services IT leaders believe government has a role in helping companies protect themselves and their data from attack this is something that we've been encouraging and what is excellent is now to see the current government are investing time effort and resources especially in money in bringing organizations together so one example is through the CP ni and they have a scheme for sharing information and it's in its early days it's currently in its pilot phase but we're looking to get involved and we're already working on that with other financial institutions what is clear is that provided the appropriate precautions are taken cloud computing will play a growing role in the provision of financial services with both the growing importance of data I think and the increasing threat and complexity to protecting our data we will increasingly have a bias toward hosting our data internally people first of course in a financial institution humans regardless of technological capabilities humans buy from humans humans take advice from humans so for us in banking people first data second