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Treasury Report Assesses Opportunities, Challenges Facing Financial Sector Cloud-Based Technology Adoption

“The U.S. Department of the Treasury today released a report, The Financial Sector’s Adoption of Cloud Services, on the potential benefits and challenges associated with the increasing trend of financial sector firms adopting cloud services technology. While cloud services can increase access and reliability for local communities as well as empower community banks to compete with financial technology firms, the report found that financial service firms ramping up their reliance on cloud-based technologies need more visibility, staff support, and cybersecurity incident response engagement from Cloud Service Providers (CSPs). The report also recommends further evaluation from Treasury and the broader financial regulatory community to continue to determine the financial risks associated with a limited number of providers offering cloud services. The first-of-its-kind report is the product of months of work in coordination with members of the Financial and Banking Information Infrastructure Committee (FBIIC) and was developed with extensive input from U.S. regulators, private sector stakeholders, trade associations, and think tanks. The report does not impose any requirements and does not endorse or discourage the use of any specific provider or cloud services..”

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