Cloud Choices
Recognizing the value of data and treading carefully with that value is a principle advocated here just a couple weeks ago.
The corollary to that concern is the financial industry’s ongoing efforts to figure out the best ways to make use of cloud computing resources, as recently explored in a survey by the consultancy Aite Group.
Markets such as Switzerland certainly appreciate the sensitivity of client data because of their strict privacy requirements, as Aite Group senior analyst Virginie O’Shea notes in this story. So storing data in the cloud in a market such as Switzerland is a harder sell. Even where the regulatory environment is more permissive, it is advisable to mitigate operational risk to ensure data remains available for auditing, and to meet transparency demands.
Firms, and particularly the vendors who serve them, are collecting or finding ways to collect more types of data and generate more volumes of analysis. The importance of protecting that data was stressed in that prior opinion column. Security, in terms of protecting private information, is even more of a concern with cloud resources, as the respondents to Aite’s survey made clear.
It’s the technology transformations involved in going to cloud resources, however, that has those responsible for data more concerned. You can’t protect and secure data if it is lost or corrupted due to faulty systems, or a lack of operational risk mitigation.
Of course, there is a choice between public and private cloud resources. So far, the industry is tending to favor private clouds, according to Aite Group’s observations, but some public cloud resources are being used. While private cloud computing is more secure and can be dedicated full-time to an organization’s specific needs, public cloud resources are less costly, which is also a good attribute when resources and budgets are a concern.
So, keeping the value of data in mind when making choices about how to manage it and work with it, one has to be careful of making the penny-wise choice that could prove foolish if it allows security breaches, analytical errors or additional operational risk.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Data Management
SocGen pushes data, analytics use cases for SG Markets
The bank is letting a handful of clients experiment with its proprietary data and models to inform their research.
Finra clears hurdle with CAT launch, but several others remain
Two major components of the consolidated audit trail are now in place. But wrangling over the CAT’s future continues.
Ace high or busted flush? Digital Asset’s mixed fortunes mirror DLT adversity
The vendor hoped to remodel post-trade using blockchain technology—and it still might—but its bumpy progress raises questions over the future of DLT in finance.
The IMD Wrap: It’s the data, Cupid!
As BlackRock buys Preqin, and LSEG strikes a data deal with Dow Jones, Max notes that in data, strange bedfellows breed valuable offspring.
This Week: BlackRock/Preqin, Trading Technologies, FIA Tech and more
A summary of some of the past week’s financial technology news.
US banks seek to open vendors’ black box on green data
Inaugural Fed climate scenario analysis flags lack of transparency around third-party models.
IEX Cloud closure forces fintech clients to seek data alternatives
IEX says it is ditching its unprofitable data arm to focus on its core exchange business, but other vendors believe they can turn a profit from its former client base of fintechs, retail investors and some institutions.
The IMD Wrap: Déjà vu as exchange data industry weighs its options
Max highlights some of WatersTechnology’s recent reporting on data costs and capacity issues facing the options industry, and asks, haven’t we seen this before somewhere?