Is the Cloud Secure Enough for Finance Companies?

Cloud-based solutions are becoming increasingly popular across a variety of sectors - but is the cloud secure enough for finance companies? 

The increased use of technology in the world of business has helped companies to work more efficiently. Mundane tasks can now be done by machines, leaving more time to dedicate to business development. Business phones, VoIP systems and more make it easier for potential clients to contact the office, meaning more sales and better customer service. 

The finance industry is arguably one of the employment fields that has benefited the most from technological advancements. Financial technology (or 'fintech') has made quite the splash in recent years. One example is online banking, with around 46% of people choosing to exclusively use technological channels to organise their finances. 

However, fintech is also changing the fabric of the finance industry from the inside out, with many companies choosing to opt for cloud computing systems instead of on-premise hardware. 

There are a variety of benefits that come with cloud computing. For example, the cloud makes it much easier to make large adjustments, upload customer data and scale the system according to company needs. 

Alternatively, one large concern regarding this new method of computing has been safety, specifically whether the cloud is secure enough for finance companies. As finance companies are home to a huge amount of incredibly private data, a leak or third-party access would be disastrous. 

The short answer is that the cloud is in fact secure enough for finance companies, and is in fact safer than a lot of other data hosting solutions. But what sets cloud computing in a league of its own?

The cloud VS ON-PREMISE

Being wary of cloud storage is understandable. Aside from the fact that the cloud is a relatively recent innovation, it may seem bizarre to store your most important data in a remote location outside of your own physical and controlled servers. It is especially reasonable for finance companies to exercise a level of concern over whether or not the cloud is secure enough to handle their data. 

Surprisingly, however, your on-premise hardware is often more at risk than off-premise data. Data stored on your laptop hard drive can easily be accessed through viruses and malware. Additionally, a breakdown within the system itself could be at best an inconvenience and at worst have detrimental effects on business operations. 

On the other hand, storing important data away from your office removes the risk of targeted attacks directed at your computer system. It is also worth noting that cloud storage spaces are often owned by large companies who implement a range of high-calibre security solutions to keep information under lock and key. 

What makes the cloud so secure?

For finance companies debating whether the cloud is secure enough for safe business operations, it is important to note that data in cloud storage is kept under lock and key thanks to a series of complex security mechanisms. 

First and foremost, all of the files stored on a cloud server utilise encryption. This, coupled with the fact that the files are difficult to access to begin with as a result of their remote location, sets the groundwork for highly secure data storage. 

Secondly, features such as robust firewalls and routine security updates identify any potential attacks and secure servers accordingly. These measures are much more advanced than similar ones used by on-premise digital storage spaces.  

Of course, hacking and malicious attacks aren't the only concerns for finance companies debating cloud security. Lost data as a result of a power outage, drive destruction and so forth could easily be just as problematic. 

Redundancy measures taken by most cloud companies ensure that your data is copied multiple times over and backed up by being stored in several different data centres. This means that, even if the worst comes to the worst, your data will still be accessible. 

secure cloud solutions

Switching to a cloud solution doesn't always have to be difficult. 

Your Comms Group provide cloud services that are more than secure enough for finance companies and businesses of all shapes and sizes. We offer support throughout the migration process, as well as dedicated support from our team of professionals throughout your transition to a secure cloud-based solution.

Browse our range of secure cloud solutions and get in touch with a member of our expert team to begin transforming your business operations today.