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Alok Misra  

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  • Is Cloud Adoption Increasing In Financial Services? [View article]
    I agree with the factors you outlined - PR, sunk costs and complacent tech folks from the previous era. I think banks will do it when they have to, in order to compete.
    Mar 11, 2014. 02:15 PM | Likes Like |Link to Comment
  • Is Cloud Adoption Increasing In Financial Services? [View article]
    Derek, I completely agree with you. The criticality of data determines where you store it. Which is one reason why, adoption has been slow so far. However, there are other factors that also come into play, such as competitive advantage, cost, etc, for any organization.

    Also, the examples of the hacking cases you mention can cut both ways. Target's data was kept inhouse and secured by their internal IT. Turned out that wasn't the best security, after all. In comparison, salesforce.com hasn't had a hacking incident so far.

    My point isn't that everyone should store their information in the cloud. My point is that if you have assumed that storing your data inhouse makes it safe, you must reassess your assumptions.
    Feb 1, 2014. 11:00 AM | 1 Like Like |Link to Comment
  • Is Cloud Adoption Increasing In Financial Services? [View article]
    It is a valid procedural argument and I absolutely agree with you that those kind of things are critical. However, that is exactly what the cloud provider needs to take care of.

    For instance, McDonalds (MCD) has a global supply chain and one small oversight may contaminate burgers worldwide and impact unsuspecting consumers. Does McDonalds put safeguards in place to prevent that? Yes. Is there still a chance of a contamination incident? Yes. Will that put McDonalds out of business? No.

    Once again, no one is saying that every bank should go tomorrow and put their most sensitive data in the cloud right away. We're saying the industry is maturing and is in the process of addressing the kind of issues you point out. The gist of my post is that the vertical cloud providers are now arriving and these are the issues they will need to address in order to win business.

    But let's also look at the flip side of this. Are we saying that just because a bank puts their sensitive data inhouse, it will be very safe? Ask Citibank (C).
    Feb 1, 2014. 10:50 AM | Likes Like |Link to Comment
  • Is Cloud Adoption Increasing In Financial Services? [View article]
    It is a valid point and I agree with you that there may be repercussions. If you ask the question "Will we abolish Superbowl if there is a terror attack during the game?" the answer would probably be no. If you ask the question "Will there be repercussions to Superbowl, if there is a terror attack" the answer would surely be yes. So major outages may surely impact adoption. But, will they stop it?
    Feb 1, 2014. 10:25 AM | Likes Like |Link to Comment
  • Is Cloud Adoption Increasing In Financial Services? [View article]
    Larry Ellison also thought this was a laughable idea - he isn't laughing now. CPU power is commoditized and getting cheaper every day. Adding encryption on top of a multitenant environment isn't that complicated anymore.
    Bottom line is that the technical issues are solvable. If there is something missing today, you can be sure it will be available tomorrow. What is game changing in the cloud isn't the technical concepts. It is the fact that it facilitates innovation at a rapid speed - exactly the way the Apple platform allowed app developers to transform our lives.
    Jan 31, 2014. 03:44 PM | Likes Like |Link to Comment
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