Are big banks finally on the same public cloud page?

Mar 16, 2017

Banks have often looked upon the public cloud with suspicion, cautiously stepping around it while initially preferring the private cloud model as the most secure option in their view.

ITProPortal, asked Bridgeworks CEO, David Trossell to contribute his expertise and opinion on how banks can overcome challenges.

“There are a number of examples that show that the banks are still prone to data security breaches.  Tesco Bank, for example, had to freeze its online operations in November 2016. The attack led to £2.5m being stolen from 9,000 customers’ accounts. This money was quickly refunded to the bank’s customers, but it was initially feared that 20,000 customer bank accounts had been compromised.

Fortunately customers weren’t completely left stranded without cash. They were able to make cash withdrawals, make direct debits and use their chip and pin cards while online transactions were blocked until the bank could bring the situation under control.”

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