Migrating banks’ old technology to cloud computing systems is creating a cyber security nightmare for their IT and risk teams, experts have warned.
Cloud infrastructure — which enables software and data to be held off-site and accessed by any part of an organisation, in any location — is helping the world’s banks develop digital services with greater ease and speed.
But experts warn that cloud adoption can also be highly risky for banks and financial groups, because cyber criminals are increasingly exploiting security “holes” and misconfigured settings in cloud platforms to steal data, defraud customers and disrupt operations.
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