By adopting cloud computing technology to make their systems accessible from multiple locations, financial services companies are launching new, improved digital products and streamlining their operations. But, at the same time, cyber specialists are warning that this cloud migration is exposing companies to a greater risk of cyber attacks and data breaches — as well as the fines and reputational damage they can bring.
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Cloud computing dependence imperils banks
“We’ve seen how businesses can be seriously compromised by global outages and cyber attacks on cloud service providers like Microsoft or Amazon Web Services,” notes Aslaner, a former principal product manager at Microsoft.
