Role of Cloud Computing and Data Security in Financial Services

The financial sector which is once an upholder of ledgers and vaults, now often finds itself swept into the digital age. Cloud computing is a new and powerful model of architecture that offers unparalleled scalability, efficiency, and agility. But these storms portend tales of peril such as data leaks and hacks that threaten the unwitting. The primary emphasis of this article is to give clarity on the double-edged sword type of cloud computing in the financial services sector, determining what it can transform while understanding what data truly remains vulnerable. The review paper will explore the basic foundations of cloud deployment, assess the vulnerabilities that currently exist and propose a mechanism through which financial institutions can leverage what the cloud provides while ensuring that the critical trust given to them remains.