Deep Dive How Credit Unions Juggle Cybersecurity Myths For Cloud Computing

Cloud technology has lost some of its mystique in recent years, and consumers’ improved understanding has led to a boost in demand. The cloud computing services market was expected to see 17.2 percent growth and reach a global value of $200 billion by the end of 2019. The final figures have yet to be tallied, but it is clear such tools and software are viewed as essential to quickly transferring data.The financial world is also interested in cloud computing, but a few laggards have yet to shake off myths about its security and usefulness. The technology’s adoption in the banking sphere has risen steadily over the past several years as its capabilities have become more transparent, sophisticated and most importantly for financial institutions (FIs) that need to protect consumers’ and corporates’ financial information much safer. Security concerns were some of the top reasons FIs avoided moving their data to the cloud in the past. Still, many are now integrating such technology for added fraud protection and cybersecurity.Cloud computing could bring many benefits, but credit unions must keep cybersecurity top of mind when integrating with it. It can reduce CUs’ overhead and infrastructure costs while improving their IT departments’ productivity, but FIs need to be sure that data is kept safe. A hybrid cloud model could offer both the flexibility of scale and the security these entities need.