There are few organizations left today without some of their business operating in the cloud. A recent IDG Cloud Computing Study found that 92% of businesses globally moved to the cloud. According to Gartner, cloud adoption spending will surge to about $482 billion by the end of 2022. Most companies make the move to take advantage of the speed, innovation, and flexibility offered by cloud computing solutions. Operating in the cloud can also provide cost savings and improved productivity.
Regulatory compliance and data privacy requirements require financial institutions (FIs) to consider carefully where their applications are running and where the customer data is stored. The data protection and data sovereignty laws in most countries require an enterprise to keep data in certain geographic locations. PCI Data Security Standard, for example, regulates the way the customer and financial transactions data is stored and transmitted.