Knowledge of Data Protection, especially when it comes to the importance of safeguarding sensitive information from unauthorized access, data breaches, and cyber threats.
Regulatory Compliance in the financial sector, which is subject to strict regulations and compliance standards, such as the Payment Card Industry Data Security Standard (PCI DSS), the Data Protection Act (DP) and the Cyber Security Act. This is even more so because the ultimate responsibility for ensuring compliance with these regulations when utilizing cloud services rests with the Boards and senior management.
Cloud computing offers opportunities for enhanced business continuity and disaster recovery capabilities in the financial sector. Boards and senior management need to oversee the implementation of cloud-based backup and recovery solutions to ensure uninterrupted operations and minimize downtime in case of disruptions or system failures.
Cloud services provide financial institutions with the ability to scale their infrastructure and resources according to demand. Boards and senior management can leverage cloud technology to optimize costs, enhance operational efficiency, and deliver innovative financial services.
The financial sector often relies heavily on third-party cloud service providers for various services, including data storage, processing, and software applications. Boards and senior management need to evaluate and manage the risks associated
with outsourcing critical financial operations to cloud vendors. It is the responsibility of the Board of Directors to establish effective governance strategies to assess vendor security controls, ensure contractual agreements include appropriate security measures, and regularly monitor the vendor’s compliance with security standards.
Cloud security is also relevant to the financial sector due to the increasing adoption of emerging technologies like artificial intelligence, machine learning, and blockchain. These technologies rely on cloud infrastructure for processing and storage. Boards and senior management should understand the security implications of these technologies and ensure that adequate measures are in place to protect sensitive financial data.
