Regulators Warn Banks Of Cloud Computing Security Risks

Law360, New York (July 10, 2012, 6:48 PM EDT) -- Federal bank regulators on Tuesday cautioned financial institutions to put in place robust controls to minimize any risks to data security associated with using third-party cloud computing services.

The six agencies that make up the Federal Financial Institutions Examination Council issued a four-page statement in response to the growing use of cloud technology, in which software and stored files are accessed on the Internet rather than located on a company's computers. They said banks and financial services companies should do their due diligence before outsourcing to...
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