SIFMA is working with members, regulators, and service providers to help navigate the challenges of adopting cloud solutions in the financial services industry.

Many financial institutions are considering using cloud technology primarily for faster and cheaper scalability of computing power and data storage than is currently offered by more traditional, locally installed solutions. Yet, regulations and guidance have imposed obstacles on the widespread adoption of cloud in the financial services industry, thus potentially causing a disadvantage to the industry. These requirements include shared responsibility, audits, regulator access to records, information security, security breach, business continuity planning, confidentiality, and termination.

SIFMA’s white paper, Navigating Regulatory Challenges in Cloud Infrastructure Services Agreements, is intended to help foster those conversations and help all participants better understand the regulatory challenges faced by financial institutions.