Cloud storage is a European reality and there is a lot of controversy about how “good” and suitable the European reality is.
Today in the European storage market, there are requests and problems associated with finding cloud servers with greater security requirements than those of American developments. In a study of leading banks in Europe, recently conducted by the Bloomberg analytical agency, the fact that the main cloud solutions of all respondents are American was noted. The three largest cloud service providers in the USA are Google, Amazon, and Microsoft. One of the main problems in the use of products of American suppliers by European banks and the active search for European analogs is the storage of confidential data.
By moving to the cloud, a business can improve the stability and dependability of its apps and data analytics. However, businesses frequently realize that their infrastructure expenditures have grown after making the switch to the cloud. Optimize cloud costs with migration and it will not be a problem anymore.
The advantage of cloud servers is that their scale usually allows companies to store and compute data at a lower cost than doing the calculations manually. Prices per unit of storage tend to decrease markedly every year, including taking into account the spread of this service among consumers. Optimize cloud costs with migration
To establish a competitive, pan-European cloud service run by regional IT firms, the governments of Germany and France are currently in talks with industry titans in telecoms, technology, and finance. At the same time, European banks are attempting to work together to propose unified criteria for US cloud service providers, notably the German Commerzbank. Previous attempts to create European alternatives to American technology have failed despite significant initial financial investment. For example, Microsoft says it spends more than $1 billion a year just on the security of its global cloud network, while European banks struggle with shrinking revenues and profits.
The situation is also complicated by the fact that European banks are not required to store data in the European Union, but national regulators are moving in this direction. Several cloud companies offer lenders to use servers based in Europe or their home country. For example, DNB ASA chose Amazon and Microsoft in large part because Norway’s security system approved the company’s audit policy for cloud network security. In addition, the Norwegians have several data centers in Europe.
It also suggested considering the following initiatives to improve the situation with cloud services in the financial market of the regions where cloud service is not widely spread for usage:
coordination of projects and areas of work of the bank in the field of developing open APIs, creating platform solutions, such as a marketplace for financial services and products, fast payment systems, financial messaging systems, and developing cloud services;
analysis and determination of the composition of cloud services in the financial market and regulatory barriers to their development;
publication of best practices for managing risks of outsourcing using cloud technologies;
creation of standard outsourcing agreements, taking into account the requirements of the financial regulator for the IT service provider, including in the field of risk management, audit, and supervision;
stimulating the development of the practice of qualified audit and certification of service providers in the field of cloud technologies by establishing requirements for contracts and quality marks according to the level of maturity of internal control;
Summing up, it is worth noting that the demand for cloud technologies shortly is undeniable and inevitable. The active development of cloud services will allow large companies to be more flexible in the development and implementation of new technologies in their business. All questions regarding the maintenance of the equipment will lie with the cloud storage provider, which means that the business will be able to redirect the released resources to the development, which will allow it to enter new markets. The ability to scale the business can multiply the share and strengthen the position of the company. Thus, the conduct of small and medium-sized businesses will become easier and more convenient, which will contribute to the development of “healthy” competition.