BIS central bankers’ speeches  5  Cloud computing – “pay only for what you use” It is becoming evident that cloud computing is getting cost effective in setting up IT infrastructure. The big and medium enterprises are now migrating to hybrid cloud models.
While non-financial industry has taken huge strides in this arena, the banking sector, at least in India, also seems to be moving in this direction. Security is often quoted as a concern for the banks adopting cloud computing, but with robust and modern security devices and software available, the bankers’ security concerns regarding protection of data can be addressed.