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Abstract
Cloud computing is known as on-demand computing and one of the latest developments in the IT industry. It provides the full scalability, reliability, high performance and relatively low cost feasible solution as compared to dedicated infrastructures. Security of Cloud computing is a sub-domain of network security, computer security and information security. This paper presents the role to improve cloud security and how cloud computing is impacting the financial services industry and what that management need to focus on when developing a strategy for their organization's adoption of cloud computing.
Keywords: Trust, cloud computing, security issues banking system.
1. Introduction
Virtually every business sector today is betting big on cloud computing More so, given the benefits it promises and the way it changes how technology is delivered and consumed by the end user in an enterprise. Like most other sectors, banks and financial services companies too can benefit from the fact that cloud computing helps to create a more flexible, agile business model to meet the growing business needs in a dynamic and competitive landscape. Cloud computing helps banks to transform their business processes and enhance their ability to grow in new sectors or regions without the time and cost burdens involved with establishing a physical presence. It helps to create new markets and services to differentiate from competition and improve the ways customers' access and use the bank's products and services. Banks will have a much better ability to provide consistent service to customers across branches, geographies and also integrate a plethora of disjoint customer information and analytics.
Cloud computing is based on five attributes: shared resources, massive scalability, elasticity, pay as you go and self-provisioning of resources. Unlike previous computing models, which is assumed dedicated resources, cloud computing is based on a business model in which resources are shared at network level, host level and application level [1]. Cloud computing allows the users to increase or decrease their computing resources as and when needed. Interest in the cloud computing is growing because cloud solutions helps business organizations to decrease the cost of computing resources significantly. There are three deployment models are available for cloud computing. They are public cloud, private cloud and hybrid cloud. A public cloud is hosted, operated and managed...