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As companies are shifting from on-premise to cloud based services for applications like CRM (Customer Relationship Management) and ERP (Enterprise Resource Planning), cloud computing is expected to grow exponentially. However, the banking sector is not just going to casually just enter the cloud computing market but it is expected to enter cautiously with the best services that require to fulfill their business demands. Cost savings, usage-based billing, business continuity, business agility and green IT are some of the advantages of cloud computing for banking sectors. Securing and protecting the large amount of important and confidential data generated and used over the cloud is a major concern for the banks. Additionally, as cyber security threats are increasing, so is the need for a secure cloud for banking also increasing. Therefore, for a very high level of safety and security for the exchange of data, information and money, many financial institutes are adopting blockchain technology. Sensitive data such as customers information, bank account details, can be protected with the help of cloud computing technology. Additionally, cloud security technology also provides bank administrators with a centralized visibility across all the branches of the bank.
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To provide very high security for exchange of data information and money, many organizations have started adopting the technology of blockchain. Data breaches provide the opportunity for immediate and future thefts as cyber security thefts increases. Sensitive data that includes customers' information such as bank account details, amount balance, can be protected with the help of cloud computing. Therefore, an increase in cyber security thefts is expected to drive cloud security in the banking market. Additionally, IT services such as computer infrastructure or storage utility can be made cost-effective and flexible with the help of cloud computing. Therefore, cloud computing advantages such as scalability, efficiency and reduced cost are the factors that are expected to drive the growth of cloud security in the banking market. Furthermore, with the help of hybrid clouds banks can handle the security and privacy of data. However, cloud computing is still vulnerable to cyber-attacks. Even though with all the best security software solutions, many banks are vulnerable to breaches from time to time. This is one of the major restraints for the growth of this market. For example, attacks like phishing to breach security. The need for security has increased significantly increased as there is an increase in mail phishing in banking wherein fraud emails can look like they are sent from banks. Therefore, Cisco has come up with a solution named Cisco Advanced Phishing Protection. This service uses a sensor on-premise as well as on cloud wherein all the messages are cleaned with the help of Secure Email Gateway and detect if the message is malicious or not.
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