Growing cloud risk in financial services


cloud security , events , RSA conference

Cloud Security Alliance’s Troy Leach warns regulators are eyeing third-party risks

Tom Field (security editor) •
May 7, 2023

Troy Leach, Chief Strategy Officer, Cloud Security Alliance

Troy Leach, Chief Strategy Officer of the Cloud Security Alliance, said cloud usage by financial services firms has risen from 91% to 98%, dramatically increasing multi-cloud for critical operations. Risks and regulatory scrutiny have increased, it said. Further investigation.

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According to the study, only 33% of financial institutions are not using the cloud for their critical operations. Leach said regulators around the world are paying more and more attention to third-party risks as supply chain transparency and assurance come to the fore.

Leach stressed the need to understand that this is a complex and dynamic area and hoped bank regulators would not over-regulate. He also warned end-users about the lack of understanding of shared responsibility, kept them up to date with global regulations, collected and retained data, and demonstrated to regulators that they were compliant. I advised you to watch.

In this video interview with the Information Security Media Group at RSA Conference 2023, Leach explained:

  • Key findings from the Status of Cloud in Financial Services survey.
  • Regulatory environment for cloud and third-party risk.
  • Understand shared responsibilities with cloud providers.

Troy Leach leads strategy for the nonprofit Cloud Security Alliance and serves on several advisory boards as an information security and financial payments expert. Leach founded a consulting practice advising companies on opportunities to leverage blockchain technology, Zero Trust, and various cloud services to create a secure and trusted environment. Previously as CTO and Chief Standard Architect , helped found and lead the PCI Security Standards Council, which creates a global standards and certification program.

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