85% of FS workers distrust cloud computing

More than three quarters (85 per cent) of financial services professionals lack trust in cloud computing, according to new research.

A survey of 6,000 professionals in five sectors in six countries for commercial property agent Savoy Stewart found widespread distrust of cloud computing security, along with confusion over how the technology works.

UK respondents working in the financial sector were the least trusting of cloud across all categories, with just over half (55 per cent) saying they understood cloud computing. The top concern over cloud computing for financial professionals was data leaks related to cloud migration and storage.

The UK insurance sector showed slightly more confidence in cloud computing, with 70 per cent saying they distrusted it. However, only 20 per cent of those asked said they had a good understanding of cloud computing, with data leaks again topping the list of worries.

However, workers in the UK’s tech industry place far more trust in the cloud, with just under a quarter (23 per cent) saying they distrusted it, and 85 per cent saying they understood it. The chief concern expressed by this sector over cloud was availability risk.

Healthcare workers in the UK also expressed reservations when it came to the cloud, with 82 per cent saying they distrusted it and 65 per cent saying they understood it. Leaks and unauthorised access were at the top of workers’ concerns when it came to sensitive and confidential data held by healthcare organisations.

On a global basis, workers in the tech, financial, insurance, healthcare and the hospitality sectors raised a number of worries over cloud, with data leaks being the chief concern, followed by unauthorised access, lack of control and availability risks.

The report stated: “The data points to a lower level of trust among those who are not in the tech sector, especially those in finance, insurance, and healthcare.

“This can be, in part, attributed to the lower comprehension rates among professionals in other industries. However, the fact that data can potentially be leaked or accessed by third parties is still seen as a huge risk, even with cloud encryption protocols becoming more and more advanced.”

More data can be found at www.savoystewart.co.uk.

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