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A Finextra member
A Finextra member 13 September, 2012, 18:02Be the first to give this comment the thumbs up 0 likes Funny enough, that phrase does not appear in Bacon's work. The closest he had was "knowledge is HIS power" referring to God (I guess we can see that as a connection to "cloud" :) As Buffett put it, "risk comes from not knowing what you are doing". In case of the cloud, that would be not knowing who accesses your data without your knowledge (using stolen password, for example). Cloud screams for a "lock" which can only be opened with a physical "key".
A Finextra member
A Finextra member 14 September, 2012, 09:10Be the first to give this comment the thumbs up 0 likes

2012 is certainly the year that Big Data has hit the mainstream and it’s not showing any signs of just being a passing fad, which throws up quite the challenge for the FS sector. The challenge is intensified when you consider that traditional BI solutions, even when taking a federated approach, have failed to tame it. However, the advent of cloud technology in particular, and its convergence with BI, really does offer the opportunity to get to grips with their data, which is fundamental to any programme, whether governance, risk or compliance. With these advantages, a financial institution does not have to worry about the technology failing to deliver in times of heightened scrutiny. Cloud BI scales more effectively both vertically and horizontally and the cost and scale advantages it can offer computing infrastructures enables organisations to both manage and extract value from their Big Data.