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Andrew Smith

Andrew Smith

CTO at ClearBank
Posts: 0 Comments: 15
Career History Started as a software developer and have moved through IT for over 20 years. Founded a number of technology and FinTech start-ups, and am a founding member of ClearBank

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AFME urges faster adoption of cloud computing in capital markets

  From my experience, regulators are more advanced (here in the UK) than many give them credit for. If you are open, transparent and can prove you have the right system controls in place (security included), that you understand reslience, that you understand data residency and you have the right set-up with your chosen cloud provider, and that you can maintain that right to inspect. Then there should be no issues....Remember you can outsource the tech, the data region to the cloud, but NOT your firms or individuals accountability. Many of the concerns raised are often due to a lack of knowledge regarding the actual implementation of a cloud based compound. For example, you can have entire subscriptions within Azure that have no public internet access at all! This means from an operational perspective you maintain it in the same ways you would a private datacentre that had zero internet cables running in and out of it. This is all possible, and no, you don't need to access the physical compound. The Cloud is far more resilient than any on-prem private infrastructure could be, and that includes protection from DDOS attacks etc etc.... Cloud providers are open to discuss and walk you through this stuff. Azure provides an FCA based ammendment for example, which, if you are thinking cloud, go and speak to Microsoft about, as it provides at a contratural level all the things you need, policies, process and procedures to support a financial based company. If you aren't thinking a move to the cloud, then you will be left behind. That is the way of the world...