Putting A Multicloud Architecture Into Practice In The Banking Industry
Red Hat News, Wednesday, February 14th, 2024
There are several reasons why banks should consider connecting their cloud environments together.
An on-premise environment limits the ability for the bank to scale on demand or quickly take advantage of new infrastructure offerings from third parties. On the other hand, operating fully off-premise adds additional operational risk along with the cost to migrate services.
Regulators in many markets have also taken an interest in how banks are approaching their cloud strategy. For example, Digital Operational Resilience Act (DORA) introduced new requirements for third-party risk management. This includes additional obligations with regards to business continuity and service placement. It puts the onus on the bank to ensure continued operations if there are issues with one of their third-party providers.