Recently the banking industry has faced questions about its use of cloud computing. There is concern that concentrating on a single cloud provider’s resources could leave that bank exposed if the cloud provider has a major outage or for some other reasons goes away. Or more likely, jacks up prices to unacceptable levels or changes to draconian terms.
There is even concern that regulators won’t be able to access information from some public cloud providers, many of which are hosted in other countries. The concentration of compute and storage resources on platforms not owned and operated by the banks could lead to unacceptable risk to bank customers, investors, and other stakeholders. There are many dimensions to these risks.