The Monetary Authority of Singapore (MAS) hosted its inaugural Financial Sector Cloud Resilience Forum for Cloud Service Providers earlier this month, providing a platform for discussion on cloud risk management practices for the financial sector. The Forum was attended by senior financial regulatory authority figures, as well as representatives from Amazon Web Services (AWS), Google Cloud and Microsoft Azure.
MAS published three key takeaways from the forum:
Adoption of public cloud services by financial institutions is increasing.
Financial Institutions require assistance from cloud service providers to achieve operational resilience.
The sharing of information between financial firms and cloud service providers is critical.
[Image Source: Singapore Business Review]