US Treasury warns over cloud services concentration risk

Mike Nonaka was quoted in Global Banking Regulation Review regarding the U.S. Treasury and Financial and Banking Information Infrastructure Committee's report assessing the benefits and challenges of financial firms adopting cloud services technology. The report raised concerns such as a shallow talent pool, a concentrated market, and insufficient transparency, among others.

Mike explained that the report shows that the Biden administration is aware that the financial services industry is increasingly turning to the cloud, or different data solutions.

“I think that’s because the industry over the past few decades has seen how much value that can bring, just in the sense of the amount of data the financial services industry overall has. I think it’s an acknowledgement of that growth,” Mike said.

Click here to read the full article.