Boston, February 9, 2021– The transition from traditional in-house or IT hosting to cloud services shares some common opportunities and challenges. However, each approach has its own unique aspects that need to be woven into due diligence as financial institutions migrate away from legacy services to a cloud infrastructure. Because buyers of cloud services seldom have firsthand insight to the cloud infrastructure, cloud due diligence requires a risk management approach to evaluate cyber risks as well as operational, data, and regulatory risks involved in cloud computing.

This report highlights due diligence processes that IT and business leaders from small and midsize institutions should use in establishing in-depth analysis of external infrastructure, especially cloud computing resources. It was prepared through desk research on due diligence standards commonly used by financial services institutions in selecting a third-party vendor offering cloud services or more traditional hosting services.

This 31-page Impact Report contains four figures and three tables. Clients of Aite Group’s Institutional Securities & Investments, Wealth Management, Wholesale Banking & Payments, Retail Banking & Payments, Health Insurance, Life Insurance, P&C Insurance, Cybersecurity, or Fraud & AML service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Adobe, AES, Auditwerx, AWS, Box, BMC Software, buguroo, CenturyLink, Compute Engine, CoreTech, Cyxtera, Data Foundry, DigitalOcean, Digital Realty Trust, DocuSign, Dwolla, Equinix, FICO, Finastra, FIS, Fiserv, Fujitsu, Google, HCL, IBM, Iron Mountain, Jack Henry, JPMorgan Chase, KnowBe4, Microsoft, NTT Communications, Okta, Oracle, OVHcloud, RackSpace, Red Canary, Reevo, Ring Central, Roku, Salesforce, SecureWorks, Sirius Computers, Slack, SpyCloud, Strata, SurveyMonkey, Square, Symantec, Trustwave, YouTube, Wipro, and Workday.