[Infographics] 27% of Financial Organizations Migrated Data to the Cloud for No Clear Reason

We asked 750 organizations across the globe about the data they store in the cloud, the issues they face and their plans for using cloud technologies. The results can be found in our 2019 Cloud Data Security Report. In this blog post, we highlight key findings for the financial sector.

One of the most surprising findings in the survey is that 27% of IT teams in the financial industry migrated data to the cloud for no specific reason and received no support for this effort from management. This finding is surprising for me.  It’s been my experience in working with organizations across all industries, including financial, that IT does little without an express business-supplied reason. The fact that these IT departments undertook a specific project without business oversight or direction leads me to believe that there may be a disconnect between these IT organizations and their line-of-business colleagues.  In these specific cases, this theory is further supported by the fact that these IT representatives are not seeing the executive team investing in cloud security.  As we can see from the research, a failure to invest in security can lead to costly breaches.

To overcome these challenges, management and IT staff at financial organizations should build stronger communication with one another. That way, the IT team will be able to better align their activities with business goals, elucidate the value of investing in cloud technologies, and receive the support required to develop and execute effective initiatives.

2019 Netwrix Cloud Data Security Report Financial Organizations