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Cloud computing security 'too risky' to protect financial data, IT experts claim

More than two-thirds of IT practitioners think the security of cloud computing technology is not effective enough to safely store financial information, a new study has claimed.

Findings from a joint report by CA and the Ponemon Institute showed that many of the US organisations which responded have concerns about the safety of storing data in the cloud.

Over half of businesses are unaware of the full range of cloud services deployed by their enterprise while 47 per cent stated that their organisations are not analysing security risks before implementing the technology.

Dave Hansen, corporate senior vice-president and general manager at CA's Security business unit, said: “Organisations put themselves at risk if they fail to evaluate cloud services for security and don't have a view of what cloud services are in use throughout the business.

“All parties - IT, the end user, and management - should be involved in the decision making process, and need to build guidance around cloud computing adoption to help their organisations more securely deploy cloud services."

Further findings from the report revealed that 38 per cent of respondents said their organisation or business possessed information it deemed too sensitive to be kept in the cloud.

By Jim Ottewill