Myth: Data is more vulnerable when stored in the cloud.
As companies are more concerned about their data security, many company leaders sometimes encounter significant roadblocks along their way to the cloud. This is why they start questioning the need for cloud solutions for security, costs, data breaches, information hacks, and latency.
Generally, corporates choosing the option of on-premises for storing data and information have to indulge themselves in delivering every path and intimate security update to their internal networks manually.
However, one of the utmost benefits that cloud computing services provide is that it completes the tasks of patching and security monitoring for your business. Cloud application providers and data hosts like Azure or Microsoft add multiple levels of monitoring the cloud data and make the process more secure and reliable for ventures.
Furthermore, cloud solutions frequently firewall external and internal networks to reduce risk and create better security. Therefore, if banks and corporates are defining the correct policies can actually achieve safer operations in their cloud environments than on-premises.
Fact: Define the correct policies, train or hire the right talent, and adopt a secure DevSecOps operating model.
Myth: Greater Latency among applications when deployed on cloud.
Another myth that restricts leaders from investing in cloud solutions is that the deployment to the cloud will increase latency among applications than on in-house networks. However, latency results from the IT department attempting to retrieve its data via in-house data centers.
Routing traffic through internal networks develops extra complexity, poor user experience, and even latency. This process is usually done either by lack of trust with loud security or the urgent need to access critical data or applications that are on-premises data centers.
Though backhauling was the most famous model for perimeter security in 2018, now IT departments need to realize today’s CSP (Cloud solution provider) robust perimeter manoeuvre. So, say goodbye to problems by latency for attaining security. As per the McKinsey IT security survey, by the end of 2021, approximately 80% of cloud users will stop using backhauling models to unleash the power of cloud-enabled analytics while simultaneously solving any latency issues.
Fact: CSP does provide data at optimal speed despite location, content request, and server availability.
Myth: When transiting to the cloud, either focus on entire data centers or applications.
Another common misconception is that an organization can only choose one of these two tangible aspects to migrate on cloud successfully. Usually, organizations bear unappealing scale dynamics when opting for an application-by-application approach. Considering this notion, they continue to pay for on-premises data centers while paying CSPs for hosting a subset of apps. Moving a subset of apps doesn’t lead to business advantages if these apps weigh only one part of a business domain’s portfolio.
Nevertheless, the businesses move an entire data center to the cloud; they are likely to face substantial upfront risk and investment. Instead, corporates should move their business domains to the cloud, such as early-stage discovery, customer onboarding, and consumer payments. By migrating the business domains, corporates can embrace the full range of potential cloud benefits:
- Stronger reliability
- Faster time to market
- Greater agility
In addition to these potential advantages, migrating a business domain is a much smaller lift than moving an entire data center, meaning that risk and investment will be more manageable. ECS Fin cloud solutions work perfectly well for instant onboarding of Corporate Customers. Receive millions of payment instructions through files or other methods, validate, categorize, apply specific business rules for each category or type, transform, enrich and transmit to appropriate banks.
