As we approach the end of a year of dramatic change, attention turns to the future. To look at the coming year and what it may hold in store for IT services. Particular attention will be in relation to IT compliance. The need for systems and organisations to operate on the right side of the regulations in an era of data protection and cyber-threats will be more acute than ever.
“The use of outsourcing to the cloud and other third party IT services can have a positive impact on competition in financial services”
This quote, taken from the current FCA guidelines on cloud-based data storage, highlights the idea that, not only are cloud-services approved, but they can bring significant benefits.
For specific IT products, it’s not the FCA’s practice to hand out official endorsements. As such, (and rather unfortunately,) there isn’t a ‘stamp of approval’ to look for when shopping around for tech solutions.But of course, the issue of FCA needs to be a top priority when making those decisions. In a whole range of areas, from storing call records, through to managing relationships with clients, the correct approach involves considering carefully what the specific regulations say, and choosing a product that will keep you on the right side of those rules.
In response to 2015 piece on Office 365 compliance in regulated industries, we've prepared this article to update you on the FCA's latest guidance (approval) of Cloud services and what you also need consider post Brexit.
In this article we cover what the FCA recently announced and more importanlty highlight the considerations your business needs to make when evaluating Cloud services. Cloud computing can deliver significant cost, flexibility and performance benefits which will help you tackle the uncertainty ahead.
Take the marketing hype at face value and you’d be forgiven for thinking that Cloud Data Storage is the “magic solution” for all your data needs. So how much of this is true?A startup looking to build its infrastructure from scratch or a larger company with an increasingly mobile workforce are just two of the types of business for whom the Cloud might have considerable advantages. But what if your existing on-site provision has served you well so far and you just need an extra boost in capacity? As for your clients, why needlessly provoke security concerns by shifting data off-site if the current way of doing things has worked so far?
While the Financial Conduct Authority (FCA) have given their approval for companies to outsource their IT and data storage to third party cloud providers, the consent comes with a number of guidelines, issued to ensure that such providers remain compliant.
Perhaps you’re an up-and-coming startup looking to make your funds go further. Or maybe you’re looking to scale up your business without necessarily increasing property costs. In both cases, having the right technology in place could enable you to cut back on physical office space - and perhaps even make it possible to ditch bricks and mortar altogether.
Unless you move to the Gobi Desert and live like a biblical hermit, you cannot avoid the word “Cloud”. Whilst we appreciate that it is overused, there just isn’t a better word in the market that describes or conveys the message any better.
Welcome to 2016 and with the excesses of the festive period behind us, everywhere we turn we are surrounded by the obligatory Holiday, Diet or Health promotions.
Technology and innovation have always driven change, from advances in engineering leading the industrial revolution, to conflict creating innovative medical procedures. It just can’t be stopped. We have all been part of this latest change and we are all continuing to drive it.