The Department of the Treasury has revealed plans to establish an interagency cloud services steering group to coordinate government actions against potential risks posed by cloud services to the financial industry.
In a report published Wednesday, Treasury explained that financial institutions of all sizes are ramping up their adoption of cloud products to advance innovation and support their information technology modernization efforts, but noted that there are several challenges associated with increased reliance on cloud computing services.
According to Treasury, there is insufficient transparency on cyber incidents, gaps in the current talent pool and vulnerability of existing systems to cyberattacks threaten the integrity of financial systems and information.
To address the risks raised in the report, the department will launch an interagency committee within the next year to facilitate collaboration with U.S. financial regulators, international partners and cloud service providers.
“By building trust, cooperation, and collaboration at the outset, we can promote safe and effective migration for financial institutions that choose to adopt cloud services,” said Wally Adeyemo, deputy secretary of the Treasury.
