As banks and other financial services companies adopt cloud computing for a variety of purposes, questions about the operational risks involved have emerged. In order to use the cloud, many banks are depending on cloud service providers to protect sensitive information rather than managing their own systems, with the potential of harm to consumers and businesses if a breach occurs. Regulators have begun to take a close look at how financial institutions are mitigating risk while relying on third-party providers to secure their data.
On October 18, at 9:30 am EST, the US House Committee on Financial Services Task Force on Artificial Intelligence will hold a single-panel hearing on “AI and the Evolution of Cloud Computing: Evaluating How Financial Data is Stored, Protected, and Maintained by Cloud Providers.” The hearing, which will be available via livestream, will address concerns posed by third-party cloud providers.
The panel is set to include:
- Meredith Broussard, Associate Professor, NYU and Affiliate Faculty Member, NYU
Center for Data Science
- Alla Seiffert, Director of Cloud Policy and Counsel, Internet Association
- Steve Grobman, Senior Vice President and Chief Technology Officer, McAfee
- Dr. Jordan Brandt, CEO and Cofounder, Inpher
- Paul Benda, Senior Vice President, Risk Cybersecurity Policy, American Bankers Association
We’ll be following the hearing – check back soon for an update on the discussion and more insight into cloud computing’s impact on the financial services sector.