Evolve IP Survey of 110+ Credit Union, Banking and other Financial Professionals Reveals Cloud Growth, Compliance Needs and Deployment TrendsWAYNE, Pa.—April 6, 2017 ––Financial industry IT professionals and executives believe overwhelmingly that when facing hardware malfunctions, malicious attacks and environmental disasters, their organization’s data is safer in the cloud than on premises according to a technology survey released today by Evolve IP. The survey also revealed a preference for private cloud infrastructure over public clouds for data security. The survey of more than 110 financial industry professionals, which provides current cloud adoption trends and future cloud deployment insights, also revealed that 87 percent of all financial organizations now have at least one service in the cloud.Data security is an ongoing concern for IT and this year’s survey asked respondents where they felt their data was safest under three common risk scenarios: environmental disasters, malicious attacks (e.g. cyberattacks) and hardware failure.
- For hardware malfunctions, the most common scenario for disaster recovery, 52 percent felt their information was safest in a private cloud compared to 33 percent in a public cloud and 15 percent on premises.
- For malicious attacks, 54.5 percent preferred a private cloud to safeguard their data versus 34 percent on premise and 11.5 percent in a public cloud.
- For environmental disasters, 50 percent felt their information was safest in a private cloud compared to 43.75 percent in a public cloud and 6.25 percent on premise.
- The overwhelming majority of respondents indicated PCI and FFIEC compliance requirements (54 percent and 43 percent respectively)
- Budget increases for 2017 were expected by 57.5 percent of respondents with just 4 percent planning a decrease.
- The top services survey respondents expect to deploy in the cloud over the next three years include data backup (52 percent), Office / Exchange (43.5 percent / 42 percent) and phone systems (31 percent).