The cloud computing industry has made its way into nearly every walk of our lives. The overall trend of adopting cloud technologies was catalyzed by the Covid-19 pandemic. Due to its sheer scale, the banking industry was no exception.
However, adopting Cloud Computing solutions was not at all easy for the heavily regulated banking sector. On top of that, banking solutions require an elaborate set of back end operations that need to be seamlessly integrated with the frontend.
In a recent study released by Market Watch, it is expected that the global demand for Cloud Security solutions will rise. This strong growth trend is likely to maintain its momentum, at least till the year 2026 as per the report.
The banking industry has leaned quite heavily on cloud computing solutions, both for designing various financial services solutions, as well as services. Over the past months, we have also witnessed the use of online banking skyrocket to new heights.
The in-house, legacy systems of most banking institutions were no match for the post pandemic demand for contactless banking operations. So, the solution came in the form of Cloud Service Providers (CSP) like dinCloud.
CSPs are offering banking institutions a two fold advantage, whether it’s the designing of financial solutions or running these resource intensive processes seamlessly for a large number of banking sector consumers.
The role of the Cloud is only expected to rise in the banking industry over the next few years. So, as the ratio of banking processes making their way to the Cloud increases, so does the need to evolve security mechanisms that can cope with this scale and complexity.
So, modern security solutions for the banking industry will have to be flexible, agile and scalable, just like cloud native banking services themselves. These security mechanisms will also have to be contextually aware and flexible, to accommodate the many use cases.
The study conducted by research firm Market Watch anticipates this growth trend to continue till the year 2026, and maybe even beyond that.