The Federal Financial Institutions Examination Council released a statement Tuesday highlighting key elements that financial institutions need to address before deciding whether to outsource cloud computing services.
In its summary statement, the FFIEC said financial institutions have to consider the "fundamentals of risk and risk management defined in the FFIEC Information Technology Examination Handbook (IT Handbook), especially the Outsourcing Technology Services Booklet (Outsourcing Booklet)."
The outsourcing booklet reviews specific issues of cloud computing such as data classification, data segregation and recoverability. The booklet also addresses vendor management, information security, legal, regulatory and reputational considerations, business continuity planning and auditing.
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