More than 80% of decision-makers in the financial sector in the Middle East and Africa (MEA) region recognise the benefits of cloud computing, according to research by International Data Corporation (IDC).
Although cloud computing had been considered by many financial institutions in the MEA region, factors such as security, compliance and an overall lack of knowledge have slowed adoption levels, says IDC's senior research analyst, Bijen Ramdas.
Fifty percent of the survey respondents believe cloud computing is difficult to implement. Furthermore, while 20% indicated they have no interest in deploying any cloud environment, 90% indicated they are familiar with the concept of cloud computing.
Ramdas says that, due to the sensitivity of data that financial institutions possess, there is a bias towards private and hybrid cloud technologies.
IDC believes financial institutions in the MEA region are likely to be reluctant to invest in cloud solutions until they have greater knowledge of and confidence in the technology. Due to the fact that financial institutions are custodians of citizens' information, security is the greatest deterrent to adoption, as data leakage could result, which could have liability consequences, according to IDC.
The research report, by IDC Financial Insights, is called: “The maturity of cloud computing across financial institutions in MEA”.
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