White paper: Cloud computing and data offshoring for banks
Microsoft has released a white paper, 'Cloud Computing and Data Offshoring for Banks', that outlines why the new 'Cloud Rules', that were issued by the South African Prudential Authority, should be considered, and observed.
The Cloud Rules relate to cloud computing and data offshoring for banks, under Directive D3/2018 and related Guidance Note G5/2018.
This means that banks must, in relation to their use of cloud computing and data offshoring, comply with the requirements of the Directive, read in conjunction with the Guidance Note.
The Cloud Rules create a framework for the use of cloud computing and data offshoring by banks, but should not, however, be read in isolation.
The white paper will cover how they must be considered, and observed, in the context of the overall banking and financial services legislative framework which includes obligations to the Financial Intelligence Centre the SARB's Financial Surveillance Department and the Financial Sector Conduct Authority.