I read this as "Cloud computing poses a threat to high priced computing in Financial Services. Quick, let's regulate".
On Wed, Nov 17, 2010 at 9:22 AM, Clifford Heath <[email protected]>wrote: > Hmmm. Relevant? I think so. > > Clifford Heath. > > Begin forwarded message: > >> -------- Original Message -------- >> Subject: Regulator warns Australia's finance industry on cloud risks >> Date: Wed, 17 Nov 2010 05:34:44 +1100 >> From: Don McKenzie <[email protected]> >> Newsgroups: aus.computers,aus.electronics >> >> Regulator warns Australia's finance industry on cloud risks >> By Brett Winterford on Nov 16, 2010 4:56 PM (12 hours ago) >> ======================================================== >> >> APRA's cloud computing fears published in open letter. >> >> "The letter will prove a blow to U.S.-owned cloud computing providers such >> as Amazon's EC2, Salesforce.com, Microsoft's Azure and Google's App Engine - >> all of which to date are hosted elsewhere in Asia." >> >> Australian banking regulator APRA has written an open letter to the >> financial services industry, urging executives to view cloud computing as a >> new form of outsourcing or offshoring that requires the regulator's tick of >> approval. >> >> The rise of cloud computing has - as formerly expressed by CSC chief >> technology officer Bob Hayward - "caught the regulator by surprise." >> >> Earlier this year the regulator stepped in to apply pressure on one wealth >> management firm that had endeavoured to migrate its CRM system to >> Salesforce.com, hosted in Singapore. >> >> Today's letter [PDF] - first reported on technology news site Delimiter - >> reinforced APRA's view that cloud computing is still untested technically >> and legally. >> >> The regulator said organisations migrating services such as messaging and >> calendaring, collaboration and CRM to the cloud be concerned about serious >> risks to the business. >> >> "While these applications may seem innocuous, the reality is that they may >> form an integral part of an institution's core business processes, including >> both approval and decision-making, and can be material and critical to the >> ongoing operations of the institution," APRA said in the letter. >> >> "APRA has noted that its regulated institutions do not always recognise >> the significance of cloud computing initiatives and fail to acknowledge the >> outsourcing and/or offshoring elements in them," the letter said. >> >> "As a consequence, the initiatives are not being subjected to the usual >> rigour of existing outsourcing and risk management frameworks, and the board >> and senior management are not fully informed and engaged. >> >> "Regulated institutions are reminded that, under the prudential standards >> on outsourcing, they are required to consult with APRA prior to entering >> into any offshoring agreement involving a material business activity." >> >> APRA expects that any outsourcing project that could hinder an >> organisation's ability to manage risks effectively or have a "significant >> impact on the institution's business operations" requires the regulator's >> approval. >> >> Those wishing to embrace the cloud are required to undertake a >> "comprehensive risk assessment" around the type of service, the service >> provider and where it is located, and the "criticality and sensitivity of >> the IT assets involved." >> >> "APRA has observed that, to date, assessments of cloud computing proposals >> typically lack sufficient consideration of these factors," the letter said. >> >> >> http://www.itnews.com.au/News/238817,regulator-warns-australias-finance-industry-on-cloud-risks.aspx >> >> Cheers Don... >> >> ==================== >> >> >> -- >> Don McKenzie >> >> Site Map: http://www.dontronics.com/sitemap >> E-Mail Contact Page: http://www.dontronics.com/email >> Web Camera Page: http://www.dontronics.com/webcam >> No More Damn Spam: http://www.dontronics.com/spam >> >> USB Isolator 1000VDC For Protecting Your PC OR Laptop >> http://www.dontronics-shop.com/usb-iso-low-full-speed-usb-isolator.html >> >> These products will reduce in price by 5% every month: >> http://www.dontronics-shop.com/minus-5-every-month.html >> > > -- > You received this message because you are subscribed to the Google Groups > "Ruby or Rails Oceania" group. > To post to this group, send email to [email protected]. > To unsubscribe from this group, send email to > [email protected]<rails-oceania%[email protected]> > . > For more options, visit this group at > http://groups.google.com/group/rails-oceania?hl=en. > > -- *Mike Bailey* *Mobile: 0421 806 002* PO Box 2016 Fitzroy VIC 3065 [email protected] www.goodfordogs.org -- You received this message because you are subscribed to the Google Groups "Ruby or Rails Oceania" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/rails-oceania?hl=en.
