Yeah I completely agree. This seems like a security thing not a "omg all the money is going outside australia" thing. I'd rather my important and private information with big Australian corporations weren't hosted in Singapore or elsewhere, to be honest... [image: Bodaniel Jeanes]
*Bodaniel Jeanes* [image: LinkedIn] <http://www.linkedin.com/in/bjeanes>[image: Twitter] <http://twitter.com/bjeanes>[image: Tungle.me] <http://tungle.me/bjeanes>[image: Blog] <http://bjeanes.com> Whttp://bjeanes.com [email protected]+61412639224 [image: Google Talk] [image: MSN] [image: Google Wave] [email protected] [image: Skype][image: AIM] bojeanes On Wed, Nov 17, 2010 at 11:07 AM, Anthony Richardson < [email protected]> wrote: > I think the email is clear on this > > "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." > > I think this makes sense and when you have a business that that may be > susceptible to foreign government intervention this is entirely > prudent and makes sense. I see nothing wrong with what APRA has said > and think it is sensible to require a bank to consider and seek > approval before doing something like putting massive amounts of > banking information under the jurisdictional of a foreign government. > > Cheers, > > Anthony > > On Wed, Nov 17, 2010 at 11:26 AM, Bayan Khalili <[email protected]> > wrote: > > I didn't know that regulated institutions were so.. um.. regulated. > > > > If using cloud services are categorised as outsourcing, then would > > using any other hosted services (email, issue trackers, project > > management systems, etc) be included as well? > > > > How about sending a parcel overseas, or picking up the phone and > > making an international call? Are these forms of offshore outsourcing > > that require "...the regulator's tick of approval..."? Don't they > > depend on services that are managed and owned by overseas > > organisations? > > > > Bayan > > > > On Nov 17, 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-finan. > .. > >> > >> > 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. > > > > > > -- > 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. > > -- You received this message because you are subscribed to the Google Groups "Ruby or Rails Oceania" group. 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