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IT Risk Assessment Report (DOC)

   

Added on  2020-03-23

21 Pages4990 Words342 Views
IT Risk Assessment Report

Executive Summary Today, the current exhortation in technology is cloud computing. Through the implicit ofstorage space, processing power, and utilizations, Cloud computing is considered to be similar tothe grid computing model. But, the cloud computing proffers more technology prototypes whencompared to other type of computing models.The Australian financial industry is slowly adopting the cloud computing technology. But mostof the companies in financial sector depend upon their domestic infrastructure. The financialsector organizations are aware of the financial advantages accompanied by both the private cloudand public cloud exploitation models. However they are wary on the risk of dropping control over sensitive information. And, the mostgeneral cloud model deployed by financial organization is hybrid cloud. But National FinancialSupervisory Authorities (NFSA) generally recommends the private cloud strategy since moredata manipulation is provided by private cloud. The main objective of this report is to provide the case study on risk assessment when thebusiness critical applications of fictional company “Aztek” operating in financial sector aremigrated to an external cloud hosting solution. Initially, the report focuses on the characteristicsof cloud computing and its application on the financial firm. Then the different type of securityrisks and vulnerabilities confronted after the application of cloud technology are discussed. As an IT risk assessment lead, the recommendations on different cloud security strategies for theAztek management based on the analysis are illustrated in the report.

Table of ContentsExecutive Summary21. Introduction41.1. Scope and Purpose41.2. Target Audience41.3. Research Methods52. Cloud Delivery and Deployment Models 52.1. Cloud Delivery Models52.1. Cloud Deployment Models63. Deployment of cloud solution in Finance Sector 64. Future Trends in Cloud Adoption94.1. Analytical Calculation of Risks94.2. Performance Acknowledgement104.3. Operational Identity and Resolution104.4. Positional data implicit105. Risks and Confrontations115.1. Security Issues115.2. Risk Assessment by Enterprise126. Security Necessities and Alleviation Measures136.1. Cloud Security Requirements136.2. Alleviation Measures157. Recommendations167.1 Relationship between financial organizations, fictional firm, and Cloud Service Providers. 167.2. Cloud Based Method167.3. Lucidity and Assertion167.4. Information Promotion178. Conclusion178. References18

1. IntroductionCloud representation containing 5 distinctive behaviors, 4 operation models, and 3 distributionreplicas endorses accessibility. Moreover, the amalgamation of automated processing andcommunal services like telephone or power makes the core of cloud computing (Borking &Raab, 2010). Similar to public utilities, the payment is made by the cloud users only based on theutilization of the computing resources. The cloud computing is a system that administers the poolof dispersed computing sources by its own self. The next section discusses about the clouddelivery and deployment models.1.1. Scope and PurposeThe main objective of this case study is to emphasize the risks and prospects associated with thecloud, and for presenting the counseling relative to the employment of cloud computing inorganization. The purpose of this study is enlisted below:To present a summary on the implementation of cloud computing amenities in theAustralian financial sectorFor revaluating the existing adaptation related to cloud computing espousal mainly in thefinancial industry.To provide a deliberate method for the adoption on cloud services.For ascertaining the imp editions for cloud adoption.The risks due to the migration of critical business decisions to external cloud hostingsolution are identified.To review and explain the cloud computing prospects in financial segment.1.2. Target AudienceThe report outcomes are mainly intended for the spectators enlisted below:Financial companies like indemnity firm, asset traders, and bank conviction enterprises.Cloud mediators and cloud service contributors requiring addition assistance on thesafety policies and procedures. By this way, they can effectively evaluate therequirements for enhancing their prevailing cloud service.

1.3. Research MethodsThis report comprises sources from 1. Significant Market Analyst reports 2. Technical web pages, white papers, and blogs obtainable from the Internet3. Methodical Journals, and4. White papers specific to cloud service traders2. Cloud Delivery and Deployment Models2.1. Cloud Delivery ModelsThe cloud computing is dispersed by means of delivery prototypes as given below:Software as a Service (SaaS)An intermediary cloud service provider congregates the applications that are accessibleby the users through Internet by means of SaaS model. Examples of SaaS providerinclude Google Docs and Salesforce.com.Infrastructure as a Service (IaaS)IaaS, a kind of cloud computing, offers effective enumerative schemes over the computernetwork. The examples of IaaS are Rackspace, Amazon EC2, and NYSE EuronextCMCP.Platform as a Service (PaaS)PaaS proffers a policy to the users for letting them to draft, execute, and handle the cloudapplications devoid of building and maintaining complex infrastructure. Examples ofPaaS are inclusive of Google App Engine and Microsoft Azure.Business Process as a Service (BPaaS)BPaaS is a cloud model based on Business Process Outsourcing, whose main objective isthe reduction in manual labor by means of augmented computerization, so as to suppressthe overall process cost.

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