Benefits and Risks of Cloud Computing : Assignment
Added on 2020-03-23
17 Pages6171 Words94 Views
Table of ContentsExecutive Summary31. Introduction42. Benefits and Risks of Cloud Computing43. Commonwealth Bank of Australia Overview54. Resource genres of CBA’s IT 55. Shifting to Cloud Computing66. Multi-Contributor Prototype of CBA86.1. Cloud Model Framework of CBA87. Advantages of CBA Cloud Service Model108. Examples of CBA’s Cloud Advantages109. Difficulties of Moving to a Multi-Provider Cloud Model11 9.1. Social Challenges11 9.2. Supplier Challenges 119.3. Innovation Challenges 1110. Cloud Risks and Vulnerabilities confronted in CBA1110.1. Security Concerns1210.2. CBA Risk Assessment1211. Security Requisites and Recommended Threat Alleviation Measures1311.1. Threat Alleviation Measures1412. Suggestions1513. Conclusion1514. References162
Executive SummaryCloud computing is the catchphrase among current technologies. Cloud computing seems to besimilar to grid computing in the implicit of processing power and storage area. But the amenitiesprovided by the cloud computing are comparatively higher than the grid computing model. The financial sectors in Australia are transforming their business solutions to cloud computingnowadays. Yet more number of organizations in Australia typically the financial firms dependshighly on their in-house framework. The financial benefits can be procured by the financial firmsby implementing both the private and public cloud prototypes (Borking & Raab, 2010).But the risk of leaking the confidential information is wary in the cloud deployed organization.Most of the financial firms implement the private cloud model due to the high data security whencompared to other models.This report is the case study on Commonwealth Bank of Australia (CBA) and it illustrates theadvantages and the steps to avoid the risks encountered due to the utilization of external cloudsolution. Moreover, this case study also analyzes the method and reason for the cloud basedsolution in CBA. And the cloud service contributors must align with the security standards andpolicies defined by CBA in order to make a short-term agreement with the bank.The CBA is given the litheness for dynamically transiting the work freights in between the cloudservice suppliers and to take the competitive advantage. In this manner, pay-as-you-use cloudplatform is incorporated in CBA.Moreover, the suggestions or recommendation for mitigating the security risks associated withthe cloud solution are discussed in this report.3
1. Introduction:The multi-contributor cloud based solution employed for critical business applications in CBAmakes their applications to be transferred recurrently between the cloud contributors. Since CBAmoved its in-house framework to cloud strategy, the administration charges and time forexecutive the business processes are significantly reduced by 40% ((Cavoukian & Crompton,2001). For the implementation of cloud, CBA requires intrinsic abilities for designingcomplicated information technology solutions, for administering the external cloud contributors,and thereby for dominating the crafting of applications.2. Benefits and Risks of Cloud ComputingThe responsibility of the Information Technology is transformed by the implementation of CloudComputing. The role of “IT negotiator” is performed by the IT utility by moving theirorganization’s business departments to an external, cloud based IT solution rather than thedomestic IT components. According to the cloud computing research conducted by Forester, theinternational promotion became $15 billion in the year 2010, in 2014 it was $78 billion, and theinternational market will accomplish about $240 billion in the year 2020 after the deployment ofcloud computing technology. The cloud contributors like IBM, Amazon, Microsoft, and Google have persuaded the advantageand importance of cloud computing to most of the IT companies around the globe. Yet the firmshaving delegation crucial safety requirements like banks and other financial organizations arealso transferring their own IT services to the cloud. The forceful contentions of cloud computinginclude efficiency, cost reduction, prospects for prompt development, and litheness.More IT organizations are claiming that the cloud computing made their IT processes easier andenhanced the information security. According to many business managers, the cloudtransformation enabled the innovation and modified the organizational infrastructure.In addition to that, many concerns arise after the deployment of cloud computing. Data dominionissues and other security issues related to the region where the cloud is deployed are addressedby the cloud service providers. Even then, some cloud computing problems stay behind. The ITmanagers agonize that the misplaced IT abilities, long-term business agreements, andtechnological padlock results in higher reliance on cloud providers. After the deployment of cloud computing, the IT managers cannot possess abilities to managethe IT platform directly. Even though the deployment of cloud computing increases theperformance of Commonwealth Bank of Australia (CBA), the compatibility and other problemsarise for the IT managers working in the organization as it embedded the cloud computing (Hall& Liedtka, 2007).The IT framework costs and application provision and development costs are reduced by theemployment of external cloud solution. The imminent provided by CBA’s cloud approach is enlisted below.The cloud criteria are defined and imposed across the cloud service contributors forpermitting the toggling between the contributors.4
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