Migration of Business Application to Cloud Computing: Report

Added on - 30 Oct 2019

  • 23

    pages

  • 6153

    words

  • 88

    views

  • 0

    downloads

Showing pages 1 to 6 of 23 pages
Running head:MIGRATION OF BUSINESS APPLICATION TO Cloud COMPUTINGMigration of Business Application to Cloud ComputingName of the StudentName of the UniversityAuthor Note
1MIGRATION OF BUSINESS APPLICATION TO CLOUD COMPUTINGExecutive SummaryIn this new digital world cloud computing has been a buzzword in technology circles.Cloud computing has been gradually being adopted by the Australian Finance industries but it isyet not mature enough to be implemented within each firm. A very large majority of the financeindustries has been still dependent on the in-house IT infrastructure for the storage and transferof data related to the business.Finance sector supervisory and the institutions are now well aware of the benefits that thecloud computing implementation can offer and lead towards better technical and financebenefits. Bothe the deployment models, Private Cloud and Public Cloud could be helpful inachieving these benefits. There are uncountable benefits of the implementation of CloudComputing within the Finance industries but these could lead to several issues that could affectthe proper functioning and business of the organization. For mitigating and eliminating the issuesthat raised in this implementation a better and effective risk assessment management isnecessary.This report focuses on the cloud adoption and related legal policies that should beundertaken while implementing Cloud Computing in the Australian Finance Industries. Thisreport can be helpful in depicting the issues that may occur due this implementation and relatedchallenges. However, these issues have some pre and later measures that could lead towardssecure information security for the data and information. A risk assessment matrix has been alsoproposed in this report to show the severity of the threats, issues, and vulnerabilities into the datasecurity. This could be helpful in prioritizing the risks and take decisions based on that in mannerto improve the decision-making by heads of the Aztec.
2MIGRATION OF BUSINESS APPLICATION TO CLOUD COMPUTINGTable of ContentsIntroduction......................................................................................................................................3Cloud Computing.........................................................................................................................3Cloud adoption in Australian Finance Sectors................................................................................3Current state and approach to Cloud computing.........................................................................3Cloud adoption Example (Finance Industries)............................................................................4Challenges........................................................................................................................................5Security Issues.................................................................................................................................6Risk Assessment..............................................................................................................................9Threats, Assets, Vulnerabilities, and Risks.................................................................................9Risk Assessment Matrix............................................................................................................17Measures to Mitigate Security Issues............................................................................................18Conclusion.....................................................................................................................................19References:....................................................................................................................................19
3MIGRATION OF BUSINESS APPLICATION TO CLOUD COMPUTINGIntroductionIn this new world of technology, Cloud computing has been offering solution for theproblems those have been taxed IT departments for years and plagued the organizations.Managing and Maintaining IT in-house has been resulting in heavy burden for the organizationsthat have been implementing IT infrastructure for the smaller and big organizations. This hasbeen also resulting in beneficial manner for the SMEs (Small and Medium Sized Enterprises) inboth managing and securing those data properly and in efficient budget. Cloud computing isavailing the consumers with data access at anywhere via connecting to the internet and managingthem to keep safe while transferring to its stakeholders for operational activities. One side this isproviding facilities and security at low budget but also raising creation security issues that mightaffect the organization.Cloud computing performs on basically three platforms that are: IaaS (Information-as-a-service), PaaS (Platform-as-a-service), SaaS (Sofytware-as-a-Service) that are enhancing theperformance of the Cloud computing services. These are being delivered through deployment offollowing models: Community Cloud, Public Cloud and private cloud.Cloud Adoption in Australian Finance SectorsCurrent State and Approach to Cloud computingAustralian finance industry is in its very early stage of Cloud adoption as many of thefinancial industries are using a limited range of Cloud based services. The approach of usingCloud based services has not been strategically placed and for some of the cases the consumerswould not be aware of the services that could be provided by the Cloud computing. Based on the
4MIGRATION OF BUSINESS APPLICATION TO CLOUD COMPUTINGsurvey made by (Chang, Walters & Wills, 2014)almost 88% of the financial industries are usingcloud-based services and implementation of Cloud computing is rapid manner and among them81% of the industries were aware with the services offered by Cloud computing.The survey resulted that about 50% of the Australian Finance industries are using hybridof Private Cloud and Public Cloud as this is a common approach for financial industries. Otherthan this 42% of the industries are practicing in-house IT and moving non-critical services likecollaboration, content management tools, and email management to the Cloud based services(Schulte et al., 2015). Some of the financial industries are using Cloud services as a testingenvironment in manner to plead the development of use cases that could be better option forassessing the hybrid of Public Cloud and on premises, in-house hosting of the Cloud services. Itis also being used by the financial industries as test beds for new and innovative applications andamong all the industries only 8% of the industries are using strict Private Cloud only policy.Main objectives are compliance and privacy concerns including the confidence that the PrivateCloud can satisfy the business requirements of the organization (Gai, 2014). The strength that areusing Cloud based services among them 92% of the industries have an already developedstrategy that is based on hybrid of Private and Public Cloud hosted both in-house and externallyIT services. Based on this it can be stated that the confidence among the financial industries havebeen increasing towards adopting Cloud Computing services within the system of theorganization. On the other hand it can be noted a certain level of prudency on the context ofmigration towards Cloud computing. Some of the consumers are avoiding migration of data tothe Cloud and instead of that they are choosing it to use for the digital transformation of thebusiness.
5MIGRATION OF BUSINESS APPLICATION TO CLOUD COMPUTINGCloud adoption Example (Finance Industries)NASDAQ OMX Data on-demand: It is a Software-as-a-service (SaaS) Cloud service thatprovides flexible and easy access to the massive amounts of historical dataand is produced in themarket with the support of Xignite. It can be accessed through API (Application programminginterface) and is a web application that can be helpful in managing users to purchase data online.It can also be used as plain texts (Mahmood et al., 2014).CME Clearport OTC Data on-demand:It is an on-demand Software-as-a-services (SaaS)web service that has the same Xignite platform and can be helpful in offering accesses to end-of-day OTC volume, open interest, and settlement data in manner to provide support to the marketsthat are available through CME Clearport® (Pattnaik, Prusty & Dash, 2016).Australian Banks using Cloud for risk analysis and non-core processes:There has beenuse of IBM iDataPlex servers in various banks of Australia as a part of an Infrastructure-as-a-service (IaaS) strategy in manner to evaluate and build programs related to risk analysis. Morethan one separate computer can be turned into a pool of shared resource that can be referred ascloud.PaaS Cloud vendor Force.com has been being used by Morgan Stanley for its recruitingapplications that is providing many benefits in extensive Cloud penetration in strategy andanalytics (Asatiani et al., 2014).Gridglo real-time energy apps:The startup, Gridglo, is developing SaaS services for theirstartup in manner to sell information to utilities in Australia. It can be described as a miningenergy consumption data from smart meters and thereafter the combination of these data withdata from other sources like data related to demographic and weather, real estate, energy creditscoring and demand response analytics in manner to categorize different types of consumers for
desklib-logo
You’re reading a preview
card-image

To View Complete Document

Become a Desklib Library Member.
Subscribe to our plans

Unlock This Document