Risk Assessment Plan for Aztek Financial Services
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Added on 2020-03-28
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Risk Assessment Plan Risk Assessment Plan A risk assessment plan for Aztek Financial Services Contents Executive Summary 3 Cloud computing and its applications in the financial domain 3 Merits of cloud computing 4 The security concerns are answered. 16 Data security risks in cloud computing 17 References 18 Executive Summary Aztek financial Services is a company that operates in the financial services sector in Australia for the past 25 years.
Risk Assessment Plan for Aztek Financial Services
Added on 2020-03-28
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Risk Assessment PlanA risk assessment plan for Aztek Financial Services
Risk Assessment PlanContentsExecutive Summary...............................................................................................................................3Cloud computing and its applications in the financial domain..............................................................3Merits of cloud computing....................................................................................................................4The security concerns are answered.................................................................................................4Minimal costs and risks......................................................................................................................5Scope of development.......................................................................................................................5Why to adopt a cloud hosting solution for the financial services sector?.............................................5Compliance and other regulatory bodies..............................................................................................7Best Practices in Cloud Computing........................................................................................................8Risk Assessment of Aztek while shifting towards a cloud based environment....................................10Lock In.............................................................................................................................................11Loss of Control.................................................................................................................................13Compliance risks..............................................................................................................................14Risk assessment table and mitigation plans........................................................................................15Cloud Computing and its impact on Aztek...........................................................................................16Data security risks in cloud computing................................................................................................17References...........................................................................................................................................18Page 2
Risk Assessment PlanExecutive SummaryAztek financial Services is a company that operates in the financial services sector inAustralia for the past 25 years. The management has recently made a decision to shift itsbusiness critical operations to a cloud based environment. But being in the financial domain,the company feels the decision has to be scrutinized and studied well before deciding to makesuch a crucial transition. The company has decided to make a detailed Risk Assessment planthat lists out all the possible risks and threats in a detailed and sequential manner. The riskassessment plan also gives insights into the mitigation plans for each of these risks,illustrating how these potential risks could be bypassed or avoided in the first place. As Aztekhas created its identity as one of the leading companies and a brand that could be trusted onwith its enduring presence in the financial domain, the management takes it as their primeresponsibility to preserve and safeguard their customer’s information and private data. Cloud computing and its applications in the financial domainCloud Computing could be defined as the process of providing certain technological featuressuch as high capacity data storage, contemporary software, massive databases and servers,complex networks and data analytic tools to end users (Armbrust et.al, 2008). Cloudcomputing services are provided by companies which are termed as “cloud providers”. Theseservices provide an economic way for companies like Aztek in availing vital technologicaltools, as they are billed for only the services being provided to them. Cloud computing couldalso be used to host extensive and unceasing access of a shared collection of resources for theend users. These shared resources are made available to the users by the help of the internet.The advantage for the customer in using the public cloud is the ability to access new featuresand functionalities of state-of-the-art tools and services that may not be availed otherwise.Page 3
Risk Assessment PlanThe services offered by the cloud can be accessed in a ceaseless way, without spending aconsiderable amount on expensive, state of the art hardware, software or other services (Qianet.al, 2009). There are few other reasons why companies like Aztek decide to migratetowards a cloud environment. The expectation that Aztek had while shifting their businesscritical application and data sources to a cloud based system was that they could gain accessto the infinite volume of data that could be availed with no extra effort or budget onmaintenance. The ease of use was also crucial in taking the decision for the migration to thecloud based architecture. The speed and bandwidth of a high speed internet connection wasconsidered as the only decisive factor in getting the advantages out of a cloud service. Likemost other big corporate companies that serve its customers in the financial sector, Aztek alsoplans to shift its operations from a dormant working atmosphere based at the office to a ‘workon the move’ model. This shift would have been the major driving force in the management’sdecision to migrate its critical applications to an external Cloud based solution. Since Aztekruns its business in a Customer Relationship Management application, it is highly necessarythat the users have access to the software and its major functionalities available to themconsistently, without any fail. This also happened to be another major influencing factor forthe management to take the decision to shift its operations to a cloud hosting service.Merits of cloud computingThe security concerns are answered.Cloud service providers for companies in the financial domain have stringent policies onsecurity issues and make it their prime obligation. The service providers have moderntechnologies built into the cloud resources that are capable of fighting security breaches andattacks by viruses, malware and other spam (Zhang et.al, 2010). The CSP’s also providePage 4
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