Our world is obsessed with speed. Faster food, hurry up offenses in football, faster computers, and even faster war-making. But conversely, sometimes moving too fast is dangerous. There are some decisions that should not be made too quickly, especially those that could benefit from more data collection, or decisions where there is ambiguity and complexity.
Some cloud experts are proclaiming private clouds “are false clouds”, or that the term was conveniently conjured to support vendor solutions. There are other analysts willing to hedge their bets by proclaiming that private clouds are a good solution for the next 3-5 years until public clouds mature. I don’t believe it. Private clouds are here to stay (especially for data warehousing)—let me tell you why.
Can “Big Data” technologies such as MapReduce/Hadoop, or even more mature technologies like BI/Data Warehousing help banks make better sense of their own complex internal systems and processes, much less tangled and interdependent global financial markets?
With all the advantages of cloud, it’s important to keep in mind there are financial risks to cloud computing including potential costs from lawsuits and reputational damage from cloud provider security/privacy data breaches, and possible revenue losses from cloud provider downtime/outages.
Risk management is a critical topic business and IT professionals must take into account in terms of cloud computing. And especially for mission critical data such as human resources, payroll, financial or even patient data, security and privacy of sensitive data is a paramount concern when considering cloud delivery models.