We’ve written a good amount about cloud computing, including our recent comparison chart of cloud computing ethics opinions. But lawyers aren’t the only professionals struggling to determine if and how to appropriately implement the cloud in their businesses.
Last week, the Federal Financial Institutions Examination Council (FFIEC), issued an informational paper on outsourced cloud computing for financial institutions. The FFIEC is a federal interagency body that prescribes uniform principles, standards and forms for the examination of financial institutions like the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Consumer Financial Protection Bureau.
The document is generally similar to the guidance that has been issued by some state bar associations, urging financial institutions to do their due diligence by evaluating vendors, educating vendors about the particular needs and concerns of the industry, and taking steps to ensure data is secure.
Though the document is provided for informational purposes only, and obviously applies to financial institutions rather than law firms, it’s a worthwhile read and contains solid advice for all businesses interested in the cloud.
Read the full document: Outsourced Cloud Computing (FFIEC)