SecurityBrief Asia logo
Asia's leading source of cybersecurity and cyber-attack news
Story image

More than 40% of banks worried about cloud security - report

By Jessie Chiang
Fri 20 May 2022

Publicis Sapient's new report finds security and the lack of cloud skills and internal understanding of business benefits are big obstacles for banks moving to the cloud.

The Future of Cloud Banking global report, conducted in partnership with Google Cloud, looks into how cloud computing backs innovation in the banking sector.

Publicis Sapient says 250 senior banking professionals were interviewed across Australia, APAC, Europe and North America to better understand where they are on their cloud and business transformation journey.

The survey revealed that only 28% of banks, the leaders, have transitioned more than 30% of their applications in the cloud.

The report divided banks into three groups:

  • Cloud leaders (28%) have more than 30% of their applications in the cloud
  • Cloud followers (45%) have between 11% - 30% of applications in the cloud
  • Cloud conservatives (27%) have at most 10% of applications in the cloud

Publicis Sapient head of cloud practice, Jan-Willem Weggemans, says cloud is the single most powerful way banks can improve customer experience and simultaneously increase operational efficiency.

"We were encouraged to find that banks have a strong aim to adopt cloud, and that the leaders are well progressed in the project. However, we also found that the gap between ambition and execution is an issue in a significant proportion of the industry," she says.

"Despite the lack of progress in some areas, 68% of banks believe they are ahead of the competition in innovation. This suggests some level of complacency. Of note, 44% have ambitions to have most or all apps to be customer-facing within three years, which introduces a ticking clock element to gain a competitive advantage."

Australian results

Specific findings from Australia reveal that 75% of senior banking professionals have a clearly defined cloud strategy, and COVID-19 accelerated their cloud investment and implementation plans.

However, 60% say they are not progressing with cloud investment and implementation as fast as they should be, and more than half (55%) say they have not maximised the business benefits of their cloud investments to date.

Publicis Sapient, head of financial services strategy and consulting in A/NZ, Dr Adam Flesch, says major Australian banks have advanced their cloud presence over recent years.

"As banks look into expand their core FS propositions into BaaS, ecosystem partnerships and superapp strategies, as well as, try to resolve their challenges with their legacy core systems, the shift to a flexible, micro-services based cloud-native technology stack…has become top priority here down under," he says.

"The focus of decisions have long shifted from the why and when, to the how fast and in what order."

Related stories
Top stories
Story image
Internet of Things
Domino's Pizza: A blueprint for secure enterprise IoT deployment
Increasingly, organisations are embracing smart technologies to underpin innovations that can enhance safety and productivity in every part of our lives, from industrial systems, utilities, and building management to various forms of business enablement.
Story image
Artificial Intelligence
Abnormal Security finds financial supply chain under threat
New research by Abnormal Security has found a rising trend in financial supply chain compromise as threat actors increasingly impersonate vendors.
Story image
Amazon Web Services / AWS
Zscaler, AWS accelerate onramp to the cloud with zero trust
Zscaler has announced an extension to its relationship with Amazon Web Services, as well as innovations built on Zscaler's Zero Trust architecture.
Story image
Cybersecurity
Aqua Security, CIS create software supply chain security guide
Aqua Securityand the Center for Internet Security have together released the industry’s first formal guidelines for software supply chain security.
Story image
Privileged Access Management / PAM
Delinea unveils new Secret Server features and improvements
Delinea has announced new features and enhancements to expand the capabilities of its Secret Server, including design updates and new security controls.
Story image
Cybersecurity
Trend Micro unveils dedicated security for electric vehicles
The cybersecurity company has announced VicOne - dedicated security for the electric vehicles and connected cars of today and tomorrow.
Story image
Ransomware
Rapid7 report examines use of double extortion ransomware attacks
New insight into how attackers think when carrying out cyber attacks, along with further analysis of the disclosure layer of double extortion ransomware attacks, has come to light.
Story image
Cybersecurity
Palo Alto Networks named Google Cloud technology partner of the year for security
Palo Alto Networks was recognised for helping organisations rapidly transform security operations for future success.
Story image
Cybersecurity
Threat actors ramp up their social engineering attacks
As people get better at identifying potential threats in their inbox, threat actors must evolve their methods. Their new M.O? Social engineering.
Story image
Data resilience
Digital resilience in 2022 - A10 Networks releases new study
Of the 250 corporate organisations surveyed, as many as 95% showed high levels of concern for all aspects of enterprise digital resilience.
Story image
Cybersecurity
ConnectWise reveals cybersecurity updates and partnerships
ConnectWise has unveiled new updates to its services and highlighted the importance of cyber insurance at its IT Nation Secure conference.
Story image
10 Minute IT Jams
Video: 10 Minute IT Jams - An update from Rimini Street
Today we welcome back Daniel Benad, who is the GVP & regional GM for Oceania at Rimini Street.
Story image
Cybersecurity
New survey uncovers critical OT security challenges
While industrial control environments continue to be a target for cyber criminals, there are widespread gaps in industrial security.
Story image
Cloud
SonicWall recognises partners and distributors at FY2022 partner awards
SonicWall has recognised its distributors and partners for their efforts in producing the company’s most successful year to date.
Story image
Apple
LastPass announces new capability for iPhones and iPads
LastPass has announced its new save and fill experience, allowing customers to fill in, create and save their credentials directly within the site's form field.
Story image
Manufacturing
Sternum joins NXP, collaborates on IoT security and observability
Sternum has announced it has joined the software partner community of NXP Semiconductors, a manufacturer of and large marketplace for embedded controllers.
Story image
APAC
Digital resilience big concern for 95% of APAC businesses
A10 Networks finds of the 250 APAC businesses surveyed, 95% of them are very concerned about all aspects of enterprise digital resilience.
Story image
Data Protection
Thales solution supports DevSecOps teams with data protection
Thales' CipherTrust Platform Community Edition enables DevSecOps teams to deploy data protection controls into multi-cloud applications faster.
Story image
Zscaler
Securonix partners with Snowflake, Zscaler in joint venture
Securonix is embarking on a joint technology integration with Snowflake and Zscaler to speed up threat detection and response at cloud scale.
Story image
APAC
Aqua Security launches cloud native security SaaS in APAC
Aqua Security has announced the general availability of cloud native security SaaS in Singapore, serving the broader APAC region.
Story image
API
Industry-first comprehensive risk-based API security enhances protection
Application Programming Interfaces (APIs) have become a crucial part of operating web and mobile application businesses and are causing significant economic growth in the digital sector.
Story image
Yubico
New research shows global drive for passwordless authentication
A new study has shown there has been a significant shift towards wanting a passwordless future, but adoption is still in its infancy.
Story image
Ransomware
More than 90% of cyber attacks made possible by human error
The data are clear, with cyberattacks on the rise in recent years and the cybersecurity situation increasingly complex. 
Story image
DDoS
Q1 DDoS and application attack activity reveals surprise result
The cybersecurity threat landscape in the first quarter of 2022 represented a mixed bag of old enemies and new foes. New actors dominated the DDoS threat landscape while application security faced tried-and-true attack vectors.
Story image
PagerDuty
Ready for anything with the PagerDuty Operations Cloud
In a world of digital everything, teams face increasing complexity. Ever-growing dependencies across systems and processes put customer and employee experience, not to mention revenue, at risk.
Story image
Manufacturing
Cyber attacks on industrial assets cost firms millions
Some 89% of electricity, oil & gas, and manufacturing firms have experienced cyber attacks impacting production and energy supply over the past year.
SonicWall
Find out how you and your business can prevent being caught out by everything from ransomware to cryptojacking.
Link image
Story image
Cybersecurity
Significant security concerns resulting from open source software ubiquity
"The risk is real, and the industry must work closely together in order to move away from poor open source or software supply chain security practices."
Story image
Network Security
Netskope announces zero trust network access updates
Customers can now apply zero trust principles across a range of hybrid work security needs, including SaaS, IaaS, private applications, and endpoint devices.
Story image
Secure access service edge / SASE
Cloudflare adds new capabilities to zero trust SASE platform
New features for Cloudflare One include email security protection, data loss prevention tools, cloud access security broker, and private network discovery.
Story image
Cybersecurity
Kaspersky opens three new centers to boost data management
Cybersecurity company Kaspersky has opened three new Transparency Centers, one in Japan, the second in Singapore and the third in the United States.
Story image
SaaS
Commvault's SaaS division experiences notable growth
Commvault has revealed the global momentum that its SaaS division Metallic has experienced since its launch two years ago.
Story image
Collaboration
IT and security team collaboration crucial to data security
Many IT and security decision makers are not collaborating as effectively as possible to address growing cyber threats.
Story image
Compliance
OCEG survey shows demand for connected GRC systems
The survey also revealed that many organisations lack visibility and connected processes to manage the increased velocity and volume of risks. 
Story image
Cybersecurity
Schneider Electric and Claroty launch building security solution
Schneider Electric has announced the launch of Cybersecurity Solutions for Buildings, a solution designed to help buildings customers secure BMS.
Story image
Malware
Decline in mobile malware but hackers show growing sophistication
"It may seem that cybercriminals are becoming less active because of decreased mobile malware attacks. But it does not necessarily mean we are safer."
Story image
INTERPOL
Hundreds arrested, millions seized in global INTERPOL investigation
A two-month-long investigation by INTERPOL this year involved 76 countries and clamped down on organised crime groups behind telecommunications and social engineering scams.
Story image
Cybersecurity
Greater API usage raises concerns for protection - report
Radware has released its 2022 State of API Security report, which shows a rise in APIs, with 92% of the organisations surveyed significantly or somewhat increasing their usage.
Story image
SaaS
Varonis strengthens security capabilities for AWS and S3
Varonis has strengthened and expanded its cloud and security capabilities, with a critical aim of improving safety and boosting data visibility in Amazon Simple Storage Service (S3).
Story image
Tech job moves
Tech job moves - Boomi, Limepay, Thales, VMware & Zoom
We round up all job appointments from June 6-16, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Collaboration
Why the success of client collaboration projects depends on addressing these five warning signs
New tools, applications, and software have enabled project collaboration to continue remotely, both between employees within an organisation and with its clients.
Story image
Identity and Access Management
Ping Identity launches corporate venture capital fund
Ping Identity has launched a corporate venture capital fund to foster innovative offerings for the identity security market.
Story image
Cloud
Exabeam expands investment in Google Cloud in fight against cyber threats
The move opens up limitless data ingestion, speed, and scale opportunities for worldwide security teams in their ongoing fight against cybersecurity attacks.
Story image
Cloud
QuSecure partners with DataBridge Sites to showcase platform
QuSecure has partnered with DataBridge Sites to showcase its Quantum-as-a-Service (QaaS) orchestration platform, QuProtect.