TECH SUPPLIER Aug 2019 - Market Note - Doc # US45423819

The Cost of Banking Is About to Go Up: What the Capital One Breach at Amazon Could Mean for the Industry

By: Jerry SilvaProgram Vice President, Marc DeCastroResearch Director, Consumer Banking, Steven D’AlfonsoResearch Director, Compliance, Fraud and Risk Analytics Strategies, Rivka Gewirtz Little


This Market Note analyzes what the Capital One breach at Amazon could mean for the industry. The latest data breach at the Amazon cloud affecting customers of Capital One may be the trigger for increased scrutiny from regulators around security and resiliency for the financial services industry. Cloud adoption in banking is beyond the point of no return, and any future constraints in the pace of migration to cloud platforms will affect everything from legacy modernization to customer experience to the movement of money to innovation through open and connected banking. For these reasons, the current state of services offered by cloud providers will not suffice if there is to be growth in the industry.

"The adoption of cloud platforms is a movement that will not be stopped," says Jerry Silva, research director, IDC's Financial Insights Group. "But there will be a slowdown as regulators step in to ensure that the security and resiliency structures that have always applied to banks directly are applied to the cloud providers with which they do business."



Get More

When you purchase this document, the purchase price can be applied to the cost of an annual subscription, giving you access to more research for your investment.

Related Links

Do you have questions about this document
or available subscriptions?

Contact Us