Although nearly 30 years old, cloud computing is still a “new” technology for most organizations. The cloud promises to reduce costs and increase efficiencies through storage and management of large repositories of data and systems that are theoretically cheaper to maintain and easier to protect.
Given the growing rush by organizations to move to the cloud, it’s no surprise that some policymakers in Washington are calling for regulation of this disruptive technology. Last year, Representative Katie Porter (D-CA) and Nydia Velázquez (D-NY), urged the Financial Stability Oversight Council (FSOC) to consider cloud services as essential elements of the modern banking system and subject them to an enforced regulatory regime. Their calls for this kind of oversight came in the wake of a major data breach of Capital One in which an employee of the financial institution was able to steal more than 100 million customer credit applications by exploiting a misconfigured firewall in operations hosted on Amazon Web Services (AWS).
That’s why the Carnegie Endowment for International Peace is releasing a study today that aims to give lawmakers and…
